Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 28, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MANT | |
Entity Registrant Name | MANTECH INTERNATIONAL CORP | |
Entity Central Index Key | 892,537 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,364,290 | |
Class B common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,192,845 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 51,191,000 | $ 23,781,000 |
Receivables—net | 303,418,000 | 377,156,000 |
Prepaid expenses and other | 18,820,000 | 18,207,000 |
Contractual inventory | 3,726,000 | 0 |
Total Current Assets | 377,155,000 | 419,144,000 |
Goodwill | 919,290,000 | 851,640,000 |
Other intangible assets—net | 159,856,000 | 155,250,000 |
Employee supplemental savings plan assets | 26,645,000 | 31,741,000 |
Property and equipment—net | 22,809,000 | 25,743,000 |
Investments | 10,657,000 | 143,000 |
Other assets | 3,325,000 | 3,741,000 |
TOTAL ASSETS | 1,519,737,000 | 1,487,402,000 |
LIABILITIES | ||
Accounts payable and accrued expenses | 108,595,000 | 149,506,000 |
Accrued salaries and related expenses | 71,879,000 | 57,409,000 |
Billings in excess of revenue earned | 26,102,000 | 13,408,000 |
Revolving credit facility | 10,000,000 | 0 |
Deferred income taxes—current | 4,486,000 | 3,330,000 |
Total Current Liabilities | 221,062,000 | 223,653,000 |
Deferred income taxes—non-current | 84,787,000 | 65,103,000 |
Accrued retirement | 28,378,000 | 32,804,000 |
Other long-term liabilities | 11,113,000 | 11,063,000 |
TOTAL LIABILITIES | $ 345,340,000 | $ 332,623,000 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Additional paid-in capital | $ 434,969,000 | $ 428,895,000 |
Treasury stock | (9,158,000) | (9,158,000) |
Retained earnings | 748,477,000 | 734,873,000 |
Accumulated other comprehensive loss | (269,000) | (207,000) |
TOTAL STOCKHOLDERS’ EQUITY | 1,174,397,000 | 1,154,779,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,519,737,000 | 1,487,402,000 |
Class A common stock | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 246,000 | 244,000 |
Class B common stock | ||
STOCKHOLDERS' EQUITY | ||
Common stock | $ 132,000 | $ 132,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parentheticals - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Treasury stock, Shares | 244,113 | 244,113 |
Class A common stock | ||
Common stock, Par value per share | $ 0.01 | $ 0.01 |
Common stock, Shares authorized | 150,000,000 | 150,000,000 |
Common stock, Shares issued | 24,608,403 | 24,423,514 |
Common stock, Shares outstanding | 24,364,290 | 24,179,401 |
Class B common stock | ||
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | $ 393,008,000 | $ 447,200,000 | $ 1,147,716,000 | $ 1,362,614,000 |
Cost of services | 334,991,000 | 382,787,000 | 975,383,000 | 1,175,585,000 |
General and administrative expenses | 36,897,000 | 37,681,000 | 110,255,000 | 116,185,000 |
OPERATING INCOME | 21,120,000 | 26,732,000 | 62,078,000 | 70,844,000 |
Interest expense | (429,000) | (366,000) | (1,033,000) | (5,591,000) |
Interest income | 44,000 | 59,000 | 135,000 | 267,000 |
Loss on extinguishment of debt | 0 | 0 | 0 | (10,074,000) |
Other income (expense), net | 1,618,000 | 67,000 | 1,549,000 | 34,000 |
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS | 22,353,000 | 26,492,000 | 62,729,000 | 55,480,000 |
Provision for income taxes | (9,199,000) | (10,739,000) | (25,482,000) | (22,263,000) |
Equity in losses of unconsolidated subsidiaries | (126,000) | (266,000) | (11,000) | (388,000) |
NET INCOME | $ 13,028,000 | $ 15,487,000 | $ 37,236,000 | $ 32,829,000 |
Class A common stock | ||||
BASIC EARNINGS PER SHARE: | ||||
Basic earnings per share | $ 0.35 | $ 0.42 | $ 0.99 | $ 0.88 |
DILUTED EARNINGS PER SHARE: | ||||
Diluted earnings per share | 0.35 | 0.41 | 0.99 | 0.88 |
Class B common stock | ||||
BASIC EARNINGS PER SHARE: | ||||
Basic earnings per share | 0.35 | 0.42 | 0.99 | 0.88 |
DILUTED EARNINGS PER SHARE: | ||||
Diluted earnings per share | $ 0.35 | $ 0.41 | $ 0.99 | $ 0.88 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET INCOME | $ 13,028 | $ 15,487 | $ 37,236 | $ 32,829 |
OTHER COMPREHENSIVE LOSS: | ||||
Translation adjustments, net of tax | (29) | (4) | (62) | (16) |
COMPREHENSIVE INCOME | $ 12,999 | $ 15,483 | $ 37,174 | $ 32,813 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 37,236,000 | $ 32,829,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 22,345,000 | 22,940,000 |
Deferred income taxes | 18,134,000 | 12,500,000 |
Stock-based compensation | 4,187,000 | 3,323,000 |
Gain on disposition of business | (1,692,000) | 0 |
Gain on sale of property and equipment | (695,000) | 0 |
Excess tax benefits from exercise of stock options | (59,000) | (69,000) |
Equity in losses of unconsolidated subsidiaries | 11,000 | 388,000 |
Loss on extinguishment of debt | 0 | 10,074,000 |
Loss on retirement of property and equipment | 0 | 232,000 |
Change in assets and liabilities—net of effects from acquired businesses: | ||
Receivables—net | 83,659,000 | 111,705,000 |
Prepaid expenses and other | (205,000) | 4,849,000 |
Contractual inventory | (3,726,000) | 3,963,000 |
Employee supplemental savings plan asset | 5,096,000 | 877,000 |
Accounts payable and accrued expenses | (41,728,000) | (59,921,000) |
Accrued salaries and related expenses | 13,641,000 | 8,792,000 |
Billings in excess of revenue earned | 14,330,000 | (598,000) |
Accrued retirement | (4,426,000) | (2,202,000) |
Other | 667,000 | 106,000 |
Net cash flow from operating activities | 146,775,000 | 149,788,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses—net of cash acquired | (101,342,000) | (124,247,000) |
Payments to acquire investments | (4,500,000) | (76,000) |
Purchases of property and equipment | (3,188,000) | (2,756,000) |
Transaction costs for disposition of business | (1,174,000) | 0 |
Investment in capitalized software for internal use | (809,000) | (6,611,000) |
Proceeds from sale of property and equipment | 696,000 | 0 |
Net cash flow from investing activities | (110,317,000) | (133,690,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 162,200,000 | 150,000,000 |
Repayments under revolving credit facility | (152,200,000) | (150,000,000) |
Dividends paid | (23,637,000) | (23,470,000) |
Proceeds from exercise of stock options | 4,530,000 | 1,878,000 |
Excess tax benefits from exercise of stock options | 59,000 | 69,000 |
Repayment of senior unsecured notes | 0 | (207,250,000) |
Debt issuance costs | 0 | (1,687,000) |
Net cash flow from financing activities | (9,048,000) | (230,460,000) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 27,410,000 | (214,362,000) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 23,781,000 | 269,001,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 51,191,000 | 54,639,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for income taxes | 4,778,000 | 7,495,000 |
Cash paid for interest | $ 939,000 | $ 8,360,000 |
Description of the Business (No
Description of the Business (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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 1,000 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 in numerous locations internationally. |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to those rules and regulations. We recommend that you read these unaudited condensed consolidated financial statements in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 , previously filed with the SEC. We believe that the unaudited condensed consolidated financial statements in this Form 10-Q reflect all adjustments that are necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of the results that can be expected for the full year. We reclassified Investments from the Other Assets line item on the Condensed Consolidated Balance Sheet at December 31, 2014 to conform with the current period presentation. We also reclassified Employee Supplemental Savings Plan Assets from the Other line item in Cash Flows from Operating Activities of the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2014 to conform with current period presentation. |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions Disclosure [Text Block] | Acquisitions Knowledge Consulting Group —On June 15, 2015 , we completed the acquisition of Knowledge Consulting Group (KCG). The results of KCG's operations have been included in our condensed consolidated financial statements since that date. The acquisition was completed through an agreement and plan of merger dated June 15, 2015 , by and among ManTech Advanced Systems International, Inc., Knight Acquisitions Corporation and Knowledge Consulting Group, Inc. KCG provides comprehensive cyber security services including cloud security, certification and accreditation and various cyber defense solutions across federal and commercial markets. The acquisition strategically positions us to pursue additional cyber work in the Department of Homeland Security, Federal Bureau of Investigation and the intelligence community by leveraging our enhanced cloud security expertise. We funded the acquisition through a combination of cash on hand and borrowings under our revolving credit facility. The agreement did not contain provisions for contingent consideration. For the nine months ended September 30, 2015 , we incurred approximately $0.3 million of acquisition costs related to the KCG transaction, which are included in the general and administrative expenses in our condensed consolidated statement of income. The preliminary purchase price of $68.0 million was allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. We recorded preliminary goodwill of $47.2 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 KCG's capabilities in providing comprehensive cyber security services throughout the Department of Defense and intelligence community. In preliminarily allocating the purchase price, we considered among other factors analysis of historical financial performance and estimates of future performance of KCG's contracts. The components of other intangible assets associated with the acquisition were customer relationships and backlog valued at $12.4 million and $0.8 million , respectively. Customer contracts and related relationships represent the underlying relationships and agreements with KCG's existing customers. Customer relationships are amortized using the pattern of benefits method over their estimated useful lives of approximately 15 years . Backlog is amortized straight-line over its estimated useful life of 1 year . The weighted-average amortization period for the intangible assets is 14 years . The following table represents the preliminary purchase price allocation for KCG, as we are still in the process of reviewing the working capital accounts at the date of acquisition for potential adjustments to the purchase price and determining the fair value of the assets acquired and liabilities assumed (in thousands): Knowledge Consulting Group Cash and cash equivalents $ 658 Receivables 6,623 Prepaid expenses and other 460 Goodwill 47,192 Other intangible assets 13,214 Property and equipment 1,419 Investments 15 Other assets 31 Accounts payable and accrued expenses (1,273 ) Accrued salaries and related expenses (337 ) Billings in excess of revenue earned (2 ) Net assets acquired and liabilities assumed $ 68,000 We have not disclosed current period, nor pro forma, revenues and earnings attributable to KCG as our integration of these operations post-acquisition and the entity's accounting methods pre-acquisition make it impracticable. Welkin Associates, Ltd. —On April 27, 2015 , we completed the acquisition of Welkin Associates, Ltd. (Welkin), formerly a wholly-owned subsidiary of Computer Sciences Corporation (CSC). The results of Welkin's operations have been included in our condensed consolidated financial statements since that date. The acquisition was completed through a stock purchase agreement dated April 27, 2015 , by and among ManTech International Corporation, CSC and Welkin Associates, Ltd. Welkin delivers mission-centric services in high-end systems engineering and advanced national security technology and business services. The acquisition strategically positions us to pursue large engineering and support opportunities throughout the intelligence community and Department of Defense. We funded the acquisition with cash on hand. The stock purchase agreement did not contain provisions for contingent consideration. For the nine months ended September 30, 2015 , we incurred approximately $0.7 million of acquisition costs related to the Welkin transaction, which are included in the general and administrative expenses in our condensed consolidated statement of income. The preliminary purchase price of $34.0 million was allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. We recorded preliminary goodwill of $24.4 million , which will be deductible for tax purposes over 15 years , assuming adequate levels of taxable income. Recognition of goodwill is largely attributed to the value paid for Welkin's capabilities in providing high-end systems engineering and support services throughout the intelligence community and Department of Defense. In preliminarily allocating the purchase price, we considered among other factors, analysis of historical financial performance and estimates of future performance of Welkin's contracts. The components of other intangible assets associated with the acquisition were customer relationships and backlog valued at $6.0 million and $0.4 million , respectively. Customer contracts and related relationships represent the underlying relationships and agreements with Welkin's existing customers. Customer relationships are amortized using the pattern of benefits method over their estimated useful lives of approximately 15 years . Backlog is amortized straight-line over its estimated useful life of 1 year . The weighted-average amortization period for the intangible assets is 14 years . The following table represents the preliminary purchase price allocation for Welkin, as we are still in the process of determining the fair value of the assets acquired and liabilities assumed (in thousands): Welkin Associates, Ltd. Receivables $ 3,907 Prepaid expenses and other 141 Goodwill 24,430 Other intangible assets 6,350 Property and equipment 100 Accounts payable and accrued expenses (436 ) Accrued salaries and related expenses (492 ) Net assets acquired and liabilities assumed $ 34,000 We have not disclosed current period, nor pro forma, revenues and earnings attributable to Welkin as our integration of these operations post-acquisition and the entity's accounting methods pre-acquisition make it impracticable. 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 condensed 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 nine months ended September 30, 2014, we incurred approximately $0.5 million of acquisition costs related to the 7Delta transaction, which are included in the general and administrative expenses in our condensed 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. We 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 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 lives 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 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 pre-acquisition 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 condensed 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., ATG 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 enables 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 nine months ended September 30, 2014, we incurred approximately $0.4 million of acquisition costs related to the ATG transaction, which are included in the general and administrative expenses in our condensed 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 lives 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 pre-acquisition make it impracticable. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Under ASC 260, Earnings per Share , the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method, basic and diluted earnings per share data are presented for each class of common stock. In applying the two-class method, we determined that undistributed earnings should be allocated equally on a per share basis between Class A and Class B common stock. Under 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 each of the nine months ended September 30, 2015 and 2014 , we declared and paid three quarterly dividends, each in the amount of $0.21 per share, on both classes of common stock. Basic earnings per share has been computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted earnings per share has been computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during each period. The net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts): Three months ended Nine months ended 2015 2014 2015 2014 Distributed earnings $ 7,887 $ 7,829 $ 23,632 $ 23,467 Undistributed earnings 5,141 7,658 13,604 9,362 Net income $ 13,028 $ 15,487 $ 37,236 $ 32,829 Class A common stock: Basic net income available to common stockholders $ 8,448 $ 10,000 $ 24,130 $ 21,192 Basic weighted average common shares outstanding 24,341 24,061 24,291 24,024 Basic earnings per share $ 0.35 $ 0.42 $ 0.99 $ 0.88 Diluted net income available to common stockholders $ 8,456 $ 10,010 $ 24,167 $ 21,213 Effect of potential exercise of stock options 65 65 106 68 Diluted weighted average common shares outstanding 24,406 24,126 24,397 24,092 Diluted earnings per share $ 0.35 $ 0.41 $ 0.99 $ 0.88 Class B common stock: Basic net income available to common stockholders $ 4,580 $ 5,487 $ 13,106 $ 11,637 Basic weighted average common shares outstanding 13,193 13,193 13,193 13,193 Basic earnings per share $ 0.35 $ 0.42 $ 0.99 $ 0.88 Diluted net income available to common stockholders $ 4,572 $ 5,477 $ 13,069 $ 11,616 Effect of potential exercise of stock options — — — — Diluted weighted average common shares outstanding 13,193 13,193 13,193 13,193 Diluted earnings per share $ 0.35 $ 0.41 $ 0.99 $ 0.88 For the three months ended September 30, 2015 and 2014 , options to purchase 1.9 million and 2.5 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options’ effect would have been anti-dilutive. For the nine months ended September 30, 2015 and 2014 , options to purchase 1.9 million and 2.7 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options' effect would have been anti-dilutive. For the nine months ended September 30, 2015 and 2014 , shares issued from the exercise of stock options were 162,139 and 78,225 , respectively. |
Receivables (Notes)
Receivables (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, December 31, Billed receivables $ 214,865 $ 319,065 Unbilled receivables: Amounts billable 73,704 50,393 Revenues recorded in excess of funding 14,515 13,082 Retainage 9,246 4,446 Allowance for doubtful accounts (8,912 ) (9,830 ) Receivables—net $ 303,418 $ 377,156 Amounts billable consist principally of amounts to be billed within the next month. Revenues recorded in excess of funding are billable upon receipt of contractual amendments or other modifications. The retainage is billable upon completion of contract performance and approval of final indirect expense rates by the government. The allowance for doubtful accounts represents our exposure to compliance and contractual issues as well as bad debt related to prime contractors. Accounts receivable at September 30, 2015 are expected to be substantially collected within one year except for approximately $0.7 million , of which 89.7% is related to receivables from direct sales to the U.S. government. The remainder is related to receivables from contracts in which we acted as a subcontractor to other contractors. We do not believe that we have significant exposure to credit risk as accounts receivable and the related unbilled amounts are primarily due from the U.S. government. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, December 31, Furniture and equipment $ 44,551 $ 43,659 Leasehold improvements 36,624 35,601 Property and equipment—gross 81,175 79,260 Accumulated depreciation and amortization (58,366 ) (53,517 ) Property and equipment—net $ 22,809 $ 25,743 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets [Text Block] | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill during the year ended December 31, 2014 and the period ended September 30, 2015 are as follows (in thousands): Goodwill Balance Goodwill at December 31, 2013 $ 752,867 Acquisitions 98,773 Goodwill at December 31, 2014 $ 851,640 Acquisitions 71,621 Divestiture (3,971 ) Goodwill at September 30, 2015 $ 919,290 Other intangible assets consisted of the following (in thousands): September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Contract and program intangible assets $ 281,682 $ 135,658 $ 146,024 $ 266,272 $ 126,619 $ 139,653 Capitalized software cost for internal use 36,307 22,485 13,822 35,036 19,500 15,536 Other 58 48 10 115 54 61 Total other intangible assets—net $ 318,047 $ 158,191 $ 159,856 $ 301,423 $ 146,173 $ 155,250 Amortization expense relating to intangible assets for the three months ended September 30, 2015 and 2014 was $5.5 million and $5.2 million , respectively. Amortization expense relating to intangible assets for the nine months ended September 30, 2015 and 2014 was $15.6 million and $15.2 million , respectively. We estimate that we will have the following amortization expense for the future periods indicated below (in thousands): For the remaining three months ending December 31, 2015 $ 5,675 For the year ending: December 31, 2016 $ 21,390 December 31, 2017 $ 19,923 December 31, 2018 $ 18,220 December 31, 2019 $ 15,747 December 31, 2020 $ 12,423 |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt Revolving Credit Facility —We maintain a credit facility with a syndicate of lenders led by Bank of America, N.A, as sole administrative agent. The credit agreement provides for a $500 million revolving credit facility, with a $25 million letter of credit sublimit and a $30 million swing line loan sublimit. The credit agreement also includes an accordion feature that permits us 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 . Borrowings under our revolving credit facility are collateralized by substantially all the assets of ManTech and its Material Subsidiaries (as defined in the credit agreement) and bear interest at one of the following variable rates as selected by us at the time of borrowing: a London Interbank Offer Rate (LIBOR) base rate plus market-rate 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 terms of the credit agreement permit prepayment and termination of the loan commitments at any time, subject to certain conditions. The credit agreement requires us to comply with specified financial covenants, including the maintenance of certain leverage ratios and a certain consolidated coverage ratio. The credit agreement also contains various covenants, including affirmative covenants with respect to certain reporting requirements and maintenance of certain business activities, and negative covenants that, among other things, may limit or impose restrictions on our ability to incur liens, incur additional indebtedness, make investments, make acquisitions and undertake certain other actions. As of September 30, 2015 , we were in compliance with the financial covenants under the credit agreement. There was $10.0 million and $0 outstanding on our revolving credit facility at September 30, 2015 and December 31, 2014 , respectively. The maximum available borrowing under our revolving credit facility at September 30, 2015 was $489.8 million . As of September 30, 2015 , we were contingently liable under letters of credit totaling $0.2 million , which reduced our availability to borrow under our revolving credit facility. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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 us, whether related to our U.S. government contracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including repayment, fines or penalties being imposed upon us, or could lead to suspension or debarment from future U.S. government contracting activities. Management believes it has adequately reserved for any losses that may be experienced from any investigation of which it is aware. 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. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation [Text Block] | Stock-Based Compensation Our 2011 Management Incentive Plan (the Plan) was designed to attract, retain and motivate key employees. Awards granted under the Plan are settled in shares of Class A common stock. At the beginning of each year, the Plan provides that the number of shares available for issuance automatically increases by an amount equal to 1.5% of the total number of shares of Class A and Class B common stock outstanding on December 31 st of the previous year. On January 2, 2015 , there were 560,584 additional shares made available for issuance under the Plan. Through September 30, 2015 , the Board of Directors has authorized the issuance of up to 12,817,107 shares under this plan. Through September 30, 2015 , the remaining aggregate number of shares of our common stock available for future grants under the Plan was 5,046,249 . 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. For the three months ended September 30, 2015 and 2014 , we recorded $1.5 million and $1.1 million of stock-based compensation expense, respectively. For the nine months ended September 30, 2015 and 2014 , we recorded $4.2 million and $3.3 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 nine months ended September 30, 2015 and 2014 , the total recognized tax deficiency from the exercise of stock options, cancellation of vested stock options, and the vesting of restricted stock was $2.6 million and $2.8 million , respectively. Stock Options —Under the Plan, we have issued stock options. A stock option granted gives the holder the right, but not the obligation, to purchase a certain number of shares at a predetermined price for a specific period of time. During the nine months ended September 30, 2015 and 2014 , we issued options that vest over three years in equal annual installments beginning on the first anniversary of the date of grant and expire five years from the date of grant. Under the terms of the Plan, the contractual life of the option grants may not exceed eight years . 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. Fair Value Determination —We have used the Black-Scholes-Merton option pricing model to determine fair value of our awards on the date of grant. We will reconsider the use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that cannot be reasonably estimated under this model. The following weighted-average assumptions were used for option grants during the nine months ended September 30, 2015 and 2014 : 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 the nine months ended September 30, 2015 and 2014 was determined from historical exercises of the grantee population. For all grants valued during the nine months ended September 30, 2015 and 2014 , the options had graded vesting over three years in equal annual installments beginning on the first anniversary of the date of grant and a contractual term of five years . Risk-free Interest Rate —The yield on zero-coupon U.S. Treasury strips was used to extrapolate a forward-yield curve. This “term structure” of future interest rates was then input into a numeric model to provide the equivalent risk-free rate to be used in the Black-Scholes-Merton model based on the expected term of the underlying grants. Dividend Yield —The Black-Scholes-Merton valuation model requires an expected dividend yield as an input. We have calculated our expected dividend yield based on an expected annual cash dividend of $0.84 per share. The following table summarizes weighted-average assumptions used in our calculations of fair value for the nine months ended September 30, 2015 and 2014 : Nine months ended 2015 2014 Volatility 26.95 % 29.88 % Expected life of options 3 years 3 years Risk-free interest rate 1.13 % 0.85 % Dividend yield 3.00 % 3.00 % Stock Option Activity —The weighted-average fair value of options granted during the nine months ended September 30, 2015 and 2014 , as determined under the Black-Scholes-Merton valuation model, was $4.89 and $4.90 , respectively. Option grants that vested during the nine months ended September 30, 2015 and 2014 had a combined fair value of $1.8 million and $2.6 million , respectively. The following table summarizes stock option activity for the year ended December 31, 2014 and the nine months ended September 30, 2015 : Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value 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 Granted 140,340 $ 31.88 Exercised (162,139 ) $ 27.65 $ 856 Cancelled and expired (738,038 ) $ 40.28 Stock options at September 30, 2015 2,631,195 $ 30.91 $ 40 The following table summarizes non-vested stock options for the nine months ended September 30, 2015 : Number of Shares Weighted Average Fair Value Non-vested stock options at December 31, 2014 1,673,528 $ 4.83 Granted 140,340 $ 4.89 Vested (355,186 ) $ 5.06 Cancelled (177,507 ) $ 4.80 Non-vested stock options at September 30, 2015 1,281,175 $ 4.78 The following table includes information concerning stock options exercisable and stock options expected to vest at September 30, 2015 : Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Stock options exercisable 1,350,020 2 years $ 33.01 $ 40 Stock options expected to vest 1,175,417 4 years $ 28.66 $ — Stock options exercisable and expected to vest 2,525,437 Unrecognized compensation expense related to outstanding stock options expected to vest as of September 30, 2015 was $3.4 million , which is expected to be recognized over a weighted-average period of 1 year 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 stock issued to members of our Board of Directors vests in one year . The related compensation expense is recognized over the service period and is based on the grant date fair value of the stock and the number of shares expected to vest. Restricted Stock Activity —The following table summarizes the restricted stock activity during the year ended December 31, 2014 and the nine months ended September 30, 2015 : Number of Shares Weighted Average Fair Value Non-vested restricted stock at December 31, 2013 21,000 $ 27.65 Granted 21,000 $ 30.61 Vested (21,000 ) $ 27.65 Non-vested restricted stock at December 31, 2014 21,000 $ 30.61 Granted 21,000 $ 28.98 Vested (21,000 ) $ 30.61 Non-vested restricted stock at September 30, 2015 21,000 $ 28.98 Restricted Stock Units —Under the Plan, we issued restricted stock units (RSUs). RSUs are not actual shares, but rather a right to receive shares in the future based on the level of achievement of performance criteria. The shares are not issued and the employee cannot sell or transfer shares prior to vesting and has no voting rights until the RSUs vest. Employees who are granted RSUs do not receive dividend payments during the service period. The employees' RSUs will result in the delivery of shares if (a) performance criteria is met and (b) the employee remains employed, in good standing, through the date of the performance period. The performance period is 2 years ( January 1, 2015 to December 31, 2016 ). The grant date fair value of the RSUs is equal to the closing market price of our common stock on the grant date less the present value of dividends expected to be awarded during the service period. We recognize the grant date fair value of RSUs of shares we expect to issue as compensation expense ratably over the requisite service period. Restricted Stock Unit Activity —The following table summarizes the nonvested restricted stock unit activity during the nine months ended September 30, 2015 : Number of Units Weighted Average Fair Value Non-vested restricted stock units at December 31, 2014 — $ — Granted 105,900 $ 30.85 Forfeited (9,300 ) $ 30.92 Non-vested restricted stock units at September 30, 2015 96,600 $ 30.85 |
Business Segment and Geographic
Business Segment and Geographic Area Information (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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. Revenues from the U.S. government under prime contracts and subcontracts were approximately 99.0% and 98.8% of our revenues for the nine months ended September 30, 2015 and 2014 , 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 are approximately 100.0% and 99.7% of our total revenues for the three months ended September 30, 2015 and 2014 , respectively. U.S. revenues are approximately 99.9% and 99.7% of our total revenues for the nine months ended September 30, 2015 and 2014 , respectively. International revenues were approximately 0% and 0.3% of our total revenues for the three months ended September 30, 2015 and 2014 , respectively. International revenues were approximately 0.1% and 0.3% of our total revenues for the nine months ended September 30, 2015 and 2014 , respectively. Furthermore, substantially all of our assets from continuing operations were held in the United States for the nine months ended September 30, 2015 and year ended December 31, 2014 . |
Divestiture (Notes)
Divestiture (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Divestiture [Abstract] | |
Divestitures [Text Block] | Divestiture On July 13, 2015, we divested ManTech Cyber Solutions International (MCSI), which was engaged in the business of providing commercial cyber products. We received consideration of preferred stock in CounterTack Inc. (CounterTack) that has a fair value of $6.7 million . The fair value is based on the quoted price for the identical item held by another party. We recorded a gain on the sale of $1.7 million , which is included in the other income (expense), net line item on the condensed consolidated statement of income for the three and nine months ended September 30, 2015. We divested assets of $5.5 million and liabilities of $1.7 million . We recorded transaction costs associated with the divestiture of $1.2 million . The divestiture did not qualify to be presented as discontinued operations as it did not represent a strategic shift that would have a major effect on our operations and financial results. On July 13, 2015, we purchased additional preferred stock in CounterTack for $3.8 million . This additional cash investment, along with the consideration received for the sale of MCSI, was accounted for under the cost method of accounting for investments. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Knowledge Consulting Group [Member] | |
Business Combination Segment Allocation [Line Items] | |
Schedule of Purchase Price Allocations [Table Text Block] | The following table represents the preliminary purchase price allocation for KCG, as we are still in the process of reviewing the working capital accounts at the date of acquisition for potential adjustments to the purchase price and determining the fair value of the assets acquired and liabilities assumed (in thousands): Knowledge Consulting Group Cash and cash equivalents $ 658 Receivables 6,623 Prepaid expenses and other 460 Goodwill 47,192 Other intangible assets 13,214 Property and equipment 1,419 Investments 15 Other assets 31 Accounts payable and accrued expenses (1,273 ) Accrued salaries and related expenses (337 ) Billings in excess of revenue earned (2 ) Net assets acquired and liabilities assumed $ 68,000 |
Welkin Associates, Ltd. [Member] | |
Business Combination Segment Allocation [Line Items] | |
Schedule of Purchase Price Allocations [Table Text Block] | The following table represents the preliminary purchase price allocation for Welkin, as we are still in the process of determining the fair value of the assets acquired and liabilities assumed (in thousands): Welkin Associates, Ltd. Receivables $ 3,907 Prepaid expenses and other 141 Goodwill 24,430 Other intangible assets 6,350 Property and equipment 100 Accounts payable and accrued expenses (436 ) Accrued salaries and related expenses (492 ) Net assets acquired and liabilities assumed $ 34,000 |
7Delta Inc. [Member] | |
Business Combination Segment Allocation [Line Items] | |
Schedule of Purchase Price Allocations [Table Text Block] | The following table represents the 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 Purchase Price Allocations [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 Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts): Three months ended Nine months ended 2015 2014 2015 2014 Distributed earnings $ 7,887 $ 7,829 $ 23,632 $ 23,467 Undistributed earnings 5,141 7,658 13,604 9,362 Net income $ 13,028 $ 15,487 $ 37,236 $ 32,829 Class A common stock: Basic net income available to common stockholders $ 8,448 $ 10,000 $ 24,130 $ 21,192 Basic weighted average common shares outstanding 24,341 24,061 24,291 24,024 Basic earnings per share $ 0.35 $ 0.42 $ 0.99 $ 0.88 Diluted net income available to common stockholders $ 8,456 $ 10,010 $ 24,167 $ 21,213 Effect of potential exercise of stock options 65 65 106 68 Diluted weighted average common shares outstanding 24,406 24,126 24,397 24,092 Diluted earnings per share $ 0.35 $ 0.41 $ 0.99 $ 0.88 Class B common stock: Basic net income available to common stockholders $ 4,580 $ 5,487 $ 13,106 $ 11,637 Basic weighted average common shares outstanding 13,193 13,193 13,193 13,193 Basic earnings per share $ 0.35 $ 0.42 $ 0.99 $ 0.88 Diluted net income available to common stockholders $ 4,572 $ 5,477 $ 13,069 $ 11,616 Effect of potential exercise of stock options — — — — Diluted weighted average common shares outstanding 13,193 13,193 13,193 13,193 Diluted earnings per share $ 0.35 $ 0.41 $ 0.99 $ 0.88 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Contract Receivables [Table Text Block] | The components of contract receivables are as follows (in thousands): September 30, December 31, Billed receivables $ 214,865 $ 319,065 Unbilled receivables: Amounts billable 73,704 50,393 Revenues recorded in excess of funding 14,515 13,082 Retainage 9,246 4,446 Allowance for doubtful accounts (8,912 ) (9,830 ) Receivables—net $ 303,418 $ 377,156 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Table Text Block] | Major classes of property and equipment are summarized as follows (in thousands): September 30, December 31, Furniture and equipment $ 44,551 $ 43,659 Leasehold improvements 36,624 35,601 Property and equipment—gross 81,175 79,260 Accumulated depreciation and amortization (58,366 ) (53,517 ) Property and equipment—net $ 22,809 $ 25,743 |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill during the year ended December 31, 2014 and the period ended September 30, 2015 are as follows (in thousands): Goodwill Balance Goodwill at December 31, 2013 $ 752,867 Acquisitions 98,773 Goodwill at December 31, 2014 $ 851,640 Acquisitions 71,621 Divestiture (3,971 ) Goodwill at September 30, 2015 $ 919,290 |
Schedule of Other Intangible Assets [Table Text Block] | Other intangible assets consisted of the following (in thousands): September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Contract and program intangible assets $ 281,682 $ 135,658 $ 146,024 $ 266,272 $ 126,619 $ 139,653 Capitalized software cost for internal use 36,307 22,485 13,822 35,036 19,500 15,536 Other 58 48 10 115 54 61 Total other intangible assets—net $ 318,047 $ 158,191 $ 159,856 $ 301,423 $ 146,173 $ 155,250 |
Schedule of Other Intangible Assets, Future Amortization Expense [Table Text Block] | We estimate that we will have the following amortization expense for the future periods indicated below (in thousands): For the remaining three months ending December 31, 2015 $ 5,675 For the year ending: December 31, 2016 $ 21,390 December 31, 2017 $ 19,923 December 31, 2018 $ 18,220 December 31, 2019 $ 15,747 December 31, 2020 $ 12,423 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 nine months ended September 30, 2015 and 2014 : Nine months ended 2015 2014 Volatility 26.95 % 29.88 % Expected life of options 3 years 3 years Risk-free interest rate 1.13 % 0.85 % Dividend yield 3.00 % 3.00 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the year ended December 31, 2014 and the nine months ended September 30, 2015 : Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value 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 Granted 140,340 $ 31.88 Exercised (162,139 ) $ 27.65 $ 856 Cancelled and expired (738,038 ) $ 40.28 Stock options at September 30, 2015 2,631,195 $ 30.91 $ 40 |
Schedule of Non-vested Share Activity [Table Text Block] | The following table summarizes non-vested stock options for the nine months ended September 30, 2015 : Number of Shares Weighted Average Fair Value Non-vested stock options at December 31, 2014 1,673,528 $ 4.83 Granted 140,340 $ 4.89 Vested (355,186 ) $ 5.06 Cancelled (177,507 ) $ 4.80 Non-vested stock options at September 30, 2015 1,281,175 $ 4.78 |
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 September 30, 2015 : Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Stock options exercisable 1,350,020 2 years $ 33.01 $ 40 Stock options expected to vest 1,175,417 4 years $ 28.66 $ — Stock options exercisable and expected to vest 2,525,437 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Activity [Table Text Block] | The following table summarizes the restricted stock activity during the year ended December 31, 2014 and the nine months ended September 30, 2015 : Number of Shares Weighted Average Fair Value Non-vested restricted stock at December 31, 2013 21,000 $ 27.65 Granted 21,000 $ 30.61 Vested (21,000 ) $ 27.65 Non-vested restricted stock at December 31, 2014 21,000 $ 30.61 Granted 21,000 $ 28.98 Vested (21,000 ) $ 30.61 Non-vested restricted stock at September 30, 2015 21,000 $ 28.98 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Activity [Table Text Block] | The following table summarizes the nonvested restricted stock unit activity during the nine months ended September 30, 2015 : Number of Units Weighted Average Fair Value Non-vested restricted stock units at December 31, 2014 — $ — Granted 105,900 $ 30.85 Forfeited (9,300 ) $ 30.92 Non-vested restricted stock units at September 30, 2015 96,600 $ 30.85 |
Description of the Business (Na
Description of the Business (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015contractsfederalagenices | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number Of Federal Agencies | 50 |
Number Of Contracts | contracts | 1,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Knowledge Consulting Group [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 0.3 | ||
Business Combination, Consideration Transferred | 68 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 47.2 | ||
Expected Goodwill Tax Amortization Period | 15 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||
Knowledge Consulting Group [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 12.4 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Knowledge Consulting Group [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 0.8 | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Welkin Associates, Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 0.7 | ||
Business Combination, Consideration Transferred | 34 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 24.4 | ||
Expected Goodwill Tax Amortization Period | 15 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||
Welkin Associates, Ltd. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 6 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Welkin Associates, Ltd. [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 0.4 | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
7Delta Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 0.5 | ||
Business Combination, Consideration Transferred | $ 81.4 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 70 | ||
Expected Goodwill Tax Amortization Period | 15 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
7Delta Inc. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 4.8 | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
7Delta Inc. [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 2.9 | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Allied Technology Group, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 0.4 | ||
Business Combination, Consideration Transferred | $ 45 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 28.8 | ||
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] | |||
Finite-lived Intangible Assets Acquired | $ 6.4 | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Allied Technology Group, Inc [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 0.6 | ||
Finite-Lived Intangible Asset, Useful Life | 1 year |
Acquisitions (Schedule of Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 919,290 | $ 851,640 | $ 752,867 |
Knowledge Consulting Group [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 658 | ||
Receivables | 6,623 | ||
Prepaid expenses and other | 460 | ||
Goodwill | 47,192 | ||
Other intangible assets | 13,214 | ||
Property and equipment | 1,419 | ||
Investments | 15 | ||
Other assets | 31 | ||
Accounts payable and accrued expenses | (1,273) | ||
Accrued salaries and related expenses | (337) | ||
Billings in excess of revenue earned | (2) | ||
Net assets acquired and liabilities assumed | 68,000 | ||
Welkin Associates, Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Receivables | 3,907 | ||
Prepaid expenses and other | 141 | ||
Goodwill | 24,430 | ||
Other intangible assets | 6,350 | ||
Property and equipment | 100 | ||
Accounts payable and accrued expenses | (436) | ||
Accrued salaries and related expenses | (492) | ||
Net assets acquired and liabilities assumed | 34,000 | ||
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 Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015$ / sharesshares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Sep. 30, 2014$ / sharesshares | Jun. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Sep. 30, 2015shares | Sep. 30, 2014shares | Dec. 31, 2014shares | |
Earnings Per Share [Abstract] | |||||||||
Number of Dividends Declared and Paid | 3 | 3 | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,900,000 | 2,500,000 | 1,900,000 | 2,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 162,139 | 78,225 | 158,371 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Components of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Distributed earnings | $ 7,887 | $ 7,829 | $ 23,632 | $ 23,467 |
Undistributed earnings | 5,141 | 7,658 | 13,604 | 9,362 |
Net income | 13,028 | 15,487 | 37,236 | 32,829 |
Class A common stock | ||||
Components of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Basic net income available to common stockholders | $ 8,448 | $ 10,000 | $ 24,130 | $ 21,192 |
Basic weighted average common shares outstanding | 24,341,000 | 24,061,000 | 24,291,000 | 24,024,000 |
Basic earnings per share | $ 0.35 | $ 0.42 | $ 0.99 | $ 0.88 |
Diluted net income available to common stockholders | $ 8,456 | $ 10,010 | $ 24,167 | $ 21,213 |
Effect of potential exercise of stock options | 65,000 | 65,000 | 106,000 | 68,000 |
Diluted weighted average common shares outstanding | 24,406,000 | 24,126,000 | 24,397,000 | 24,092,000 |
Diluted earnings per share | $ 0.35 | $ 0.41 | $ 0.99 | $ 0.88 |
Class B common stock | ||||
Components of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Basic net income available to common stockholders | $ 4,580 | $ 5,487 | $ 13,106 | $ 11,637 |
Basic weighted average common shares outstanding | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 |
Basic earnings per share | $ 0.35 | $ 0.42 | $ 0.99 | $ 0.88 |
Diluted net income available to common stockholders | $ 4,572 | $ 5,477 | $ 13,069 | $ 11,616 |
Effect of potential exercise of stock options | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 |
Diluted earnings per share | $ 0.35 | $ 0.41 | $ 0.99 | $ 0.88 |
Receivables (Schedule of Contra
Receivables (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Billed receivables | $ 214,865 | $ 319,065 |
Unbilled receivables: | ||
Amounts billable | 73,704 | 50,393 |
Revenues recorded in excess of funding | 14,515 | 13,082 |
Retainage | 9,246 | 4,446 |
Allowance for doubtful accounts | (8,912) | (9,830) |
Receivables—net | $ 303,418 | $ 377,156 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Receivables [Abstract] | |
Accounts Receivable Not Expected to be Substantially Collected within One Year | $ 0.7 |
Percentage of Receivable Not Expected to be Collected within One Year related to Receivables from Direct Sales To U.S. Government | 89.70% |
Property and Equipment (Propert
Property and Equipment (Property and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment—gross | $ 81,175 | $ 79,260 |
Accumulated depreciation and amortization | (58,366) | (53,517) |
Property and equipment—net | 22,809 | 25,743 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment—gross | 44,551 | 43,659 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment—gross | $ 36,624 | $ 35,601 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 5.5 | $ 5.2 | $ 15.6 | $ 15.2 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, period start | $ 851,640 | $ 752,867 |
Acquisitions | 71,621 | 98,773 |
Divestiture | (3,971) | |
Goodwill, period end | $ 919,290 | $ 851,640 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 318,047 | $ 301,423 |
Accumulated Amortization | 158,191 | 146,173 |
Net Carrying Amount | 159,856 | 155,250 |
Contract and program intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 281,682 | 266,272 |
Accumulated Amortization | 135,658 | 126,619 |
Net Carrying Amount | 146,024 | 139,653 |
Capitalized software cost for internal use | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36,307 | 35,036 |
Accumulated Amortization | 22,485 | 19,500 |
Net Carrying Amount | 13,822 | 15,536 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 58 | 115 |
Accumulated Amortization | 48 | 54 |
Net Carrying Amount | $ 10 | $ 61 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets, Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
For the remaining three months ending December 31, 2015 | $ 5,675 |
For the year ending: | |
December 31, 2016 | 21,390 |
December 31, 2017 | 19,923 |
December 31, 2018 | 18,220 |
December 31, 2019 | 15,747 |
December 31, 2020 | $ 12,423 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility) (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
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 | |
Line of Credit, Current | 10,000,000 | $ 0 |
Line of Credit Facility, Remaining Borrowing Capacity | 489,800,000 | |
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 | |
Contingent Liability under Letters of Credit | 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% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Jan. 02, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual Percentage Increase In Number Of Shares Available For Issuance | 1.50% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 560,584 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,817,107 | 12,817,107 | |||
Remaining Aggregate Number of Shares Available For Issuance | 5,046,249 | 5,046,249 | |||
Stock Compensation Expense | $ 1,500,000 | $ 1,100,000 | $ 4,200,000 | $ 3,300,000 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0 | $ 0 | 0 | 0 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | $ (2,600,000) | $ (2,800,000) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | 5 years | |||
Expected Annual Cash Dividend | $ 0.84 | ||||
Granted, Weighted Average Fair Value | $ 4.89 | $ 4.90 | |||
Share-based Payment Award, Options, Vested, Fair Value | $ 1,800,000 | $ 2,600,000 | |||
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | $ 3,400,000 | $ 3,400,000 | |||
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period for Recognition | 1 year | ||||
Restricted Stock Granted to Board of Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | 8 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation [Abstract] | ||
Volatility | 26.95% | 29.88% |
Expected life of options | 3 years | 3 years |
Risk-free interest rate | 1.13% | 0.85% |
Dividend yield | 3.00% | 3.00% |
Stock-Based Compensation (Sch40
Stock-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Stock options, Number of Shares, Period Start | 3,391,032 | 3,400,120 | 3,400,120 | |
Granted, Number of Shares | 140,340 | 946,576 | ||
Exercised, Number of Shares | (162,139) | (78,225) | (158,371) | |
Cancelled and expired, Number of Shares | (738,038) | (797,293) | ||
Stock options, Number of Shares, Period End | 2,631,195 | 3,391,032 | ||
Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock options, Weighted Average Exercise Price, Period Start | $ 32.76 | $ 35.51 | $ 35.51 | |
Granted, Weighted Average Exercise Price | 31.88 | 29.12 | ||
Exercised, Weighted Average Exercise Price | 27.65 | 24.78 | ||
Cancelled and expired, Weighted Average Exercise Price | 40.28 | 41.75 | ||
Stock options, Weighted Average Exercise Price, Period End | $ 30.91 | $ 32.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Stock options, Aggregate Intrinsic Value | $ 40 | $ 4,722 | $ 4,488 | |
Exercised, Aggregate Intrinsic Value | $ 856 | $ 754 |
Stock-Based Compensation (Sch41
Stock-Based Compensation (Schedule of Non-vested Share Activity) (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non-vested [Roll Forward] | |||
Non-vested stock options, Number of Shares, Period Start | 1,673,528 | ||
Granted, Number of Shares | 140,340 | 946,576 | |
Vested, Number of Shares | (355,186) | ||
Cancelled, Number of Shares | (177,507) | ||
Non-vested stock options, Number of Shares, Period End | 1,281,175 | 1,673,528 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non-vested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested stock options, Weighted Average Fair Value, Period Start | $ 4.83 | ||
Granted, Weighted Average Fair Value | 4.89 | $ 4.90 | |
Vested, Weighted Average Fair Value | 5.06 | ||
Cancelled, Weighted Average Fair Value | 4.80 | ||
Non-vested stock options, Weighted Average Fair Value, Period End | $ 4.78 | $ 4.83 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Exercisable And Expected To Vest) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Share-based Compensation [Abstract] | |
Stock options exercisable, Number of Shares | 1,350,020 |
Stock options expected to vest, Number of Shares | 1,175,417 |
Stock options exercisable and expected to vest, Number of Shares | 2,525,437 |
Stock options exercisable, Weighted Average Remaining Contractual Life | 2 years |
Stock options exercisable, Weighted Average Exercise Price | $ / shares | $ 33.01 |
Stock options exercisable, Aggregate Intrinsic Value | $ | $ 40,000 |
Stock options expected to vest, Weighted Average Remaining Contractual Life | 4 years |
Stock options expected to vest, Weighted Average Exercise Price | $ / shares | $ 28.66 |
Stock options expected to vest, Aggregate Intrinsic Value | $ | $ 0 |
Stock-Based Compensation (Sch43
Stock-Based Compensation (Schedule Of Share-based Compensation, Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock, Non-vested [Roll Forward] | ||
Non-vested, Period Start | 21,000 | 21,000 |
Granted | 21,000 | 21,000 |
Vested | (21,000) | (21,000) |
Non-vested, Period End | 21,000 | 21,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Non-vested, Weighted Average Fair Value, Period Start | $ 30.61 | $ 27.65 |
Granted, Weighted Average Fair Value | 28.98 | 30.61 |
Vested, Weighted Average Fair Value | 30.61 | 27.65 |
Non-vested, Weighted Average Fair Value, Period End | $ 28.98 | $ 30.61 |
Stock-Based Compensation (Sch44
Stock-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Nonvested, Number of Shares [Roll Forward] | |
Non-vested, Period Start | shares | 0 |
Granted | shares | 105,900 |
Forfeited | shares | (9,300) |
Non-vested, Period End | shares | 96,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |
Non-vested, Weighted Average Fair Value, Period Start | $ 0 |
Granted, Weighted Average Fair Value | 30.85 |
Forfeited, Weighted Average Fair Value | 30.92 |
Non-vested, Weighted Average Fair Value, Period End | $ 30.85 |
Business Segment and Geograph45
Business Segment and Geographic Area Information (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | 1 | |||
U.S. government under prime contracts and subcontracts [Member] | Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage | 99.00% | 98.80% | ||
UNITED STATES | Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage | 100.00% | 99.70% | 99.90% | 99.70% |
International [Member] | Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage | 0.00% | 0.30% | 0.10% | 0.30% |
Divestiture (Details)
Divestiture (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jul. 13, 2015 | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Gain on Disposition of Business | $ 1,692,000 | $ 0 | |
CounterTack Inc. [Member] | |||
Noncash or Part Noncash Divestitures [Line Items] | |||
Payments to acquire investments | 3,750,000 | ||
ManTech Cyber Solutions International [Member] | |||
Noncash or Part Noncash Divestitures [Line Items] | |||
Gain on Disposition of Business | 1,692,000 | ||
Disposal Group, Including Discontinued Operation, Assets | $ 5,528,000 | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 1,710,000 | ||
Disposal Group, Transactions Costs | 1,174,000 | ||
ManTech Cyber Solutions International [Member] | CounterTack Inc. [Member] | |||
Noncash or Part Noncash Divestitures [Line Items] | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 6,684,000 |