Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 18, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MANT | ||
Entity Registrant Name | MANTECH INTERNATIONAL CORP | ||
Entity Central Index Key | 892537 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $708,059,104 | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Common Stock, Shares Outstanding | 24,210,977 | ||
Class B Common Stock [Member] | |||
Entity Information [Line Items] | |||
Common Stock, Shares Outstanding | 13,192,845 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Cash and cash equivalents | $23,781,000 | $269,001,000 |
Receivables—net | 377,156,000 | 457,898,000 |
Prepaid expenses and other | 18,207,000 | 19,384,000 |
Contractual inventory | 0 | 3,962,000 |
Total Current Assets | 419,144,000 | 750,245,000 |
Goodwill | 851,640,000 | 752,867,000 |
Other intangible assets—net | 155,250,000 | 152,523,000 |
Property and equipment—net | 25,743,000 | 30,156,000 |
Employee supplemental savings plan assets | 31,741,000 | 31,765,000 |
Other assets | 3,884,000 | 5,846,000 |
TOTAL ASSETS | 1,487,402,000 | 1,723,402,000 |
LIABILITIES | ||
Accounts payable and accrued expenses | 149,506,000 | 226,287,000 |
Accrued salaries and related expenses | 57,409,000 | 56,617,000 |
Billings in excess of revenue earned | 13,408,000 | 13,781,000 |
Deferred income taxes—current | 3,330,000 | 0 |
Total Current Liabilities | 223,653,000 | 296,685,000 |
Long-term debt | 0 | 200,000,000 |
Deferred income taxes—non-current | 65,103,000 | 48,093,000 |
Accrued retirement | 32,804,000 | 33,565,000 |
Other long-term liabilities | 11,063,000 | 11,288,000 |
TOTAL LIABILITIES | 332,623,000 | 589,631,000 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Additional paid-in capital | 428,895,000 | 423,787,000 |
Treasury stock | -9,158,000 | -9,158,000 |
Retained earnings | 734,873,000 | 718,892,000 |
Accumulated other comprehensive loss | -207,000 | -124,000 |
TOTAL STOCKHOLDERS' EQUITY | 1,154,779,000 | 1,133,771,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,487,402,000 | 1,723,402,000 |
Class A Common Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 244,000 | 242,000 |
TOTAL STOCKHOLDERS' EQUITY | 244,000 | 242,000 |
Class B Common Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 132,000 | 132,000 |
TOTAL STOCKHOLDERS' EQUITY | $132,000 | $132,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 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 | 24,423,514 | 24,245,893 |
Common Stock, Shares Outstanding | 24,179,401 | 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 and Loss (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES | $1,773,981,000 | $2,310,072,000 | $2,582,295,000 |
Cost of services | 1,524,208,000 | 1,995,630,000 | 2,213,894,000 |
General and administrative expenses | 154,957,000 | 173,772,000 | 197,413,000 |
Goodwill impairment | 0 | 118,427,000 | 0 |
OPERATING INCOME | 94,816,000 | 22,243,000 | 170,988,000 |
Loss on extinguishment of debt | -10,074,000 | 0 | 0 |
Interest expense | -5,802,000 | -16,266,000 | -16,304,000 |
Interest income | 394,000 | 608,000 | 344,000 |
Other income (expense), net | -233,000 | -32,000 | -74,000 |
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS | 79,101,000 | 6,553,000 | 154,954,000 |
Provision for income taxes | -31,525,000 | -11,842,000 | -59,935,000 |
Equity in losses of unconsolidated subsidiaries | -282,000 | -860,000 | 0 |
NET INCOME (LOSS) | $47,294,000 | ($6,149,000) | $95,019,000 |
Class A Common Stock [Member] | |||
BASIC EARNINGS (LOSS) PER SHARE: | |||
Basic earnings (loss) per share | $1.27 | ($0.17) | $2.57 |
DILUTED EARNINGS (LOSS) PER SHARE: | |||
Diluted earnings (loss) per share | $1.27 | ($0.17) | $2.57 |
Class B Common Stock [Member] | |||
BASIC EARNINGS (LOSS) PER SHARE: | |||
Basic earnings (loss) per share | $1.27 | ($0.17) | $2.57 |
DILUTED EARNINGS (LOSS) PER SHARE: | |||
Diluted earnings (loss) per share | $1.27 | ($0.17) | $2.57 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income and Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $47,294 | ($6,149) | $95,019 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Translation adjustments, net of tax | -19 | -15 | 134 |
Actuarial gain (loss) on defined benefit pension plans, net of tax | -64 | 36 | 32 |
Total other comprehensive income (loss) | -83 | 21 | 166 |
COMPREHENSIVE INCOME (LOSS) | $47,211 | ($6,128) | $95,185 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
At beginning of year at Dec. 31, 2011 | $239,000 | $132,000 | $406,083,000 | ($9,158,000) | $692,272,000 | ($311,000) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation expense | 8,142,000 | ||||||
Stock option exercises | 0 | 1,147,000 | |||||
Contribution of Class A common stock to Employee Stock Ownership Plan | 2,000 | 3,906,000 | |||||
Tax deficiency from the exercise of stock options | -1,361,000 | -1,361,000 | |||||
Net income (loss) | 95,019,000 | 95,019,000 | |||||
Dividends | -31,050,000 | ||||||
Translation adjustments, net of tax | 134,000 | 134,000 | |||||
Actuarial gain (loss) on defined benefit pension plans, net of tax | 32,000 | 32,000 | |||||
At end of year at Dec. 31, 2012 | 1,165,228,000 | 241,000 | 132,000 | 417,917,000 | -9,158,000 | 756,241,000 | -145,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation expense | 5,236,000 | ||||||
Stock option exercises | 1,000 | 1,766,000 | |||||
Contribution of Class A common stock to Employee Stock Ownership Plan | 0 | 1,200,000 | |||||
Tax deficiency from the exercise of stock options | -2,332,000 | -2,332,000 | |||||
Net income (loss) | -6,149,000 | -6,149,000 | |||||
Dividends | -31,200,000 | ||||||
Translation adjustments, net of tax | -15,000 | -15,000 | |||||
Actuarial gain (loss) on defined benefit pension plans, net of tax | 36,000 | 36,000 | |||||
At end of year at Dec. 31, 2013 | 1,133,771,000 | 242,000 | 132,000 | 423,787,000 | -9,158,000 | 718,892,000 | -124,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation expense | 4,400,000 | ||||||
Stock option exercises | 2,000 | 3,919,000 | |||||
Contribution of Class A common stock to Employee Stock Ownership Plan | 0 | 0 | |||||
Tax deficiency from the exercise of stock options | -3,211,000 | -3,211,000 | |||||
Net income (loss) | 47,294,000 | 47,294,000 | |||||
Dividends | -31,313,000 | ||||||
Translation adjustments, net of tax | -19,000 | -19,000 | |||||
Actuarial gain (loss) on defined benefit pension plans, net of tax | -64,000 | -64,000 | |||||
At end of year at Dec. 31, 2014 | $1,154,779,000 | $244,000 | $132,000 | $428,895,000 | ($9,158,000) | $734,873,000 | ($207,000) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $47,294,000 | ($6,149,000) | $95,019,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Goodwill impairment | 0 | 118,427,000 | 0 |
Depreciation and amortization | 30,446,000 | 30,504,000 | 52,742,000 |
Deferred income taxes | 18,668,000 | -10,915,000 | 17,539,000 |
Loss on extinguishment of debt | 10,074,000 | 0 | 0 |
Stock-based compensation | 4,400,000 | 5,236,000 | 8,142,000 |
Equity in losses of unconsolidated subsidiaries | 282,000 | 860,000 | 0 |
Loss on retirement of property and equipment | 251,000 | 0 | 0 |
Excess tax benefits from the exercise of stock options | -70,000 | -53,000 | -46,000 |
Gain on sale of property and equipment | 0 | -402,000 | 0 |
Change in assets and liabilities—net of effects from acquired businesses: | |||
Receivables-net | 102,076,000 | 91,583,000 | -1,081,000 |
Contractual inventory | 3,963,000 | 30,800,000 | -34,762,000 |
Prepaid expenses and other | 326,000 | 9,334,000 | -4,416,000 |
Accounts payable and accrued expenses | -87,105,000 | -89,935,000 | 28,187,000 |
Accrued salaries and related expenses | -2,762,000 | 3,677,000 | -22,053,000 |
Billings in excess of revenue earned | -750,000 | -1,291,000 | -20,456,000 |
Accrued retirement | -761,000 | 4,175,000 | 3,235,000 |
Other | 593,000 | 2,428,000 | 4,208,000 |
Net cash flow from operating activities | 126,925,000 | 188,279,000 | 126,258,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of businesses-net of cash acquired | -124,247,000 | -11,382,000 | -63,093,000 |
Investment in capitalized software for internal use | -7,399,000 | -2,536,000 | -3,182,000 |
Purchases of property and equipment | -4,083,000 | -11,087,000 | -11,718,000 |
Investment in unconsolidated subsidiaries | -159,000 | -422,000 | 0 |
Proceeds from sale of property and equipment | 0 | 402,000 | 0 |
Proceeds from sale of investment | 0 | 239,000 | 185,000 |
Proceeds from disposition of a business | 0 | 0 | 1,799,000 |
Net cash flow from investing activities | -135,888,000 | -24,786,000 | -76,009,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of senior unsecured notes | -207,250,000 | 0 | 0 |
Borrowings under revolving credit facility | 160,000,000 | 0 | 0 |
Repayments under revolving credit facility | -160,000,000 | 0 | 0 |
Dividends paid | -31,312,000 | -31,208,000 | -31,029,000 |
Proceeds from exercise of stock options | 3,922,000 | 1,767,000 | 1,147,000 |
Debt issuance costs | -1,687,000 | 0 | 0 |
Excess tax benefits from the exercise of stock options | 70,000 | 53,000 | 46,000 |
Net cash flow from financing activities | -236,257,000 | -29,388,000 | -29,836,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -245,220,000 | 134,105,000 | 20,413,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 269,001,000 | 134,896,000 | 114,483,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 23,781,000 | 269,001,000 | 134,896,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest | 8,597,000 | 15,903,000 | 15,429,000 |
Noncash investing and financing activities: | |||
Capital expenditures incurred but not yet paid | 96,000 | 0 | 0 |
Employee Stock Ownership Plan Contributions | $0 | $1,287,000 | $3,868,000 |
Description_of_the_Business_No
Description of the Business (Notes) | 12 Months Ended |
Dec. 31, 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, Health and Human Services, Veteran Affairs, and Justice, including the Federal Bureau of Investigation (FBI); the space communities; and other U.S. government customers. We provide support to critical national security programs for approximately 50 federal agencies through approximately 1,100 current contracts. Our expertise includes cyber; software and systems development; enterprise information technology; multi-discipline intelligence; program protection and mission assurance; systems engineering; test and evaluation (T&E); command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR); training; global logistics and supply chain management; and management consulting. 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 numerous locations internationally. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies |
Principles of Consolidation-Our consolidated financial statements include the accounts of ManTech International Corporation, subsidiaries we control and variable interest entities that are required to be consolidated. All intercompany accounts and transactions have been eliminated. Investments in entities where we have significant influence, but not control, are accounted for using the equity method. | |
Use of Accounting Estimates-We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, various future economic factors that are difficult to predict and are beyond the control of the Company. Therefore, actual amounts could differ from these estimates. | |
Revenue Recognition-We derive the majority of our revenues from cost-plus-fixed-fee, cost-plus-award-fee, firm-fixed-price or time-and-materials contracts. Revenues for cost-reimbursable contracts are recorded as reimbursable costs are incurred, including an estimated share of the applicable contractual fees earned. For performance-based fees under cost-reimbursable contracts, we recognize the relevant portion of the expected fee to be awarded by the customer at the time such fee can be reasonably estimated, based on factors such as our prior award experience and communications with the customer regarding performance, or upon approval by the customer. For time-and-materials contracts, revenues are recognized to the extent of billable rates times hours delivered plus materials and other reimbursable costs incurred. For long-term fixed-price production contracts, revenues are recognized at a rate per unit as the units are delivered or by other methods to measure services provided. Revenues from other long-term fixed-price contracts are recognized ratably over the contract period or by other appropriate methods to measure services provided. Contract costs are expensed as incurred except for certain limited long-term contracts noted below. For long-term contracts, specifically described in the scope section of ASC 605-35, we apply the percentage of completion method. Under the percentage of completion method, income is recognized at a consistent profit margin over the period of performance based on estimated profit margins at completion of the contract. This method of accounting requires estimating the total revenues and total contract cost at completion of the contract. During the performance of long-term contracts, these estimates are periodically reviewed and revisions are made as required using the cumulative catch-up method of accounting. The impact on revenues and contract profit as a result of these revisions is included in the periods in which the revisions are made. This method can result in the deferral of costs or the deferral of profit on these contracts. Because we assume the risk of performing a fixed-price contract at a set price, the failure to accurately estimate ultimate costs or to control costs during performance of the work could result, and in some instances has resulted, in reduced profits or losses for such contracts. Both the individual changes in contract estimates and aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting were not material to the consolidated statement of operations for all periods presented. Estimated losses on contracts at completion are recognized when identified. In certain circumstances, revenues are recognized when contract amendments have not been finalized. | |
Cost of Services-Cost of services consists primarily of compensation expenses for program personnel, the fringe benefits associated with this compensation and other direct expenses incurred to complete programs, including cost of materials and subcontract efforts. | |
General and Administrative Expenses-General and administrative expenses include the salaries and wages, plus associated fringe benefits of our employees not performing work directly for customers, and associated facilities costs. Among the functions covered by these costs are corporate business development, bid and proposal, contracts administration, finance and accounting, legal, corporate governance and executive and senior management. In addition, we included stock-based compensation, as well as depreciation and amortization expenses related to the general and administrative function. | |
We classify indirect costs 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 and 2012; however, total operating costs were not affected by this change. | |
Cash and Cash Equivalents-For the purpose of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and short-term investments with maturity dates of three months or less at the date of purchase. Due to the short maturity of cash equivalents, the carrying value on our consolidated balance sheets approximates fair value. | |
Property and Equipment-Property and equipment are recorded at original cost to the Company. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in income. Maintenance and repairs are charged to expense as incurred. | |
Depreciation and Amortization Method-Furniture and office equipment are depreciated using the straight-line method with estimated useful lives ranging from one to seven years. Leasehold improvements are amortized using the straight-line method over the term of the lease. | |
Contractual Inventory-Inventory consists of finished goods purchased for a specific contract. | |
Goodwill-The purchase price of an acquired business is allocated to the tangible assets, financial assets and separately recognized intangible assets acquired less liabilities assumed based upon their respective fair values, with the excess recorded as goodwill. | |
We review goodwill at least annually for impairment, or whenever events or circumstances indicate that the carrying value of long-lived assets may not be fully recoverable. Historically, we have elected to perform this review as of June 30th of each calendar year. During the fourth quarter of 2014, we changed the date of our annual goodwill impairment test to October 31st. The change in the annual goodwill impairment testing date is deemed a change in accounting principle, which we believe to be preferable. The change was made to better align with our customers' fiscal year, our year end reporting cycle as well as our annual planning and budgeting process, which is a significant element in the annual goodwill impairment test. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge. The annual goodwill impairment test was performed on June 30, 2014 and on October 31, 2014 such that a period greater than 12 months did not elapse between test dates. The change in the annual goodwill impairment testing date was applied prospectively beginning on October 31, 2014 and had no effect on our consolidated financial statements. This change was not applied retrospectively as it is impracticable to do so because retrospective application would have required the application of significant estimates and assumptions without the use of hindsight. If any impairment was indicated as a result of a review, we would recognize a loss based on the amount by which the carrying amount exceeds the estimated fair value. | |
Other Intangible Assets-Contract rights and other intangible assets are amortized primarily using the pattern of benefits method over periods ranging from one to twenty-five years. | |
We accounted for the cost of computer software developed or obtained for internal use in accordance with ASC 350-985, Software. These capitalized software costs are included in other intangible assets, net. | |
We account for software development costs related to software products for sale, lease or otherwise marketed in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed. For projects fully funded by us, development costs are capitalized from the point of demonstrated technological feasibility until the point in time that the product is available for general release to customers. Once the product is available for general release, capitalized costs are amortized based on units sold or on a straight-line basis over a five-year period or other such shorter period as may be required. | |
Impairment of Long-Lived Assets-Whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be fully recoverable, we evaluate the probability that future undiscounted net cash flows, without interest charges, will be less than the carrying amount of the assets. If any impairment were indicated as a result of this review, we would recognize a loss based on the amount by which the carrying amount exceeds the estimated fair value. | |
Employee Supplemental Savings Plan Assets-We maintain several non-qualified defined contribution supplemental retirement plans for certain key employees that are accounted for in accordance with ASC 710-10-05, Deferred Compensation - Rabbi Trusts, as the underlying assets are held in rabbi trusts with investments directed by the respective employee. A rabbi trust is a grantor trust generally set up to fund compensation for a select group of management and the assets of this trust are available to satisfy the claims of general creditors in the event of bankruptcy of the Company. The assets held by the rabbi trusts are recorded at cash surrender value in our consolidated financial statements as Employee Supplemental Savings Plan assets with a related liability to employees recorded as a deferred compensation liability in accrued retirement. | |
Billings In Excess of Revenue Earned-We receive advances and milestone payments from customers that exceed the revenues earned to date. We classify such items as current liabilities. | |
Stock-based Compensation-We account for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. We have elected to use the Black-Scholes-Merton pricing model to determine fair value on the dates of grant. The fair value is included in operating expenses or capitalized, as appropriate, straight-line over the period in which service is provided in exchange for the award. | |
Income Taxes-We account for income taxes in accordance with ASC 740, Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax bases of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year-to-year. In providing for deferred taxes, we consider tax regulations of the jurisdictions in which we operate, estimates of future taxable income and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would “more likely than not” sustain the position following an audit. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |
Foreign-Currency Translation-All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at fiscal year-end exchange rates. Income and expense items are translated at average monthly exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss). | |
Comprehensive Income (Loss)-Comprehensive income (loss) is presented in our consolidated statements of changes in stockholders' equity. Comprehensive income (loss) consists of net income (loss); translation adjustments, net of tax; and actuarial gain (loss) on defined benefit pension plan, net of tax. | |
Fair Value of Financial Instruments-The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair value because of the short-term nature of these amounts. | |
Variable Interest Entities-We determine whether we have a controlling financial interest in a Variable Interest Entity (VIE). The reporting entity with a variable interest or interest that provides the reporting entity with a controlling financial interest in a VIE will have both (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. We have one entity that has been consolidated as a VIE. The purpose of the entity is to perform on certain U.S. Navy contracts. The maximum amount of loss we are exposed to as of December 31, 2014 was not material to our consolidated financial statements. | |
Equity Method Investments-Investments where we have the ability to exercise significant influence, but we do not control, are accounted for under the equity method of accounting and are included in other assets on our consolidated balance sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in equity in earnings or losses of unconsolidated subsidiaries on our consolidated statement of income and loss. | |
Accounting Standards Updates | |
In January 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) - Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which eliminates from GAAP the concept of extraordinary items. The Board concluded that the amendments in this ASU will not result in a loss of information because although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The ASU is effective for annual periods ending after December 15, 2015, and interim periods thereafter. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of ASU 2015-01 is not expected to have a material impact on our results of operations, financial position or cash flows. | |
On August 27, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern, which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of an entity's financial statements. Further, an entity must provide certain disclosures if there is substantial doubt about the entity's ability to continue as a going concern. The ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter; early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on our results of operations, financial position or cash flows. | |
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 supersedes existing revenue recognition guidance, including Accounting Standards Codification (ASC) No. 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts. ASU 2014-09 outlines a single set of comprehensive principles for recognizing revenue under U.S. GAAP. Among other things, it requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. These concepts, as well as other aspects of ASU 2014-09, may change the method and/or timing of revenue recognition for certain of our contracts. ASU 2014-09 will be effective January 1, 2017, and may be applied either retrospectively or through the use of a modified-retrospective method. We are currently evaluating both methods of adoption as well as the effect ASU 2014-09 will have on our consolidated financial statements. | |
On April 10, 2014, the FASB issued ASU 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, which amends the definition of a discontinued operation in ASC 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued-operations criteria. The ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially as held for sale in periods beginning on or after December 15, 2014. Early adoption is permitted. The adoption of ASU 2014-08 is not expected to have a material impact on our results of operations, financial position or cash flows. |
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions [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 a 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. | ||||
For the year ended December 31, 2014, ManTech incurred approximately $0.5 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 purchase price of $81.4 million was allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. The purchase price allocation for 7Delta is not complete as of December 31, 2014 since acquired receivables and assumed accounts payables and accrued expenses continue to be evaluated. We preliminarily recorded goodwill of $70.0 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 years. | ||||
The following table represents the preliminary purchase price allocation for 7Delta (in thousands): | ||||
7Delta Inc. | ||||
Cash and cash equivalents | $ | 1,408 | ||
Receivables | 9,664 | |||
Prepaid expenses and other | 175 | |||
Goodwill | 69,967 | |||
Other intangible assets | 7,762 | |||
Property and equipment | 597 | |||
Other assets | 39 | |||
Accounts payable and accrued expenses | (6,617 | ) | ||
Accrued salaries and related expenses | (1,399 | ) | ||
Billings in excess of revenue earned | (229 | ) | ||
Net assets acquired and liabilities assumed | $ | 81,367 | ||
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. | ||||
For the year ended December 31, 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 allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. We recorded goodwill of $28.8 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 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 years. | ||||
The following table represents the purchase price allocation for ATG (in thousands): | ||||
Allied Technology Group, Inc. | ||||
Cash and cash equivalents | $ | 712 | ||
Receivables | 11,670 | |||
Prepaid expenses and other | 1,432 | |||
Contractual inventory | 1 | |||
Goodwill | 28,806 | |||
Other intangible assets | 7,071 | |||
Property and equipment | 899 | |||
Other assets | 111 | |||
Accounts payable and accrued expenses | (3,399 | ) | ||
Accrued salaries and related expenses | (2,155 | ) | ||
Billings in excess of revenue earned | (148 | ) | ||
Net assets acquired and liabilities assumed | $ | 45,000 | ||
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. | ||||
ALTA Systems, Inc.-On January 8, 2013, we completed the acquisition of 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 Holding 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 of 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. | ||||
For the year ended December 31, 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 loss and no acquisition costs were recorded after 2013. | ||||
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 U.S. 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 years. | ||||
We have not disclosed current period, nor pro forma, revenues and earnings attributable to ALTA as our integration of these operations post acquisition and the entity's accounting methods preacquisition make it impracticable. | ||||
HBGary, Inc.-On April 2, 2012, we completed the acquisition of certain assets of HBGary, Inc. (HBGary). The results of HBGary's operations have been included in our consolidated financial statements since that date. The acquisition was completed through an asset purchase agreement dated February 27, 2012, by and among a subsidiary of ManTech International Corporation, HBGary and the shareholders of HBGary. HBGary provides a comprehensive suite of software products to detect, analyze and diagnose Advance Persistent Threats and targeted malware. The company has customers in the financial services, energy, critical infrastructure and technology sectors. This acquisition broadened our cyber security solution capability for customers. ManTech funded the acquisition with cash on hand. The asset purchase agreement did not contain provisions for contingent consideration. | ||||
For the year ended December 31, 2012, ManTech incurred approximately $0.8 million of acquisition costs related to the HBGary transaction, which are included in the general and administrative expenses in our consolidated statement of income and no acquisition costs were recorded after 2012. | ||||
The purchase price of $23.8 million was allocated to the underlying assets and liabilities based on their fair value at the date of acquisition. Total assets were $24.6 million, including goodwill and intangible assets recognized in connection with the acquisition, and total liabilities were $0.8 million. Included in total assets were $3.1 million in acquisition related intangible assets. We recorded goodwill of $20.1 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 HBGary's capabilities in providing cyber service and product solutions to both federal and commercial customers. | ||||
The components of other intangible assets associated with the acquisition were developed technology, customer relationships and trademark valued at $2.0 million, $0.9 million and $0.2 million, respectively. Developed technology represents the software developed by HBGary to detect, analyze and diagnose Advanced Persistent Threats and targeted malware. Customer relationships represent the underlying relationship with HBGary customers in the financial services, energy, critical infrastructure and technology sectors. Trademark represents the HBGary trade name that is recognized in the industry. Developed technology, customer relationships and trademark are amortized straight-line over their estimated useful lives of approximately 3 years, 2 years and 2 years, respectively. The weighted-average amortization period for the intangible assets is 3 years. | ||||
We have not disclosed current period, nor pro forma, revenues and earnings attributable to HBGary as our integration of these operations post acquisition and the entity's accounting methods preacquisition make it impracticable. | ||||
Evolvent Technologies, Inc.-On January 6, 2012, we completed the acquisition of Evolvent Technologies, Inc. (Evolvent). The results of Evolvent's operations have been included in our consolidated financial statements since that date. The acquisition was completed through an equity purchase agreement dated January 6, 2012, by and among ManTech, shareholders and warrantholders of the parent of Evolvent, Evolvent and Prudent Management, LLC in its capacity as the sellers' representative. Evolvent provides services in clinical IT, clinical business intelligence, imaging cyber security, behavioral health, tele-health, software development and systems integration. Its systems and processes enable better decision-making at the point of care and full integration of medical information across different platforms. This acquisition has enabled ManTech to expand its customer relationships and deliver IT solutions through Evolvent's existing relationships with the Department of Defense health organizations, the Veterans Administration and the Department of Health and Human Services. ManTech funded the acquisition with cash on hand. The equity purchase agreement did not contain provisions for contingent consideration. | ||||
For the year ended December 31, 2012, the Company incurred $0.2 million of acquisition costs associated with the Evolvent transaction, which are included in general and administrative expenses in our consolidated statement of income and no acquisition costs were recorded after 2012. | ||||
The purchase price of $39.9 million was allocated to the underlying assets and liabilities based on their fair value at the date of acquisition. Total assets were $46.9 million, including goodwill and intangible assets recognized in connection with the acquisition, and total liabilities were $7.0 million. Included in total assets were $3.7 million in acquisition related intangible assets. We recorded goodwill of $33.2 million, which is not deductible for tax purposes. Recognition of goodwill is largely attributed to the highly skilled employees and the value paid for Evolvent's capabilities in providing IT services and solutions to the U.S. government healthcare sector. | ||||
In allocating the purchase price, we considered among other factors, analyses of historical performance and estimates of future performance of Evolvent's contracts. The components of other intangible assets associated with the acquisition were customer relationships and backlog valued at $3.4 million and $0.3 million, respectively. Customer contracts and related relationships represent the underlying relationships and agreements with Evolvent's existing customers. Customer relationships and backlog are amortized over their estimated useful lives of 20 years and 1 year, respectively, using the pattern of benefits method. The weighted-average amortization period for the intangible assets is 19 years. | ||||
We have not disclosed current period, nor pro forma, revenues and earnings attributable to Evolvent as our integration of these operations post acquisition and the entity's accounting methods preacquisition make it impracticable. |
Earnings_Loss_per_Share_Notes
Earnings (Loss) per Share (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings (Loss) Per Share [Text Block] | Earnings (Loss) per Share | |||||||||||
Under ASC 260, Earnings per Share, the two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings (loss). Under that method, basic and diluted earnings (loss) per share data are presented for each class of common stock. | ||||||||||||
In applying the two-class method, we determined that undistributed earnings (loss) should be allocated equally on a per share basis between Class A and Class B common stock. Under our 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 the years ended December 31, 2014, 2013 and 2012, we declared and paid quarterly dividends, each in the amount of $0.21 per share on both classes of common stock. | ||||||||||||
Basic earnings (loss) per share has been computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock 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 (loss) per share have been computed in a manner consistent with that of basic earnings (loss) per share while giving effect to all potentially dilutive common shares that were outstanding during each period. | ||||||||||||
The net income (loss) available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings (loss) per share for each class of common stock are as follows (in thousands, except per share amounts): | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Distributed earnings | $ | 31,313 | $ | 31,200 | $ | 31,050 | ||||||
Undistributed earnings (loss) | 15,981 | (37,349 | ) | 63,969 | ||||||||
Net income (loss) | $ | 47,294 | $ | (6,149 | ) | $ | 95,019 | |||||
Class A common stock: | ||||||||||||
Basic net income (loss) available to common stockholders | $ | 30,539 | $ | (3,963 | ) | $ | 61,065 | |||||
Basic weighted average common shares outstanding | 24,047 | 23,913 | 23,727 | |||||||||
Basic earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Diluted net income (loss) available to common stockholders | $ | 30,571 | $ | (3,963 | ) | $ | 61,103 | |||||
Effect of potential exercise of stock options | 70 | — | 41 | |||||||||
Diluted weighted average common shares outstanding | 24,117 | 23,913 | 23,768 | |||||||||
Diluted earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Class B common stock: | ||||||||||||
Basic net income (loss) available to common stockholders | $ | 16,755 | $ | (2,186 | ) | $ | 33,954 | |||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | |||||||||
Basic earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Diluted net income (loss) available to common stockholders | $ | 16,723 | $ | (2,186 | ) | $ | 33,916 | |||||
Effect of potential exercise of stock options | — | — | — | |||||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | |||||||||
Diluted earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
For the years ended December 31, 2014, 2013 and 2012, options to purchase 2.7 million, 3.2 million and 2.9 million shares, respectively, were outstanding but not included in the computation of diluted earnings (loss) per share because the options' effect would have been anti-dilutive. For the years ended December 31, 2014, 2013 and 2012, there were 158,371 shares, 79,567 shares, and 38,542 shares, respectively, issued from the exercise of stock options. |
Receivables_Notes
Receivables (Notes) | 12 Months Ended | |||||||
Dec. 31, 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): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Billed receivables | $ | 319,065 | $ | 370,975 | ||||
Unbilled receivables: | ||||||||
Amounts billable | 50,393 | 84,582 | ||||||
Revenues recorded in excess of funding | 13,082 | 9,743 | ||||||
Retainage | 4,446 | 2,634 | ||||||
Allowance for doubtful accounts | (9,830 | ) | (10,036 | ) | ||||
Receivables-net | $ | 377,156 | $ | 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 the contract performance and approval of final indirect expense rates by the government. There is a contract with the U.S. Army that represents 2.2% and 15.3% of receivables-net at December 31, 2014 and 2013, respectively. Accounts receivable at December 31, 2014 are expected to be substantially collected within one year except for approximately $1.1 million, of which 89.1% is related to receivables from 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 our estimate for exposure to compliance, contractual issues and bad debts related to prime contractors. |
Property_and_Equipment_Notes
Property and Equipment (Notes) | 12 Months Ended | |||||||
Dec. 31, 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): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Furniture and equipment | $ | 43,659 | $ | 50,989 | ||||
Leasehold improvements | 35,601 | 33,535 | ||||||
Property and equipment-gross | 79,260 | 84,524 | ||||||
Accumulated depreciation and amortization | (53,517 | ) | (54,368 | ) | ||||
Property and equipment-net | $ | 25,743 | $ | 30,156 | ||||
Depreciation and amortization expense related to property and equipment for the years ended December 31, 2014, 2013 and 2012 was $9.0 million, $8.7 million and $30.9 million, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [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. Historically, we have elected to perform this review as of June 30th of each calendar year. During the fourth quarter of 2014, we changed the date of our annual goodwill impairment test to October 31st. The change in the annual goodwill impairment testing date is deemed a change in accounting principle, which we believe to be preferable. The change was made to better align with our customers' fiscal year, our year end reporting cycle as well as our annual planning and budgeting process, which is a significant element in the annual goodwill impairment test. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge. The goodwill impairment test was performed on June 30, 2014 and on October 31, 2014 such that a period greater than 12 months did not elapse between test dates. The change in the annual goodwill impairment testing date was applied prospectively beginning on October 31, 2014 and had no effect on our consolidated financial statements. This change was not applied retrospectively as it is impracticable to do so because retrospective application would have required the application of significant estimates and assumptions without the use of hindsight. | ||||||||||||||||||||||||
In reviewing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test (described below), otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. | ||||||||||||||||||||||||
The goodwill impairment test is a two-step process performed at the reporting unit level. 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 fair value to its assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of 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 based from 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 an actual arm's length transaction. 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 (the excess of the sum of the reporting units' fair values over the market capitalization) and then assess the reasonableness of our implied control premium. | ||||||||||||||||||||||||
During the fourth quarter of 2013, multiple events and circumstances indicated a significant reduction in the operating performance outlook of one of our reporting units. These events included lower than expected contract awards on several competitive opportunities, changing mission priorities of the U.S. government in relation to our Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) contracts and Overseas Contingency Operations (OCO) related work, primarily on maintenance and sustainment of Mine-Resistant Ambush-Protected (MRAP) vehicles, delays in our customers' procurement cycle due, in part, to the U.S. government shutdown, and continued margin pressures on some of our contracts. The culmination of these events led us to conduct an interim goodwill impairment test. The results of step one of this test showed the carrying value of one reporting unit was in excess of its fair value, therefore we performed step two of the goodwill impairment test to measure the amount of the impairment loss. Based on the results of the step two analysis, we recorded a non-cash goodwill impairment charge of $118.4 million for the period ending December 31, 2013. | ||||||||||||||||||||||||
The changes in the carrying amounts of goodwill during fiscal years 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||
Goodwill Balance | ||||||||||||||||||||||||
Goodwill at December 31, 2012 | $ | 861,912 | ||||||||||||||||||||||
Impairment | (118,427 | ) | ||||||||||||||||||||||
Acquisitions | 9,382 | |||||||||||||||||||||||
Goodwill at December 31, 2013 | 752,867 | |||||||||||||||||||||||
Acquisitions | 98,773 | |||||||||||||||||||||||
Goodwill at December 31, 2014 | $ | 851,640 | ||||||||||||||||||||||
Other intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||
December 31, 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 | $ | 126,619 | $ | 139,653 | $ | 251,572 | $ | 109,586 | $ | 141,986 | ||||||||||||
Capitalized software cost for internal use | 35,036 | 19,500 | 15,536 | 34,083 | 23,617 | 10,466 | ||||||||||||||||||
Other | 115 | 54 | 61 | 115 | 44 | 71 | ||||||||||||||||||
Total other intangible assets-net | $ | 301,423 | $ | 146,173 | $ | 155,250 | $ | 285,770 | $ | 133,247 | $ | 152,523 | ||||||||||||
Amortization expense relating to intangible assets for the years ended December 31, 2014, 2013 and 2012 was $20.4 million, $20.4 million and $20.5 million, respectively. We estimate that we will have the following amortization expense for the future periods indicated below (in thousands): | ||||||||||||||||||||||||
Year ending: | ||||||||||||||||||||||||
December 31, 2015 | $ | 18,839 | ||||||||||||||||||||||
December 31, 2016 | $ | 16,682 | ||||||||||||||||||||||
December 31, 2017 | $ | 14,705 | ||||||||||||||||||||||
December 31, 2018 | $ | 13,208 | ||||||||||||||||||||||
December 31, 2019 | $ | 11,354 | ||||||||||||||||||||||
Debt_Notes
Debt (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt |
Revolving Credit Facility-We maintain a credit agreement 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, cumulatively over the agreements, which are amortized over the term of the amended and restated credit agreement. | |
Borrowings under our credit agreement 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) based rate plus market spreads (1.25% to 2.25% based on our consolidated total leverage ratio) or Bank of America's base rate plus market spreads (0.25% to 1.25% based on our consolidated total leverage ratio). The aggregate annual weighted average interest rates were 0.76% and 0.00% for the years ended December 31, 2014 and 2013, respectively. | |
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 maintaining 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, and during, December 31, 2014 and 2013, we were in compliance with our financial covenants under the credit agreement. | |
There were no outstanding balances on our revolving credit facility at December 31, 2014 and 2013. The weighted average borrowings under the revolving portion of the facility during the years ended December 31, 2014 and 2013 were $9.1 million and $0, respectively. The maximum available borrowing under the revolving credit facility at December 31, 2014 was $499.2 million. At December 31, 2014 and 2013, we were contingently liable under letters of credit totaling $0.8 million and $0.2 million, respectively, which reduces 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 during the year ended December 31, 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 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 our 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 our U.S. government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties being imposed upon the Company, or could lead to suspension or debarment from future U.S. government contracting. Management believes it has adequately reserved for any losses that may be experienced from any investigation of which it is aware. The Defense Contract Audit Agency (DCAA) has completed our incurred cost audits through 2009, with no material adjustments. The remaining audits for 2010 through 2014 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. | ||||||||||||
We lease office space and equipment under long-term operating leases. A number of the leases contain renewal options and escalation clauses. At December 31, 2014, aggregate future minimum rental commitments under these leases are as follows (in thousands): | ||||||||||||
Office Space | Equipment | Total | ||||||||||
Year ending: | ||||||||||||
December 31, 2015 | $ | 29,625 | $ | 61 | $ | 29,686 | ||||||
December 31, 2016 | 25,514 | 7 | 25,521 | |||||||||
December 31, 2017 | 22,942 | 1 | 22,943 | |||||||||
December 31, 2018 | 22,244 | — | 22,244 | |||||||||
December 31, 2019 | 21,391 | — | 21,391 | |||||||||
Thereafter | 53,515 | — | 53,515 | |||||||||
Total | $ | 175,231 | $ | 69 | $ | 175,300 | ||||||
Office space and equipment rent expense totaled approximately $42.9 million, $47.6 million and $52.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
We had $11.1 million and $11.0 million of deferred rent liabilities resulting from recording rent expense on a straight-line basis over the life of the respective lease for the years ended December 31, 2014 and 2013, respectively. |
Stockholders_Equity_and_StockB
Stockholders Equity and Stock-Based Compensation (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders Equity and Stock-Based Compensation [Abstract] | |||||||||||||
Stockholders Equity and Stock-Based Compensation [Text Block] | Stockholders' Equity and Stock-Based Compensation | ||||||||||||
Common Stock-We have 150,000,000 shares of authorized Class A common stock, par value $0.01 per share. We have 50,000,000 shares of authorized Class B common stock, par value $0.01 per share. On December 31, 2014, there were 24,179,401 shares of Class A common stock outstanding, 244,113 shares of Class A common stock recorded as treasury stock and 13,192,845 shares of Class B common stock outstanding. | |||||||||||||
Holders of Class A common stock are entitled to one vote for each share held of record and holders of Class B common stock are entitled to ten votes for each share held of record, except with respect to any “going private transaction” (generally, a transaction in which George J. Pedersen (our Chairman of the Board and CEO), his affiliates, his direct and indirect permitted transferees or a group, generally including Mr. Pedersen, such affiliates and permitted transferees, seek to buy all outstanding shares), as to which each share of Class A common stock and Class B common stock are entitled to one vote per share. The Class A common stock and the Class B common stock vote together as a single class on all matters submitted to a vote of stockholders, including the election of directors, except as required by law. Holders of common stock do not have cumulative voting rights in the election of directors. | |||||||||||||
Stockholders are entitled to receive, when and if declared by the Board of Directors from time-to-time, such dividends and other distributions in cash, stock or property from our assets or funds legally and contractually available for such purposes subject to any dividend preferences that may be attributable to preferred stock that may be authorized. Each share of Class A common stock and Class B common stock is equal in respect of dividends and other distributions in cash, stock or property, except that in the case of stock dividends, only shares of Class A common stock will be distributed with respect to the Class A common stock and only shares of Class B common stock will be distributed with respect to Class B common stock. In no event will either Class A common stock or Class B common stock be split, divided or combined unless the other class is proportionately split, divided or combined. | |||||||||||||
The shares of Class A common stock are not convertible into any other series or class of securities. Each share of Class B common stock, however, is freely convertible into one share of Class A common stock at the option of the Class B stockholder. Upon the death or permanent mental incapacity of Mr. Pedersen, all outstanding shares of Class B common stock automatically convert to Class A common stock. | |||||||||||||
Preferred Stock-We are authorized to issue an aggregate of 20,000,000 shares of preferred stock, $0.01 par value per share, the terms and conditions of which are determined by our Board of Directors upon issuance. The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of holders of any shares of preferred stock that we may designate and issue in the future. At December 31, 2014 and 2013, no shares of preferred stock were outstanding and the Board of Directors currently has no plans to issue a series of preferred stock. | |||||||||||||
Accounting for 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, 2015, there were 560,584 additional shares made available for issuance under the Plan. Through December 31, 2014, the remaining aggregate number of shares of our common stock authorized for issuance under the Plan was 3,908,967. Through December 31, 2014, there were 4,793,930 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 years ended December 31, 2014, 2013 and 2012, we recorded $4.4 million, $5.2 million and $8.1 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 years ended December 31, 2014, 2013 and 2012, the total recognized tax deficiency from the exercise of stock options, vested cancellations and the vesting of restricted stock were $3.2 million, $2.3 million and $1.4 million, respectively. | |||||||||||||
Stock Options-We typically issue options that vest over three years in equal 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 years ended December 31, 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 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 years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Volatility-The expected volatility of the options granted was estimated based upon historical volatility of our share price through weekly observations of our trading history. | |||||||||||||
Expected Term-The expected term of options granted to employees during fiscal years 2014, 2013 and 2012 was determined from historical exercises of the grantee population. For all grants valued during fiscal years 2014, 2013 and 2012, the options have graded vesting over three years in equal installments beginning on the first anniversary of the date of the 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 years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 28.96 | % | 31.92 | % | 31.68 | % | |||||||
Expected life of options | 3 years | 3 years | 3 years | ||||||||||
Risk-free interest rate | 0.96 | % | 0.56 | % | 0.48 | % | |||||||
Dividend yield | 3 | % | 3 | % | 2.7 | % | |||||||
Stock Option Activity-During the year ended December 31, 2014, we granted stock options to purchase 946,576 shares of Class A common stock at a weighted-average exercise price of $29.12 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 years ended December 31, 2014, 2013 and 2012, as determined under the Black-Scholes-Merton valuation model, was $4.76, $4.84 and $5.19, 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 years ended December 31, 2014, 2013 and 2012 had a combined fair value of $4.4 million, $6.1 million and $8.3 million, respectively. | |||||||||||||
The following table summarizes stock option activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||
(in thousands) | |||||||||||||
Stock options at December 31, 2011 | 2,886,110 | $ | 41.14 | $ | 1,096 | ||||||||
Granted | 986,650 | $ | 29.24 | ||||||||||
Exercised | (38,542 | ) | $ | 28.93 | $ | 215 | |||||||
Cancelled and expired | (413,022 | ) | $ | 39.27 | |||||||||
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 | 946,576 | $ | 29.12 | ||||||||||
Exercised | (158,371 | ) | $ | 24.78 | $ | 754 | |||||||
Cancelled and expired | (797,293 | ) | $ | 41.75 | |||||||||
Stock options at December 31, 2014 | 3,391,032 | $ | 32.76 | $ | 4,722 | ||||||||
The following table summarizes non-vested stock options for the year ended December 31, 2014: | |||||||||||||
Number of Shares | Weighted Average Fair Value | ||||||||||||
Non-vested stock options at December 31, 2013 | 1,567,945 | $ | 5.51 | ||||||||||
Granted | 946,576 | $ | 4.76 | ||||||||||
Vested | (711,806 | ) | $ | 6.2 | |||||||||
Cancelled | (129,187 | ) | $ | 5.07 | |||||||||
Non-vested stock options at December 31, 2014 | 1,673,528 | $ | 4.83 | ||||||||||
The following table includes information concerning stock options exercisable and stock options expected to vest at December 31, 2014: | |||||||||||||
Number of Shares | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||
(years) | (in thousands) | ||||||||||||
Stock options exercisable | 1,717,504 | 2 | $ | 36.86 | $ | 1,634 | |||||||
Stock options expected to vest | 1,475,948 | 4 | $ | 28.54 | $ | 2,753 | |||||||
Stock options exercisable and expected to vest | 3,193,452 | ||||||||||||
Unrecognized compensation expense related to outstanding stock options expected to vest as of December 31, 2014 was $5.5 million, which is expected to be recognized over a weighted-average period of 2 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 granted to employees vest over three years in equal installments beginning on the first anniversary of the grant date, contingent upon employment with the Company on the vesting dates. Restricted shares granted to 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 years ended December 31, 2013 and 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 December 31, 2014 | 21,000 | ||||||||||||
Retirement_Plans_Notes
Retirement Plans (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans [Text Block] | Retirement Plans |
As of December 31, 2014, we maintained a qualified defined contribution plan. Our qualified defined contribution plan covers substantially all employees and complies with Section 401 of the Internal Revenue Code. Under this plan, we stipulated a basic matching contribution that matches a portion of the participants' contribution based upon a defined schedule. Additionally, this plan contains a discretionary contribution component where the Company may contribute additional amounts based on a percentage of eligible employees' compensation. Contributions are invested by an independent investment company. The choice of investment alternatives is at the election of each participating employee. Our contributions to the plan were approximately $18.6 million, $19.3 million and $22.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
We maintained an Employee Stock Ownership Plan (ESOP) as of December 31, 2014. On December 18, 1998, the Board of Directors approved the establishment of a qualified ESOP, effective January 1, 1999, for the benefit of substantially all of our U.S. domestic-based employees and some overseas employees. The ESOP is non-leveraged and is funded entirely through Company contributions based on a percentage of eligible employee compensation, as defined in the plan. Participants must be employees of the Company or eligible Company subsidiaries and must meet minimum service requirements to be eligible for annual contributions. The ESOP specifies a five-year vesting schedule over which participants become vested in the Class A common stock allocated to their participant account. The amount of our annual contribution to the ESOP is at the discretion of our Board of Directors. For the years ended December 31, 2014, 2013 and 2012, we recorded $0, $0.9 million and $3.8 million, respectively, as compensation expense related to ESOP contributions. There were no shares, 31,653 shares and 146,589 shares of Class A common stock contributed to the ESOP for the years ended December 31, 2014, 2013 and 2012, respectively. There were no unearned ESOP shares at December 31, 2014 and 2013, respectively. As required under ASC 714-40, Employee Stock Ownership Plans, compensation expense is recorded for shares committed to be released to employees based on the fair market value of those shares in the period in which they are committed to be released. For the years ended December 31, 2013 and 2012, new shares were issued to satisfy this obligation. | |
As of December 31, 2014, we also maintained an Employee Supplemental Savings Plan (ESSP), a non-qualified deferred compensation plan, for certain key employees. Under this plan, eligible employees may defer up to 75% of qualified annual base compensation and 100% of bonus. In the ESSP, participant deferral accounts are credited with a rate of return based on investment elections as selected by the participant. The assets related to the ESSP are held in a rabbi trust owned by the Company for benefit of the participating employees. The trust investments are in the form of variable universal life insurance products, which are owned by the Company. These investments seek to replicate the return of the participant investment elections. Employee contributions to this plan were approximately $3.0 million, $3.2 million and $5.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
We maintained a nonqualified supplemental defined benefit pension plan for certain retired employees of an acquired company as of December 31, 2014. These plans were informally and partially funded beginning in 1999 through a rabbi trust. Assets held in a rabbi trust are not eligible to be included in the calculation of plan status. At both December 31, 2014 and 2013, 100% of the rabbi trust assets were invested in a money market account with a commercial bank. All covered employees retired prior to 1998. Our benefit obligation was $1.3 million at both December 31, 2014 and 2013. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes | |||||||||||
The domestic and foreign components of income operations before income taxes and equity method investments were as follows (in thousands): | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 79,238 | $ | 6,768 | $ | 155,381 | ||||||
Foreign | (137 | ) | (215 | ) | (427 | ) | ||||||
Income from operations before income taxes and equity method investments | $ | 79,101 | $ | 6,553 | $ | 154,954 | ||||||
The provision for income taxes was comprised of the following components (in thousands): | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current provision (benefit): | ||||||||||||
Federal | $ | 10,375 | $ | 18,702 | $ | 37,926 | ||||||
State | 2,499 | 4,011 | 5,780 | |||||||||
Foreign | 160 | 86 | 123 | |||||||||
13,034 | 22,799 | 43,829 | ||||||||||
Deferred provision (benefit): | ||||||||||||
Federal | 17,739 | (6,557 | ) | 15,241 | ||||||||
State | 4,477 | (1,858 | ) | 2,332 | ||||||||
22,216 | (8,415 | ) | 17,573 | |||||||||
Non-current provision (benefit) resulting from allocating tax benefits directly to additional paid in capital and changes in liabilities: | ||||||||||||
Federal | (2,755 | ) | (2,009 | ) | (1,306 | ) | ||||||
State | (970 | ) | (522 | ) | (161 | ) | ||||||
Foreign | — | (11 | ) | — | ||||||||
(3,725 | ) | (2,542 | ) | (1,467 | ) | |||||||
Provision for income taxes | $ | 31,525 | $ | 11,842 | $ | 59,935 | ||||||
For the year ended December 31, 2014, the non-current benefit for income taxes includes $(3.3) million arising from the cancellation of vested stock options allocated to equity and valuation differences between grant and vesting dates on restricted stock allocated to equity and $(0.4) million related to liabilities for uncertain tax positions. For the year ended December 31, 2013, the non-current benefit for income taxes includes $(2.4) million arising from the cancellation of vested stock options allocated to equity and valuation differences between grant and vesting dates on restricted stock allocated to equity and $(0.1) million related to liabilities for uncertain tax positions. For the year ended December 31, 2012, the non-current benefit for income taxes includes $(1.4) million arising from the cancellation of vested stock options allocated to equity and valuation differences between grant and vesting dates on restricted stock allocated to equity and $(0.1) million related to liabilities for uncertain tax positions (including $(0.1) million for use of a state net operating loss). | ||||||||||||
The schedule of effective income tax rate reconciliation is as follows: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. Federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in tax rate resulting from: | ||||||||||||
State taxes—net of Federal benefit | 5 | % | 18.6 | % | 3.3 | % | ||||||
Excess executive compensation | 1.3 | % | 16.7 | % | 0.8 | % | ||||||
Deferred compensation (ESSP) | (0.7 | )% | (24.6 | )% | (0.5 | )% | ||||||
Section 199 deductions | (0.6 | )% | (6.5 | )% | (0.2 | )% | ||||||
Goodwill impairment | — | % | 200.1 | % | — | % | ||||||
Tax basis deduction of investment | — | % | (15.3 | )% | — | % | ||||||
Provisions of American Taxpayer Relief Act of 2012 | — | % | (10.3 | )% | — | % | ||||||
Acquisition working capital settlement | — | % | (5.0 | )% | — | % | ||||||
Other, net | — | % | (0.7 | )% | 0.3 | % | ||||||
Effective tax rate | 40 | % | 208 | % | 38.7 | % | ||||||
The Company paid income taxes, net of refunds, of $14.3 million, $14.9 million and $43.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. A summary of the tax effect of the significant components of deferred income taxes is as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Gross deferred tax liabilities: | ||||||||||||
Goodwill and other assets | $ | 86,242 | $ | 68,940 | ||||||||
Unbilled receivables | 14,549 | 10,099 | ||||||||||
Property and equipment | 3,931 | 5,442 | ||||||||||
Total | 104,722 | 84,481 | ||||||||||
Gross deferred tax assets: | ||||||||||||
Retirement and other liabilities | (31,851 | ) | (33,505 | ) | ||||||||
Allowance for potential contract losses and other contract reserves | (3,911 | ) | (3,687 | ) | ||||||||
Federal and state operating loss carryforwards | (441 | ) | (829 | ) | ||||||||
Total | (36,203 | ) | (38,021 | ) | ||||||||
Net deferred tax liabilities | $ | 68,519 | $ | 46,460 | ||||||||
The tax benefits associated with nonqualified stock options and disqualifying dispositions of incentive stock options reduced the current taxes payable by $0.1 million for the year ended December 31, 2014. These benefits were recorded as an increase to additional paid-in capital. | ||||||||||||
At December 31, 2014, we had state net operating losses of approximately $5.2 million that expire beginning 2016 through 2032. | ||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 1,207 | $ | 1,376 | $ | 1,440 | ||||||
Increases in tax positions for prior years | 80 | 95 | 18 | |||||||||
Decreases in tax positions for prior years | (13 | ) | (26 | ) | — | |||||||
Increases in tax positions for current year | 86 | 69 | 141 | |||||||||
Lapse in statute of limitations | (575 | ) | (307 | ) | (223 | ) | ||||||
Gross unrecognized tax benefits at end of year | $ | 785 | $ | 1,207 | $ | 1,376 | ||||||
The total liability for gross unrecognized tax benefits as of December 31, 2014, 2013 and 2012 includes $0.6 million, $0.9 million and $1.0 million, respectively, of unrecognized net tax benefits which, if ultimately recognized, would reduce our annual effective tax rate in a future period. | ||||||||||||
The Company is subject to income taxes in the U.S., various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. The Company is no longer subject to U.S., state or non-U.S. income tax examinations by tax authorities for the years before 2009. The Company believes it is reasonably possible that $0.3 million of gross unrecognized tax benefits will be settled within the next year due to expirations of statute of limitations. | ||||||||||||
The Company recognizes interest related to unrecognized tax benefits within interest expense and penalties related to unrecognized tax benefits in general and administrative expenses. At December 31, 2014, 2013 and 2012, interest and penalties on the net unrecognized tax benefits were $0.2 million, $0.2 million and $0.2 million, respectively. |
Business_Segment_and_Geographi
Business Segment and Geographic Area Information (Notes) | 12 Months Ended |
Dec. 31, 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 U.S. 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 7.5%, 19.4% and 22.2% of our revenues for the years ended December 31, 2014, 2013 and 2012, respectively. Revenues from the U.S. government under prime contracts and subcontracts were approximately 98.9%, 99.0% and 99.2% of our total revenues for the years ended December 31, 2014, 2013 and 2012, respectively. We treat sales to U.S. government customers as sales within the United States regardless of where the services are performed. U.S. revenues were approximately 99.7%, 99.8% and 99.8% of our total revenues for the years ended December 31, 2014, 2013 and 2012, respectively. International revenues were approximately 0.3%, 0.2% and 0.2% of our total revenues for the years ended December 31, 2014, 2013 and 2012, respectively. Furthermore, substantially all assets from continuing operations were held in the United States for the years ended December 31, 2014, 2013 and 2012. |
Equity_Method_Investments_Note
Equity Method Investments (Notes) | 12 Months Ended |
Dec. 31, 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 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 $456 thousand, $860 thousand and $0 in equity method losses for the years ended December 31, 2014, 2013 and 2012, respectively. We had no investment balance in FMLS as of December 31, 2014 and 2013. As of December 31, 2014 and 2013, we recorded liabilities for $735 thousand and $438 thousand, respectively, which were owed to FMLS for additional financial support. | |
On July 7, 2011, GenTech Partners Joint Venture (GenTech), was created with Genex Systems, LLC and ManTech as the investees. Genex Systems, LLC's interest in GenTech is 51% and ManTech's interest in GenTech is 49%. Because we have the ability to exercise significant influence over GenTech we determined that the equity method of accounting will be used for our investment. We recorded $141 thousand, $0, and $0 in equity method earnings for the years ended December 31, 2014, 2013, and 2012, respectively. Our investment balance in GenTech was $141 thousand and $0 as of December 31, 2014 and 2013, respectively. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited) | |||||||||||||||
The quarterly financial data reflects, in the opinion of the Company, all normal and recurring adjustments to present fairly the results of operations for such periods. Results of any one or more quarters are not necessarily indicative of annual results or continuing trends. The following tables set forth selected unaudited quarterly financial data: | ||||||||||||||||
2014 | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 452,033 | $ | 463,381 | $ | 447,200 | $ | 411,367 | ||||||||
Operating income | $ | 20,042 | $ | 24,070 | $ | 26,732 | $ | 23,972 | ||||||||
Income from operations before income taxes and equity method investments | $ | 16,059 | $ | 12,929 | $ | 26,492 | $ | 23,621 | ||||||||
Net income | $ | 9,634 | $ | 7,708 | $ | 15,487 | $ | 14,465 | ||||||||
Class A common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 23,988 | 24,023 | 24,061 | 24,115 | ||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.42 | $ | 0.39 | ||||||||
Diluted weighted average common shares outstanding | 24,057 | 24,092 | 24,126 | 24,191 | ||||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.41 | $ | 0.39 | ||||||||
Class B common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.42 | $ | 0.39 | ||||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.41 | $ | 0.39 | ||||||||
2013 | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 646,008 | $ | 605,129 | $ | 567,399 | $ | 491,536 | ||||||||
Operating income (loss) | $ | 36,371 | $ | 38,671 | $ | 32,039 | $ | (84,838 | ) | |||||||
Income (loss) from operations before income taxes and equity method investments | $ | 32,479 | $ | 34,632 | $ | 28,082 | $ | (88,640 | ) | |||||||
Net income (loss) | $ | 20,180 | $ | 21,551 | $ | 17,718 | $ | (65,598 | ) | |||||||
Class A common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 23,832 | 23,910 | 23,944 | 23,963 | ||||||||||||
Basic earnings (loss) per share | $ | 0.55 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Diluted weighted average common shares outstanding | 23,876 | 23,940 | 23,982 | 23,963 | ||||||||||||
Diluted earnings (loss) per share | $ | 0.54 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Class B common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Basic earnings (loss) per share | $ | 0.55 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Diluted earnings (loss) per share | $ | 0.54 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Schedule_II
Schedule II | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | SCHEDULE II | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Activities in our allowance accounts for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||
Doubtful Accounts | |||||||||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Other* | Balance at End of Period | |||||||||||||
2012 | $ | 9,729 | — | — | (280 | ) | $ | 9,449 | |||||||||
2013 | $ | 9,449 | — | — | 587 | $ | 10,036 | ||||||||||
2014 | $ | 10,036 | — | (165 | ) | (41 | ) | $ | 9,830 | ||||||||
* | Other represents doubtful account reserves released or recorded as part of net revenues for estimated customer disallowances. | ||||||||||||||||
Deferred Tax Asset Valuation | |||||||||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Other | Balance at End of Period | |||||||||||||
2012 | $ | — | — | — | — | $ | — | ||||||||||
2013 | $ | — | 191 | — | — | $ | 191 | ||||||||||
2014 | $ | 191 | — | (127 | ) | — | $ | 64 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation-Our consolidated financial statements include the accounts of ManTech International Corporation, subsidiaries we control and variable interest entities that are required to be consolidated. All intercompany accounts and transactions have been eliminated. Investments in entities where we have significant influence, but not control, are accounted for using the equity method. |
Use of Accounting Estimates [Policy Text Block] | Use of Accounting Estimates-We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, various future economic factors that are difficult to predict and are beyond the control of the Company. Therefore, actual amounts could differ from these estimates. |
Revenue Recognition [Policy Text Block] | Revenue Recognition-We derive the majority of our revenues from cost-plus-fixed-fee, cost-plus-award-fee, firm-fixed-price or time-and-materials contracts. Revenues for cost-reimbursable contracts are recorded as reimbursable costs are incurred, including an estimated share of the applicable contractual fees earned. For performance-based fees under cost-reimbursable contracts, we recognize the relevant portion of the expected fee to be awarded by the customer at the time such fee can be reasonably estimated, based on factors such as our prior award experience and communications with the customer regarding performance, or upon approval by the customer. For time-and-materials contracts, revenues are recognized to the extent of billable rates times hours delivered plus materials and other reimbursable costs incurred. For long-term fixed-price production contracts, revenues are recognized at a rate per unit as the units are delivered or by other methods to measure services provided. Revenues from other long-term fixed-price contracts are recognized ratably over the contract period or by other appropriate methods to measure services provided. Contract costs are expensed as incurred except for certain limited long-term contracts noted below. For long-term contracts, specifically described in the scope section of ASC 605-35, we apply the percentage of completion method. Under the percentage of completion method, income is recognized at a consistent profit margin over the period of performance based on estimated profit margins at completion of the contract. This method of accounting requires estimating the total revenues and total contract cost at completion of the contract. During the performance of long-term contracts, these estimates are periodically reviewed and revisions are made as required using the cumulative catch-up method of accounting. The impact on revenues and contract profit as a result of these revisions is included in the periods in which the revisions are made. This method can result in the deferral of costs or the deferral of profit on these contracts. Because we assume the risk of performing a fixed-price contract at a set price, the failure to accurately estimate ultimate costs or to control costs during performance of the work could result, and in some instances has resulted, in reduced profits or losses for such contracts. Both the individual changes in contract estimates and aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting were not material to the consolidated statement of operations for all periods presented. Estimated losses on contracts at completion are recognized when identified. In certain circumstances, revenues are recognized when contract amendments have not been finalized. |
Cost of Services [Policy Text Block] | Cost of Services-Cost of services consists primarily of compensation expenses for program personnel, the fringe benefits associated with this compensation and other direct expenses incurred to complete programs, including cost of materials and subcontract efforts. |
General and Administrative Expenses [Policy Text Block] | General and Administrative Expenses-General and administrative expenses include the salaries and wages, plus associated fringe benefits of our employees not performing work directly for customers, and associated facilities costs. Among the functions covered by these costs are corporate business development, bid and proposal, contracts administration, finance and accounting, legal, corporate governance and executive and senior management. In addition, we included stock-based compensation, as well as depreciation and amortization expenses related to the general and administrative function. |
We classify indirect costs 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 and 2012; however, total operating costs were not affected by this change. | |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents-For the purpose of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and short-term investments with maturity dates of three months or less at the date of purchase. Due to the short maturity of cash equivalents, the carrying value on our consolidated balance sheets approximates fair value. |
Property and Equipment [Policy Text Block] | Property and Equipment-Property and equipment are recorded at original cost to the Company. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in income. Maintenance and repairs are charged to expense as incurred. |
Depreciation and Amortization Method [Policy Text Block] | Depreciation and Amortization Method-Furniture and office equipment are depreciated using the straight-line method with estimated useful lives ranging from one to seven years. Leasehold improvements are amortized using the straight-line method over the term of the lease. |
Contractual Inventory [Policy Text Block] | Contractual Inventory-Inventory consists of finished goods purchased for a specific contract. |
Goodwill [Policy Text Block] | Goodwill-The purchase price of an acquired business is allocated to the tangible assets, financial assets and separately recognized intangible assets acquired less liabilities assumed based upon their respective fair values, with the excess recorded as goodwill. |
We review goodwill at least annually for impairment, or whenever events or circumstances indicate that the carrying value of long-lived assets may not be fully recoverable. Historically, we have elected to perform this review as of June 30th of each calendar year. During the fourth quarter of 2014, we changed the date of our annual goodwill impairment test to October 31st. The change in the annual goodwill impairment testing date is deemed a change in accounting principle, which we believe to be preferable. The change was made to better align with our customers' fiscal year, our year end reporting cycle as well as our annual planning and budgeting process, which is a significant element in the annual goodwill impairment test. This change in accounting principle did not delay, accelerate or avoid a goodwill impairment charge. The annual goodwill impairment test was performed on June 30, 2014 and on October 31, 2014 such that a period greater than 12 months did not elapse between test dates. The change in the annual goodwill impairment testing date was applied prospectively beginning on October 31, 2014 and had no effect on our consolidated financial statements. This change was not applied retrospectively as it is impracticable to do so because retrospective application would have required the application of significant estimates and assumptions without the use of hindsight. If any impairment was indicated as a result of a review, we would recognize a loss based on the amount by which the carrying amount exceeds the estimated fair value. | |
Other Intangible Assets [Policy Text Block] | Other Intangible Assets-Contract rights and other intangible assets are amortized primarily using the pattern of benefits method over periods ranging from one to twenty-five years. |
We accounted for the cost of computer software developed or obtained for internal use in accordance with ASC 350-985, Software. These capitalized software costs are included in other intangible assets, net. | |
We account for software development costs related to software products for sale, lease or otherwise marketed in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed. For projects fully funded by us, development costs are capitalized from the point of demonstrated technological feasibility until the point in time that the product is available for general release to customers. Once the product is available for general release, capitalized costs are amortized based on units sold or on a straight-line basis over a five-year period or other such shorter period as may be required. | |
Impairment of Long-Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets-Whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be fully recoverable, we evaluate the probability that future undiscounted net cash flows, without interest charges, will be less than the carrying amount of the assets. If any impairment were indicated as a result of this review, we would recognize a loss based on the amount by which the carrying amount exceeds the estimated fair value. |
Employee Supplemental Savings Plan Assets [Policy Text Block] | Employee Supplemental Savings Plan Assets-We maintain several non-qualified defined contribution supplemental retirement plans for certain key employees that are accounted for in accordance with ASC 710-10-05, Deferred Compensation - Rabbi Trusts, as the underlying assets are held in rabbi trusts with investments directed by the respective employee. A rabbi trust is a grantor trust generally set up to fund compensation for a select group of management and the assets of this trust are available to satisfy the claims of general creditors in the event of bankruptcy of the Company. The assets held by the rabbi trusts are recorded at cash surrender value in our consolidated financial statements as Employee Supplemental Savings Plan assets with a related liability to employees recorded as a deferred compensation liability in accrued retirement. |
Billings In Excess of Revenue Earned [Policy Text Block] | Billings In Excess of Revenue Earned-We receive advances and milestone payments from customers that exceed the revenues earned to date. We classify such items as current liabilities. |
Stock-based Compensation [Policy Text Block] | Stock-based Compensation-We account for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. We have elected to use the Black-Scholes-Merton pricing model to determine fair value on the dates of grant. The fair value is included in operating expenses or capitalized, as appropriate, straight-line over the period in which service is provided in exchange for the award. |
Income Taxes [Policy Text Block] | Income Taxes-We account for income taxes in accordance with ASC 740, Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax bases of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year-to-year. In providing for deferred taxes, we consider tax regulations of the jurisdictions in which we operate, estimates of future taxable income and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would “more likely than not” sustain the position following an audit. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. |
Foreign-Currency Translation [Policy Text Block] | Foreign-Currency Translation-All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at fiscal year-end exchange rates. Income and expense items are translated at average monthly exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss). |
Comprehensive Income (Loss) [Policy Text Block] | Comprehensive Income (Loss)-Comprehensive income (loss) is presented in our consolidated statements of changes in stockholders' equity. Comprehensive income (loss) consists of net income (loss); translation adjustments, net of tax; and actuarial gain (loss) on defined benefit pension plan, net of tax. |
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments-The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair value because of the short-term nature of these amounts. |
Variable Interest Entities [Policy Text Block] | Variable Interest Entities-We determine whether we have a controlling financial interest in a Variable Interest Entity (VIE). The reporting entity with a variable interest or interest that provides the reporting entity with a controlling financial interest in a VIE will have both (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. We have one entity that has been consolidated as a VIE. The purpose of the entity is to perform on certain U.S. Navy contracts. The maximum amount of loss we are exposed to as of December 31, 2014 was not material to our consolidated financial statements. |
Equity Method Investments [Policy Text Block] | Equity Method Investments-Investments where we have the ability to exercise significant influence, but we do not control, are accounted for under the equity method of accounting and are included in other assets on our consolidated balance sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in equity in earnings or losses of unconsolidated subsidiaries on our consolidated statement of income and loss. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
7Delta Inc. [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table represents the preliminary purchase price allocation for 7Delta (in thousands): | |||
7Delta Inc. | ||||
Cash and cash equivalents | $ | 1,408 | ||
Receivables | 9,664 | |||
Prepaid expenses and other | 175 | |||
Goodwill | 69,967 | |||
Other intangible assets | 7,762 | |||
Property and equipment | 597 | |||
Other assets | 39 | |||
Accounts payable and accrued expenses | (6,617 | ) | ||
Accrued salaries and related expenses | (1,399 | ) | ||
Billings in excess of revenue earned | (229 | ) | ||
Net assets acquired and liabilities assumed | $ | 81,367 | ||
Allied Technology Group Inc [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table represents the purchase price allocation for ATG (in thousands): | |||
Allied Technology Group, Inc. | ||||
Cash and cash equivalents | $ | 712 | ||
Receivables | 11,670 | |||
Prepaid expenses and other | 1,432 | |||
Contractual inventory | 1 | |||
Goodwill | 28,806 | |||
Other intangible assets | 7,071 | |||
Property and equipment | 899 | |||
Other assets | 111 | |||
Accounts payable and accrued expenses | (3,399 | ) | ||
Accrued salaries and related expenses | (2,155 | ) | ||
Billings in excess of revenue earned | (148 | ) | ||
Net assets acquired and liabilities assumed | $ | 45,000 | ||
Earnings_Loss_per_Share_Tables
Earnings (Loss) per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings (Loss) Per Share, Basic and Diluted [Table Text Block] | The net income (loss) available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings (loss) per share for each class of common stock are as follows (in thousands, except per share amounts): | |||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Distributed earnings | $ | 31,313 | $ | 31,200 | $ | 31,050 | ||||||
Undistributed earnings (loss) | 15,981 | (37,349 | ) | 63,969 | ||||||||
Net income (loss) | $ | 47,294 | $ | (6,149 | ) | $ | 95,019 | |||||
Class A common stock: | ||||||||||||
Basic net income (loss) available to common stockholders | $ | 30,539 | $ | (3,963 | ) | $ | 61,065 | |||||
Basic weighted average common shares outstanding | 24,047 | 23,913 | 23,727 | |||||||||
Basic earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Diluted net income (loss) available to common stockholders | $ | 30,571 | $ | (3,963 | ) | $ | 61,103 | |||||
Effect of potential exercise of stock options | 70 | — | 41 | |||||||||
Diluted weighted average common shares outstanding | 24,117 | 23,913 | 23,768 | |||||||||
Diluted earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Class B common stock: | ||||||||||||
Basic net income (loss) available to common stockholders | $ | 16,755 | $ | (2,186 | ) | $ | 33,954 | |||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | |||||||||
Basic earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Diluted net income (loss) available to common stockholders | $ | 16,723 | $ | (2,186 | ) | $ | 33,916 | |||||
Effect of potential exercise of stock options | — | — | — | |||||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | |||||||||
Diluted earnings (loss) per share | $ | 1.27 | $ | (0.17 | ) | $ | 2.57 | |||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Contract Receivables [Table Text Block] | The components of contract receivables are as follows (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Billed receivables | $ | 319,065 | $ | 370,975 | ||||
Unbilled receivables: | ||||||||
Amounts billable | 50,393 | 84,582 | ||||||
Revenues recorded in excess of funding | 13,082 | 9,743 | ||||||
Retainage | 4,446 | 2,634 | ||||||
Allowance for doubtful accounts | (9,830 | ) | (10,036 | ) | ||||
Receivables-net | $ | 377,156 | $ | 457,898 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment [Table Text Block] | Major classes of property and equipment are summarized as follows (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Furniture and equipment | $ | 43,659 | $ | 50,989 | ||||
Leasehold improvements | 35,601 | 33,535 | ||||||
Property and equipment-gross | 79,260 | 84,524 | ||||||
Accumulated depreciation and amortization | (53,517 | ) | (54,368 | ) | ||||
Property and equipment-net | $ | 25,743 | $ | 30,156 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amounts of goodwill during fiscal years 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||
Goodwill Balance | ||||||||||||||||||||||||
Goodwill at December 31, 2012 | $ | 861,912 | ||||||||||||||||||||||
Impairment | (118,427 | ) | ||||||||||||||||||||||
Acquisitions | 9,382 | |||||||||||||||||||||||
Goodwill at December 31, 2013 | 752,867 | |||||||||||||||||||||||
Acquisitions | 98,773 | |||||||||||||||||||||||
Goodwill at December 31, 2014 | $ | 851,640 | ||||||||||||||||||||||
Schedule of Other Intangible Assets [Table Text Block] | Other intangible assets consisted of the following (in thousands): | |||||||||||||||||||||||
December 31, 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 | $ | 126,619 | $ | 139,653 | $ | 251,572 | $ | 109,586 | $ | 141,986 | ||||||||||||
Capitalized software cost for internal use | 35,036 | 19,500 | 15,536 | 34,083 | 23,617 | 10,466 | ||||||||||||||||||
Other | 115 | 54 | 61 | 115 | 44 | 71 | ||||||||||||||||||
Total other intangible assets-net | $ | 301,423 | $ | 146,173 | $ | 155,250 | $ | 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): | |||||||||||||||||||||||
Year ending: | ||||||||||||||||||||||||
December 31, 2015 | $ | 18,839 | ||||||||||||||||||||||
December 31, 2016 | $ | 16,682 | ||||||||||||||||||||||
December 31, 2017 | $ | 14,705 | ||||||||||||||||||||||
December 31, 2018 | $ | 13,208 | ||||||||||||||||||||||
December 31, 2019 | $ | 11,354 | ||||||||||||||||||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2014, aggregate future minimum rental commitments under these leases are as follows (in thousands): | |||||||||||
Office Space | Equipment | Total | ||||||||||
Year ending: | ||||||||||||
December 31, 2015 | $ | 29,625 | $ | 61 | $ | 29,686 | ||||||
December 31, 2016 | 25,514 | 7 | 25,521 | |||||||||
December 31, 2017 | 22,942 | 1 | 22,943 | |||||||||
December 31, 2018 | 22,244 | — | 22,244 | |||||||||
December 31, 2019 | 21,391 | — | 21,391 | |||||||||
Thereafter | 53,515 | — | 53,515 | |||||||||
Total | $ | 175,231 | $ | 69 | $ | 175,300 | ||||||
Stockholders_Equity_and_StockB1
Stockholders Equity and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders Equity and Stock-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 years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 28.96 | % | 31.92 | % | 31.68 | % | |||||||
Expected life of options | 3 years | 3 years | 3 years | ||||||||||
Risk-free interest rate | 0.96 | % | 0.56 | % | 0.48 | % | |||||||
Dividend yield | 3 | % | 3 | % | 2.7 | % | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||
(in thousands) | |||||||||||||
Stock options at December 31, 2011 | 2,886,110 | $ | 41.14 | $ | 1,096 | ||||||||
Granted | 986,650 | $ | 29.24 | ||||||||||
Exercised | (38,542 | ) | $ | 28.93 | $ | 215 | |||||||
Cancelled and expired | (413,022 | ) | $ | 39.27 | |||||||||
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 | 946,576 | $ | 29.12 | ||||||||||
Exercised | (158,371 | ) | $ | 24.78 | $ | 754 | |||||||
Cancelled and expired | (797,293 | ) | $ | 41.75 | |||||||||
Stock options at December 31, 2014 | 3,391,032 | $ | 32.76 | $ | 4,722 | ||||||||
Schedule of Non-Vested Share Activity [Table Text Block] | The following table summarizes non-vested stock options for the year ended December 31, 2014: | ||||||||||||
Number of Shares | Weighted Average Fair Value | ||||||||||||
Non-vested stock options at December 31, 2013 | 1,567,945 | $ | 5.51 | ||||||||||
Granted | 946,576 | $ | 4.76 | ||||||||||
Vested | (711,806 | ) | $ | 6.2 | |||||||||
Cancelled | (129,187 | ) | $ | 5.07 | |||||||||
Non-vested stock options at December 31, 2014 | 1,673,528 | $ | 4.83 | ||||||||||
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 December 31, 2014: | ||||||||||||
Number of Shares | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||
(years) | (in thousands) | ||||||||||||
Stock options exercisable | 1,717,504 | 2 | $ | 36.86 | $ | 1,634 | |||||||
Stock options expected to vest | 1,475,948 | 4 | $ | 28.54 | $ | 2,753 | |||||||
Stock options exercisable and expected to vest | 3,193,452 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Activity [Table Text Block] | The following table summarizes the restricted stock activity during the years ended December 31, 2013 and 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 December 31, 2014 | 21,000 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The domestic and foreign components of income operations before income taxes and equity method investments were as follows (in thousands): | |||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 79,238 | $ | 6,768 | $ | 155,381 | ||||||
Foreign | (137 | ) | (215 | ) | (427 | ) | ||||||
Income from operations before income taxes and equity method investments | $ | 79,101 | $ | 6,553 | $ | 154,954 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes was comprised of the following components (in thousands): | |||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current provision (benefit): | ||||||||||||
Federal | $ | 10,375 | $ | 18,702 | $ | 37,926 | ||||||
State | 2,499 | 4,011 | 5,780 | |||||||||
Foreign | 160 | 86 | 123 | |||||||||
13,034 | 22,799 | 43,829 | ||||||||||
Deferred provision (benefit): | ||||||||||||
Federal | 17,739 | (6,557 | ) | 15,241 | ||||||||
State | 4,477 | (1,858 | ) | 2,332 | ||||||||
22,216 | (8,415 | ) | 17,573 | |||||||||
Non-current provision (benefit) resulting from allocating tax benefits directly to additional paid in capital and changes in liabilities: | ||||||||||||
Federal | (2,755 | ) | (2,009 | ) | (1,306 | ) | ||||||
State | (970 | ) | (522 | ) | (161 | ) | ||||||
Foreign | — | (11 | ) | — | ||||||||
(3,725 | ) | (2,542 | ) | (1,467 | ) | |||||||
Provision for income taxes | $ | 31,525 | $ | 11,842 | $ | 59,935 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The schedule of effective income tax rate reconciliation is as follows: | |||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. Federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in tax rate resulting from: | ||||||||||||
State taxes—net of Federal benefit | 5 | % | 18.6 | % | 3.3 | % | ||||||
Excess executive compensation | 1.3 | % | 16.7 | % | 0.8 | % | ||||||
Deferred compensation (ESSP) | (0.7 | )% | (24.6 | )% | (0.5 | )% | ||||||
Section 199 deductions | (0.6 | )% | (6.5 | )% | (0.2 | )% | ||||||
Goodwill impairment | — | % | 200.1 | % | — | % | ||||||
Tax basis deduction of investment | — | % | (15.3 | )% | — | % | ||||||
Provisions of American Taxpayer Relief Act of 2012 | — | % | (10.3 | )% | — | % | ||||||
Acquisition working capital settlement | — | % | (5.0 | )% | — | % | ||||||
Other, net | — | % | (0.7 | )% | 0.3 | % | ||||||
Effective tax rate | 40 | % | 208 | % | 38.7 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | A summary of the tax effect of the significant components of deferred income taxes is as follows (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Gross deferred tax liabilities: | ||||||||||||
Goodwill and other assets | $ | 86,242 | $ | 68,940 | ||||||||
Unbilled receivables | 14,549 | 10,099 | ||||||||||
Property and equipment | 3,931 | 5,442 | ||||||||||
Total | 104,722 | 84,481 | ||||||||||
Gross deferred tax assets: | ||||||||||||
Retirement and other liabilities | (31,851 | ) | (33,505 | ) | ||||||||
Allowance for potential contract losses and other contract reserves | (3,911 | ) | (3,687 | ) | ||||||||
Federal and state operating loss carryforwards | (441 | ) | (829 | ) | ||||||||
Total | (36,203 | ) | (38,021 | ) | ||||||||
Net deferred tax liabilities | $ | 68,519 | $ | 46,460 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 1,207 | $ | 1,376 | $ | 1,440 | ||||||
Increases in tax positions for prior years | 80 | 95 | 18 | |||||||||
Decreases in tax positions for prior years | (13 | ) | (26 | ) | — | |||||||
Increases in tax positions for current year | 86 | 69 | 141 | |||||||||
Lapse in statute of limitations | (575 | ) | (307 | ) | (223 | ) | ||||||
Gross unrecognized tax benefits at end of year | $ | 785 | $ | 1,207 | $ | 1,376 | ||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following tables set forth selected unaudited quarterly financial data: | |||||||||||||||
2014 | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 452,033 | $ | 463,381 | $ | 447,200 | $ | 411,367 | ||||||||
Operating income | $ | 20,042 | $ | 24,070 | $ | 26,732 | $ | 23,972 | ||||||||
Income from operations before income taxes and equity method investments | $ | 16,059 | $ | 12,929 | $ | 26,492 | $ | 23,621 | ||||||||
Net income | $ | 9,634 | $ | 7,708 | $ | 15,487 | $ | 14,465 | ||||||||
Class A common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 23,988 | 24,023 | 24,061 | 24,115 | ||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.42 | $ | 0.39 | ||||||||
Diluted weighted average common shares outstanding | 24,057 | 24,092 | 24,126 | 24,191 | ||||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.41 | $ | 0.39 | ||||||||
Class B common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.42 | $ | 0.39 | ||||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.41 | $ | 0.39 | ||||||||
2013 | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 646,008 | $ | 605,129 | $ | 567,399 | $ | 491,536 | ||||||||
Operating income (loss) | $ | 36,371 | $ | 38,671 | $ | 32,039 | $ | (84,838 | ) | |||||||
Income (loss) from operations before income taxes and equity method investments | $ | 32,479 | $ | 34,632 | $ | 28,082 | $ | (88,640 | ) | |||||||
Net income (loss) | $ | 20,180 | $ | 21,551 | $ | 17,718 | $ | (65,598 | ) | |||||||
Class A common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 23,832 | 23,910 | 23,944 | 23,963 | ||||||||||||
Basic earnings (loss) per share | $ | 0.55 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Diluted weighted average common shares outstanding | 23,876 | 23,940 | 23,982 | 23,963 | ||||||||||||
Diluted earnings (loss) per share | $ | 0.54 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Class B common stock: | ||||||||||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Basic earnings (loss) per share | $ | 0.55 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Diluted earnings (loss) per share | $ | 0.54 | $ | 0.58 | $ | 0.48 | $ | (1.77 | ) | |||||||
Description_of_the_Business_Na
Description of the Business (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
contracts | |
federalagenices | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Federal Agencies | 50 |
Number of Contracts | 1,100 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Entities | |
Significant Accounting Policies [Line Items] | |
More Likely Than Not Threshold | 50.00% |
Number of Consolidated Variable Interest Entities | 1 |
Minimum [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Equity Method Investment, Ownership Percentage | 20.00% |
Maximum [Member] | |
Significant Accounting Policies [Line Items] | |
Maturity Threshold For Including In Cash And Cash Equivalent | 3 months |
Property, Plant and Equipment, Useful Life | 7 years |
Equity Method Investment, Ownership Percentage | 50.00% |
Other Intangible Assets [Member] | Minimum [Member] | |
Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Other Intangible Assets [Member] | Maximum [Member] | |
Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 25 years |
Capitalized Software Cost For Sale [Member] | |
Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
7Delta Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $500,000 | ||
Business Combination, Consideration Transferred | 81,400,000 | ||
Other intangible assets | 7,762,000 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 70,000,000 | ||
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] | |||
Acquired Finite-lived Intangible Asset, Amount | 4,800,000 | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
7Delta Inc. [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 2,900,000 | ||
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 | 400,000 | ||
Business Combination, Consideration Transferred | 45,000,000 | ||
Other intangible assets | 7,071,000 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 28,800,000 | ||
Expected Goodwill Tax Amortization Period | 15 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | ||
Allied Technology Group Inc [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 6,400,000 | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Allied Technology Group Inc [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 600,000 | ||
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 | 100,000 | ||
Business Combination, Consideration Transferred | 10,200,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 11,100,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 900,000 | ||
Other intangible assets | 700,000 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 9,100,000 | ||
Expected Goodwill Tax Amortization Period | 15 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||
ALTA Systems, Inc [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 600,000 | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
ALTA Systems, Inc [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 100,000 | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
HBGary, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 800,000 | ||
Business Combination, Consideration Transferred | 23,800,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 24,600,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 800,000 | ||
Other intangible assets | 3,100,000 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 20,100,000 | ||
Expected Goodwill Tax Amortization Period | 15 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
HBGary, Inc. [Member] | Developed Technology Rights [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 2,000,000 | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
HBGary, Inc. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 900,000 | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
HBGary, Inc. [Member] | Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 200,000 | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Evolvent Technologies, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 200,000 | ||
Business Combination, Consideration Transferred | 39,900,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 46,900,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 7,000,000 | ||
Other intangible assets | 3,700,000 | ||
Business Acquisition Purchase Price Allocation Goodwill Not Tax Deductible Amount | 33,200,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||
Evolvent Technologies, Inc. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 3,400,000 | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Evolvent Technologies, Inc. [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | $300,000 | ||
Finite-Lived Intangible Asset, Useful Life | 1 year |
Acquisitions_Schedule_of_Recog
Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $851,640 | $752,867 | $861,912 |
7Delta Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 1,408 | ||
Receivables | 9,664 | ||
Prepaid expenses and other | 175 | ||
Goodwill | 69,967 | ||
Other intangible assets | 7,762 | ||
Property and equipment | 597 | ||
Other assets | 39 | ||
Accounts payable and accrued expenses | -6,617 | ||
Accrued salaries and related expenses | -1,399 | ||
Billings in excess of revenue earned | -229 | ||
Net assets acquired and liabilities assumed | 81,367 | ||
Allied Technology Group Inc [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 712 | ||
Receivables | 11,670 | ||
Prepaid expenses and other | 1,432 | ||
Contractual inventory | 1 | ||
Goodwill | 28,806 | ||
Other intangible assets | 7,071 | ||
Property and equipment | 899 | ||
Other assets | 111 | ||
Accounts payable and accrued expenses | -3,399 | ||
Accrued salaries and related expenses | -2,155 | ||
Billings in excess of revenue earned | -148 | ||
Net assets acquired and liabilities assumed | $45,000 |
Earnings_Loss_per_Share_Narrat
Earnings (Loss) per Share (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||||||||||||||
Dividend Declared And Paid | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,700,000 | 3,200,000 | 2,900,000 | ||||||||||||
Options exercised, Number of Shares | 158,371 | 79,567 | 38,542 |
Schedule_of_Earnings_Loss_Per_
(Schedule of Earnings (Loss) Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Earnings (Loss) Per Share, Basic and Diluted [Line Items] | |||||||||||
Distributed earnings | $31,313 | $31,200 | $31,050 | ||||||||
Undistributed earnings (loss) | 15,981 | -37,349 | 63,969 | ||||||||
Net income (loss) | 14,465 | 15,487 | 7,708 | 9,634 | -65,598 | 17,718 | 21,551 | 20,180 | 47,294 | -6,149 | 95,019 |
Class A Common Stock [Member] | |||||||||||
Components of Earnings (Loss) Per Share, Basic and Diluted [Line Items] | |||||||||||
Basic net income (loss) available to common stockholders | 30,539 | -3,963 | 61,065 | ||||||||
Basic weighted average common shares outstanding | 24,115,000 | 24,061,000 | 24,023,000 | 23,988,000 | 23,963,000 | 23,944,000 | 23,910,000 | 23,832,000 | 24,047,000 | 23,913,000 | 23,727,000 |
Basic earnings (loss) per share | $0.39 | $0.42 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.55 | $1.27 | ($0.17) | $2.57 |
Diluted net income (loss) available to common stockholders | 30,571 | -3,963 | 61,103 | ||||||||
Effect of potential exercise of stock options | 70,000 | 0 | 41,000 | ||||||||
Diluted weighted average common shares outstanding | 24,191,000 | 24,126,000 | 24,092,000 | 24,057,000 | 23,963,000 | 23,982,000 | 23,940,000 | 23,876,000 | 24,117,000 | 23,913,000 | 23,768,000 |
Diluted earnings (loss) per share | $0.39 | $0.41 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.54 | $1.27 | ($0.17) | $2.57 |
Class B Common Stock [Member] | |||||||||||
Components of Earnings (Loss) Per Share, Basic and Diluted [Line Items] | |||||||||||
Basic net income (loss) available to common stockholders | 16,755 | -2,186 | 33,954 | ||||||||
Basic weighted average common shares outstanding | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 |
Basic earnings (loss) per share | $0.39 | $0.42 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.55 | $1.27 | ($0.17) | $2.57 |
Diluted net income (loss) available to common stockholders | $16,723 | ($2,186) | $33,916 | ||||||||
Effect of potential exercise of stock options | 0 | 0 | 0 | ||||||||
Diluted weighted average common shares outstanding | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 |
Diluted earnings (loss) per share | $0.39 | $0.41 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.54 | $1.27 | ($0.17) | $2.57 |
Receivables_Schedule_of_Contra
Receivables (Schedule of Contract Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Billed receivables | $319,065 | $370,975 |
Unbilled receivables: | ||
Amounts billable | 50,393 | 84,582 |
Revenues recorded in excess of funding | 13,082 | 9,743 |
Retainage | 4,446 | 2,634 |
Allowance for doubtful accounts | -9,830 | -10,036 |
Receivables-net | $377,156 | $457,898 |
Receivables_Narrative_Details
Receivables (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Line Items] | ||
Accounts Receivable Not Expected to be Substantially Collected within One Year | 1.1 | |
Percentage of Accounts Receivable Not Expected to be Collected Within One Year related to Receivables from Direct Sales to U.S. Government | 89.10% | |
Customer Contracts [Member] | Accounts Receivable [Member] | ||
Receivables [Line Items] | ||
Concentration Risk, Percentage | 2.20% | 15.30% |
Property_and_Equipment_Propert
Property and Equipment (Property and Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment-gross | $79,260 | $84,524 |
Accumulated depreciation and amortization | -53,517 | -54,368 |
Property and equipment-net | 25,743 | 30,156 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment-gross | 43,659 | 50,989 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment-gross | $35,601 | $33,535 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and Amortization Expense | $9 | $8.70 | $30.90 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $0 | $118,427,000 | $0 |
Amortization of Intangible Assets | $20,400,000 | $20,400,000 | $20,500,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill [Roll Forward] | |||
Goodwill balance, period start | $752,867,000 | $861,912,000 | |
Impairment | 0 | -118,427,000 | 0 |
Acquisitions | 98,773,000 | 9,382,000 | |
Goodwill balance, period end | $851,640,000 | $752,867,000 | $861,912,000 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $301,423 | $285,770 |
Accumulated Amortization | 146,173 | 133,247 |
Net Carrying Amount | 155,250 | 152,523 |
Contract and program intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 266,272 | 251,572 |
Accumulated Amortization | 126,619 | 109,586 |
Net Carrying Amount | 139,653 | 141,986 |
Capitalized software cost for internal use | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 35,036 | 34,083 |
Accumulated Amortization | 19,500 | 23,617 |
Net Carrying Amount | 15,536 | 10,466 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 115 | 115 |
Accumulated Amortization | 54 | 44 |
Net Carrying Amount | $61 | $71 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets, Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Year ending: | |
31-Dec-15 | $18,839 |
31-Dec-16 | 16,682 |
31-Dec-17 | 14,705 |
31-Dec-18 | 13,208 |
31-Dec-19 | $11,354 |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility) (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jun. 13, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt, Weighted Average Interest Rate | 0.76% | 0.00% | |
Bank of America Syndicate [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $500,000,000 | ||
Debt Issuance Cost | 3,400,000 | ||
Line of Credit, Current | 0 | 0 | |
Line of Credit Facility, Average Outstanding Amount | 9,100,000 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 499,200,000 | ||
Bank of America Syndicate [Member] | Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | ||
Letters of Credit Outstanding, Amount | 800,000 | 200,000 | |
Bank of America Syndicate [Member] | Revolving Credit Facility, Swing Line Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $30,000,000 | ||
Variable Spread [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Variable Spread [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Variable Spread [Member] | Bank of America's Base Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Variable Spread [Member] | Bank of America's Base Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Debt_Senior_Unsecured_Notes_Na
Debt (Senior Unsecured Notes) (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 15, 2014 | Apr. 13, 2010 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $10,074,000 | $0 | $0 | ||
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 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
Year ending: | |
31-Dec-15 | $29,686,000 |
31-Dec-16 | 25,521,000 |
31-Dec-17 | 22,943,000 |
31-Dec-18 | 22,244,000 |
31-Dec-19 | 21,391,000 |
Thereafter | 53,515,000 |
Total | 175,300,000 |
Office Space | |
Year ending: | |
31-Dec-15 | 29,625,000 |
31-Dec-16 | 25,514,000 |
31-Dec-17 | 22,942,000 |
31-Dec-18 | 22,244,000 |
31-Dec-19 | 21,391,000 |
Thereafter | 53,515,000 |
Total | 175,231,000 |
Equipment [Member] | |
Year ending: | |
31-Dec-15 | 61,000 |
31-Dec-16 | 7,000 |
31-Dec-17 | 1,000 |
31-Dec-18 | 0 |
31-Dec-19 | 0 |
Thereafter | 0 |
Total | $69,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Office space and equipment rent expense | $42.90 | $47.60 | $52.10 |
Deferred rent liabilties | $11.10 | $11 |
Stockholders_Equity_and_StockB2
Stockholders Equity and Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2015 | |
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Treasury Stock, Shares | 244,113 | 244,113 | ||
Class B Share Convertible to Class A Share | 1 | |||
Preferred Stock, Shares Authorized | 20,000,000 | |||
Preferred Stock, Par Value Per Share | $0.01 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Remaining Aggregate Number of Shares Authorized For Issuance | 3,908,967 | |||
Stock Compensation Expense | $4,400,000 | $5,236,000 | $8,142,000 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0 | 0 | 0 | |
Tax deficiency from the exercise of stock options | -3,211,000 | -2,332,000 | -1,361,000 | |
Share-based Compensation Arrangement by Share-based Award, Award Vesting Period | 3 years | 3 years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | 5 years | 5 years | |
Expected Annual Cash Dividend | $0.84 | |||
Granted, Number of Shares | 946,576 | 957,525 | 986,650 | |
Granted, Weighted Average Exercise Price | $29.12 | $27.42 | $29.24 | |
Granted, Weighted Average Fair Value | $4.76 | $4.84 | $5.19 | |
Share-based Payment Award, Options, Vested, Fair Value | 4,400,000 | 6,100,000 | 8,300,000 | |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $5,500,000 | |||
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Restricted Stock Granted to Employees [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Award, Award Vesting Period | 3 years | 3 years | 3 years | |
Restricted Stock Granted to Board of Directors [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Award, Award Vesting Period | 1 year | 1 year | 1 year | |
Class A Common Stock [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ||
Common Stock, Par Value Per Share | $0.01 | $0.01 | ||
Common Stock, Shares Outstanding | 24,179,401 | 24,001,780 | ||
Common Stock, Voting Rights | 1 | |||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Issued and Outstanding Under The Plan | 4,793,930 | |||
Class B Common Stock [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||
Common Stock, Par Value Per Share | $0.01 | $0.01 | ||
Common Stock, Shares Outstanding | 13,192,845 | 13,192,845 | ||
Common Stock, Voting Rights | 10 | |||
Maximum [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | 8 years | 8 years | |
Going Private Transaction [Member] | Class A Common Stock [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Common Stock, Voting Rights | 1 | |||
Going Private Transaction [Member] | Class B Common Stock [Member] | ||||
Stockholders Equity and Stock-Based Compensation [Line Items] | ||||
Common Stock, Voting Rights | 1 | |||
Subsequent Event [Member] | ||||
Stockholders Equity and Stock-Based Compensation [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 | 560,584 |
Stockholders_Equity_and_StockB3
Stockholders Equity and Stock-Based Compensation (Schedule of Shared-based Payment Award, Stock Options, Valuation Assumptions) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders Equity and Stock-Based Compensation [Abstract] | |||
Volatility | 28.96% | 31.92% | 31.68% |
Expected life of options | 3 years | 3 years | 3 years |
Risk-free interest rate | 0.96% | 0.56% | 0.48% |
Dividend yield | 3.00% | 3.00% | 2.70% |
Stockholders_Equity_and_StockB4
Stockholders Equity and Stock-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Stock options, Number of Shares, Period Start | 3,400,120 | 3,421,196 | 2,886,110 | |
Granted, Number of Shares | 946,576 | 957,525 | 986,650 | |
Exercised, Number of Shares | -158,371 | -79,567 | -38,542 | |
Cancelled and expired, Number of Shares | -797,293 | -899,034 | -413,022 | |
Stock options, Number of Shares, Period End | 3,391,032 | 3,400,120 | 3,421,196 | |
Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock options, Weighted Average Exercise Price, Period Start | $35.51 | $38.61 | $41.14 | |
Granted, Weighted Average Exercise Price | $29.12 | $27.42 | $29.24 | |
Exercised, Weighted Average Exercise Price | $24.78 | $22.75 | $28.93 | |
Cancelled and expired, Weighted Average Exercise Price | $41.75 | $39.84 | $39.27 | |
Stock options, Weighted Average Exercise Price, Period End | $32.76 | $35.51 | $38.61 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Stock options, Aggregate Intrinsic Value | $4,722 | $4,488 | $626 | $1,096 |
Exercised, Aggregate Intrinsic Value | $754 | $400 | $215 |
Stockholders_Equity_and_StockB5
Stockholders Equity and Stock-Based Compensation (Schedule of Non-Vested Share Activity) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested [Roll Forward] | |||
Non-vested stock options, Number of Shares, Period Start | 1,567,945 | ||
Granted, Number of Shares | 946,576 | 957,525 | 986,650 |
Vested, Number of Shares | -711,806 | ||
Cancelled, Number of Shares | -129,187 | ||
Non-vested stock options, Number of Shares, Period End | 1,673,528 | 1,567,945 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, 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 | $4.76 | $4.84 | $5.19 |
Vested, Weighted Average Fair Value | $6.20 | ||
Cancelled, Weighted Average Fair Value | $5.07 | ||
Non-vested stock options, Weighted Average Fair Value, Period End | $4.83 | $5.51 |
Stockholders_Equity_and_StockB6
Stockholders Equity and Stock-Based Compensation (Stock Options Exercisable And Expected To Vest) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Stockholders Equity and Stock-Based Compensation [Abstract] | |
Stock options exercisable, Number of Shares | 1,717,504 |
Stock options expected to vest, Number of Shares | 1,475,948 |
Stock options exercisable and expected to vest, Number of Shares | 3,193,452 |
Stock options exercisable, Weighted Average Remaining Contractual Life | 2 years |
Stock options exercisable, Weighted Average Exercise Price | $36.86 |
Stock options exercisable, Aggregate Intrinsic Value | $1,634 |
Stock options expected to vest, Weighted Average Remaining Contractual Life | 4 years |
Stock options expected to vest, Weighted Average Exercise Price | $28.54 |
Stock options expected to vest, Aggregate Intrinsic Value | $2,753 |
Stockholders_Equity_and_StockB7
Stockholders Equity and Stock-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [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 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Retirement Plan [Line Items] | |||
Defined Contribution Plan, Other Than Employee Stock Ownership Plan, Contributions | $18,600,000 | $19,300,000 | $22,600,000 |
Employee Stock Ownership Plan (ESOP), Vesting Period | 5 years | 5 years | 5 years |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 0 | 900,000 | 3,800,000 |
Employee Stock Ownership Plan (ESOP), Unearned ESOP Shares | 0 | 0 | |
Employee Supplemental Savings Plan (ESSP) Percentage of Annual Base Compensation | 75.00% | 75.00% | 75.00% |
Employee Supplemental Savings Plan (ESSP) Percentage of Bonus | 100.00% | 100.00% | 100.00% |
Employee Supplemental Savings Plan (ESSP), Employee Contribution | 3,000,000 | 3,200,000 | 5,100,000 |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Defined Benefit Plan, Benefit Obligation | $1,300,000 | $1,300,000 | |
Class A Common Stock [Member] | |||
Retirement Plan [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 0 | 31,653 | 146,589 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Non-current Provision (Benefit) for income taxes arising from Cancellation of Vested Stock Options Allocated to Equity and Valuation Differences between Grant and Vesting Dates on Restricted Stock Allocated to Equity | ($3.30) | ($2.40) | ($1.40) |
Non-current Provision (Benefit) for Income Taxes related to Liabilities for Uncertain Tax Positions | -0.4 | -0.1 | -0.1 |
Non-current Provision (Benefit) for Income Taxes related to Liabilities for Uncertain Tax Positions for Use of State Net Operating Loss | -0.1 | ||
Income Taxes Paid, Net of Refunds | 14.3 | 14.9 | 43.5 |
Tax Benefits, Nonqualified Stock Options and Disqualifying Dispositions of Incentive Stock Options | 0.1 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0.6 | 0.9 | 1 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.2 | 0.2 | 0.2 |
Settlement With Taxing Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0.3 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $5.20 |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $79,238 | $6,768 | $155,381 | ||||||||
Foreign | -137 | -215 | -427 | ||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS | $23,621 | $26,492 | $12,929 | $16,059 | ($88,640) | $28,082 | $34,632 | $32,479 | $79,101 | $6,553 | $154,954 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Current provision (benefit): | |||
Federal | $10,375,000 | $18,702,000 | $37,926,000 |
State | 2,499,000 | 4,011,000 | 5,780,000 |
Foreign | 160,000 | 86,000 | 123,000 |
Current provision (benefit) | 13,034,000 | 22,799,000 | 43,829,000 |
Deferred provision (benefit): | |||
Federal | 17,739,000 | -6,557,000 | 15,241,000 |
State | 4,477,000 | -1,858,000 | 2,332,000 |
Deferred provision (benefit) | 22,216,000 | -8,415,000 | 17,573,000 |
Non-current provision (benefit) resulting from allocating tax benefits directly to additional paid in capital and changes in liabilities: | |||
Federal | -2,755,000 | -2,009,000 | -1,306,000 |
State | -970,000 | -522,000 | -161,000 |
Foreign | 0 | -11,000 | 0 |
Non-current provision (benefit) resulting from allocating tax benefits directly to additional paid in capital and changes in liabilities | -3,725,000 | -2,542,000 | -1,467,000 |
Provision for income taxes | $31,525,000 | $11,842,000 | $59,935,000 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. Federal tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate resulting from: | |||
State taxesbnet of Federal benefit | 5.00% | 18.60% | 3.30% |
Excess executive compensation | 1.30% | 16.70% | 0.80% |
Deferred compensation (ESSP) | -0.70% | -24.60% | -0.50% |
Section 199 deductions | -0.60% | -6.50% | -0.20% |
Goodwill impairment | 0.00% | 200.10% | 0.00% |
Tax basis deduction of investment | 0.00% | -15.30% | 0.00% |
Provisions of American Taxpayer Relief Act of 2012 | 0.00% | -10.30% | 0.00% |
Acquisition working capital settlement | 0.00% | -5.00% | 0.00% |
Other, net | 0.00% | -0.70% | 0.30% |
Effective tax rate | 40.00% | 208.00% | 38.70% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gross deferred tax liabilities: | ||
Goodwill and other assets | $86,242 | $68,940 |
Unbilled receivables | 14,549 | 10,099 |
Property and equipment | 3,931 | 5,442 |
Total | 104,722 | 84,481 |
Gross deferred tax assets: | ||
Retirement and other liabilities | -31,851 | -33,505 |
Allowance for potential contract losses and other contract reserves | -3,911 | -3,687 |
Federal and state operating loss carryforwards | -441 | -829 |
Total | -36,203 | -38,021 |
Net deferred tax liabilities | $68,519 | $46,460 |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $1,207,000 | $1,376,000 | $1,440,000 |
Increases in tax positions for prior years | 80,000 | 95,000 | 18,000 |
Decreases in tax positions for prior years | -13,000 | -26,000 | 0 |
Increases in tax positions for current year | 86,000 | 69,000 | 141,000 |
Lapse in statute of limitations | -575,000 | -307,000 | -223,000 |
Gross unrecognized tax benefits at end of year | $785,000 | $1,207,000 | $1,376,000 |
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | 1 | ||
Revenues [Member] | UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Percentage | 99.70% | 99.80% | 99.80% |
Revenues [Member] | International [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage | 0.30% | 0.20% | 0.20% |
Revenues [Member] | U.S. Army Tank-Automotive Armament Command (TACOM) [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage | 7.50% | 19.40% | 22.20% |
Revenues [Member] | U.S. government under prime contracts and subcontracts [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage | 98.90% | 99.00% | 99.20% |
Equity_Method_Investments_Narr
Equity Method Investments (Narrrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||
Income (Loss) from Equity Method Investments | ($282,000) | ($860,000) | $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% |
Income (Loss) from Equity Method Investments | -456,000 | -860,000 | 0 |
Equity Method Investments | 0 | 0 | |
Liability Owed to Equity Method Investment | 735,000 | 438,000 | |
GenTech Partners Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% |
Income (Loss) from Equity Method Investments | 141,000 | 0 | 0 |
Equity Method Investments | $141,000 | $0 | |
Fluor International, Inc. [Member] | Fluor-ManTech Logistics Solutions, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% |
Genex Systems, LLC [Member] | GenTech Partners Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 51.00% | 51.00% | 51.00% |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Revenues | $411,367 | $447,200 | $463,381 | $452,033 | $491,536 | $567,399 | $605,129 | $646,008 | $1,773,981 | $2,310,072 | $2,582,295 |
Operating income (loss) | 23,972 | 26,732 | 24,070 | 20,042 | -84,838 | 32,039 | 38,671 | 36,371 | 94,816 | 22,243 | 170,988 |
Income (loss) from operations before income taxes and equity method investments | 23,621 | 26,492 | 12,929 | 16,059 | -88,640 | 28,082 | 34,632 | 32,479 | 79,101 | 6,553 | 154,954 |
Net income (loss) | $14,465 | $15,487 | $7,708 | $9,634 | ($65,598) | $17,718 | $21,551 | $20,180 | $47,294 | ($6,149) | $95,019 |
Class A Common Stock [Member] | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Basic weighted average common shares outstanding | 24,115 | 24,061 | 24,023 | 23,988 | 23,963 | 23,944 | 23,910 | 23,832 | 24,047 | 23,913 | 23,727 |
Basic earnings (loss) per share | $0.39 | $0.42 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.55 | $1.27 | ($0.17) | $2.57 |
Diluted weighted average common shares outstanding | 24,191 | 24,126 | 24,092 | 24,057 | 23,963 | 23,982 | 23,940 | 23,876 | 24,117 | 23,913 | 23,768 |
Diluted earnings (loss) per share | $0.39 | $0.41 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.54 | $1.27 | ($0.17) | $2.57 |
Class B Common Stock [Member] | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 |
Basic earnings (loss) per share | $0.39 | $0.42 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.55 | $1.27 | ($0.17) | $2.57 |
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 | 13,193 |
Diluted earnings (loss) per share | $0.39 | $0.41 | $0.21 | $0.26 | ($1.77) | $0.48 | $0.58 | $0.54 | $1.27 | ($0.17) | $2.57 |
Schedule_II_Valuation_and_Qual
Schedule II (Valuation and Qualifying Accounts) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $10,036,000 | $9,449,000 | $9,729,000 | |||
Charged to Costs and Expenses | 0 | 0 | 0 | |||
Deductions | -165,000 | 0 | 0 | |||
Other | -41,000 | [1] | 587,000 | [1] | -280,000 | [1] |
Balance at End of Period | 9,830,000 | 10,036,000 | 9,449,000 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 191,000 | 0 | 0 | |||
Charged to Costs and Expenses | 0 | 191,000 | 0 | |||
Deductions | -127,000 | 0 | 0 | |||
Other | 0 | 0 | 0 | |||
Balance at End of Period | $64,000 | $191,000 | $0 | |||
[1] | Other represents doubtful account reserves released or recorded as part of net revenues for estimated customer disallowances. |