Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Entity Registrant Name | FIRSTSERVICE CORP |
Document Type | 40-F |
Current Fiscal Year End Date | -19 |
Amendment Flag | FALSE |
Entity Central Index Key | 913353 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Smaller Reporting Company |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Subordinate Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 34,481,261 |
Multiple Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,325,694 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $2,714,273 | $2,344,625 | $2,098,987 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 1,747,175 | 1,523,277 | 1,362,972 |
Selling, general and administrative expenses | 758,436 | 650,188 | 592,402 |
Depreciation | 38,117 | 34,741 | 30,650 |
Amortization of intangible assets | 24,293 | 37,141 | 17,389 |
Acquisition-related items (note 5) | 11,825 | 10,498 | 16,326 |
Operating earnings | 134,427 | 88,780 | 79,248 |
Interest expense | 15,102 | 22,547 | 20,609 |
Interest income | -865 | -1,048 | -1,046 |
Other (income) expense, net (note 6) | -1,008 | -1,524 | -2,441 |
Earnings before income tax | 121,198 | 68,805 | 62,126 |
Income tax expense (recovery) (note 16) | 31,799 | 22,204 | 20,733 |
Net earnings from continuing operations | 89,399 | 46,601 | 41,393 |
Net earnings (loss) from discontinued operations, net of income tax (note 4) | 1,537 | -5,183 | -671 |
Net earnings | 90,936 | 41,418 | 40,722 |
Non-controlling interest share of earnings | 28,200 | 18,027 | 13,741 |
Non-controlling interest redemption increment (note 13) | 19,420 | 41,430 | 21,131 |
Net earnings (loss) attributable to Company | 43,316 | -18,039 | 5,850 |
Preferred share dividends | 3,146 | 9,603 | |
Net earnings (loss) attributable to common shareholders | $43,316 | ($21,185) | ($3,753) |
Continuing operations (in Dollars per share) | $1.16 | ($0.48) | ($0.10) |
Discontinued operations (in Dollars per share) | $0.04 | ($0.16) | ($0.02) |
(in Dollars per share) | $1.20 | ($0.64) | ($0.12) |
Continuing operations (in Dollars per share) | $1.15 | ($0.48) | ($0.10) |
Discontinued operations (in Dollars per share) | $0.04 | ($0.16) | ($0.02) |
(in Dollars per share) | $1.19 | ($0.64) | ($0.12) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net earnings | $90,936 | $41,418 | $40,722 |
Foreign currency translation (loss) gain | -51,648 | -9,725 | 3,423 |
Reclassification to earnings of other comprehensive income on investment (note 5) | 2,553 | ||
Comprehensive earnings | 39,288 | 31,693 | 46,698 |
Less: Comprehensive earnings attributable to non-controlling shareholders | 36,616 | 57,570 | 34,478 |
Comprehensive earnings (loss) attributable to Company | $2,672 | ($25,877) | $12,220 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $156,793 | $142,704 |
Restricted cash | 3,657 | 5,613 |
Accounts receivable, net of allowance of $27,780 (December 31, 2013 - $25,534) | 409,317 | 371,423 |
Income tax recoverable | 29,303 | 17,489 |
Inventories (note 7) | 18,950 | 15,804 |
Prepaid expenses and other current assets | 44,176 | 38,289 |
Deferred income tax (note 16) | 45,623 | 23,938 |
707,819 | 615,260 | |
Other receivables | 6,845 | 7,455 |
Other assets (note 8) | 19,487 | 12,256 |
Fixed assets (note 9) | 120,394 | 101,554 |
Deferred income tax (note 16) | 83,639 | 102,629 |
Intangible assets (note 10) | 197,689 | 177,179 |
Goodwill (note 11) | 503,554 | 427,178 |
931,608 | 828,251 | |
1,639,427 | 1,443,511 | |
Current liabilities | ||
Accounts payable | 107,349 | 92,937 |
Accrued liabilities (note 7) | 434,819 | 392,377 |
Income tax payable | 15,249 | 18,317 |
Unearned revenues | 23,571 | 20,199 |
Long-term debt - current (note 12) | 36,396 | 44,785 |
Contingent acquisition consideration - current (note 19) | 10,971 | 122 |
Deferred income tax (note 16) | 1,804 | 1,427 |
630,159 | 570,164 | |
Long-term debt - non-current (note 12) | 456,952 | 328,009 |
Contingent acquisition consideration (note 19) | 16,165 | 8,618 |
Other liabilities | 35,739 | 34,433 |
Deferred income tax (note 16) | 36,205 | 31,165 |
545,061 | 402,225 | |
Redeemable non-controlling interests (note 13) | 230,992 | 222,073 |
Shareholders' equity | ||
Common shares (note 14) | 310,401 | 300,765 |
Contributed surplus | 46,931 | 37,510 |
Deficit | -118,242 | -123,111 |
Accumulated other comprehensive earnings (loss) | -13,887 | 26,757 |
Total Company shareholders' equity | 225,203 | 241,921 |
Non-controlling interests | 8,012 | 7,128 |
Total shareholders' equity | 233,215 | 249,049 |
$1,639,427 | $1,443,511 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, allowance | $27,780 | $25,534 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | Retained Earnings [Member] | Retained Earnings [Member] | |||||||||||
Balance, at Dec. 31, 2011 | $140,561 | $110,821 | $27,970 | ($63,958) | $28,225 | $2,903 | $246,522 | ||||||
Balance, shares (in Shares) at Dec. 31, 2011 | 5,622,634 | 29,941,254 | |||||||||||
Net earnings | 40,722 | 40,722 | |||||||||||
Other comprehensive earnings | 5,976 | 5,976 | |||||||||||
Other comprehensive earnings attributable to NCI | 394 | 51 | 445 | ||||||||||
NCI share of earnings | -13,741 | 2,449 | -11,292 | ||||||||||
NCI redemption increment | -21,131 | -21,131 | |||||||||||
Distributions to NCI | -2,333 | -2,333 | |||||||||||
Acquisitions of NCI, net | 1,148 | 1,148 | |||||||||||
Subsidiariesb equity transactions | 607 | 607 | |||||||||||
Subordinate Voting Shares: | |||||||||||||
Stock option expense | 3,169 | 3,169 | |||||||||||
Stock options exercised | 9,098 | -2,165 | 6,933 | ||||||||||
Stock options exercised, shares (in Shares) | 363,850 | 363,850 | |||||||||||
Tax benefit on options exercised | 200 | 200 | |||||||||||
Purchased for cancellation | -1,098 | -6,216 | -7,314 | -9,799 | -97 | -9,896 | |||||||
Purchased for cancellation, shares (in Shares) | -235,000 | -392,000 | |||||||||||
Preferred Shares: | |||||||||||||
Dividends, preferred shares | -9,603 | -9,603 | |||||||||||
Balance, at Dec. 31, 2012 | 130,762 | 118,821 | 29,781 | -74,024 | 34,595 | 4,218 | 244,153 | ||||||
Balance, shares (in Shares) at Dec. 31, 2012 | 5,230,634 | 30,070,104 | |||||||||||
Net earnings | 41,418 | 41,418 | |||||||||||
Other comprehensive earnings | -9,725 | -9,725 | |||||||||||
Other comprehensive earnings attributable to NCI | 1,887 | -392 | 1,495 | ||||||||||
NCI share of earnings | -18,027 | 4,276 | -13,751 | ||||||||||
NCI redemption increment | -41,430 | -41,430 | |||||||||||
Distributions to NCI | -4,123 | -4,123 | |||||||||||
Acquisitions of NCI, net | 3,149 | 3,149 | |||||||||||
Subsidiariesb equity transactions | 3,520 | 3,520 | |||||||||||
Subordinate Voting Shares: | |||||||||||||
Stock option expense | 4,166 | 4,166 | |||||||||||
Stock options exercised | 9,784 | -2,317 | 7,467 | ||||||||||
Stock options exercised, shares (in Shares) | 464,150 | 464,150 | |||||||||||
Tax benefit on options exercised | 2,360 | 2,360 | |||||||||||
Dividends, common shares | -10,470 | -10,470 | |||||||||||
Purchased for cancellation | -1,918 | -12,636 | -14,554 | ||||||||||
Purchased for cancellation, shares (in Shares) | -385,600 | ||||||||||||
Issued in settlement of convertible debentures (note 14) | 77,143 | 77,143 | |||||||||||
Issued in settlement of convertible debentures (note 14) (in Shares) | 2,744,886 | ||||||||||||
Preferred Shares (note 14): | |||||||||||||
Redeemed for cash | -39,232 | -39,232 | |||||||||||
Redeemed for cash (in Shares) | -1,569,190 | ||||||||||||
Converted to Subordinate Voting Shares | -91,530 | 96,326 | -4,796 | ||||||||||
Converted to Subordinate Voting Shares (in Shares) | -3,661,444 | 2,889,900 | |||||||||||
Preferred Shares: | |||||||||||||
Dividends, preferred shares | 609 | -3,146 | -2,537 | ||||||||||
Dividends, preferred shares (in Shares) | 18,292 | ||||||||||||
Balance, at Dec. 31, 2013 | 300,765 | 37,510 | -123,111 | 26,757 | 7,128 | 249,049 | |||||||
Balance, shares (in Shares) at Dec. 31, 2013 | 35,801,732 | ||||||||||||
Net earnings | 90,936 | 90,936 | |||||||||||
Other comprehensive earnings | -51,648 | -51,648 | |||||||||||
Other comprehensive earnings attributable to NCI | 11,004 | -749 | 10,255 | ||||||||||
NCI share of earnings | -28,200 | 5,661 | -22,539 | ||||||||||
NCI redemption increment | -19,420 | -19,420 | |||||||||||
Distributions to NCI | -4,535 | -4,535 | |||||||||||
Acquisitions of NCI, net | 507 | 507 | |||||||||||
Subsidiariesb equity transactions | 4,448 | 4,448 | |||||||||||
Subordinate Voting Shares: | |||||||||||||
Stock option expense | 4,077 | 4,077 | |||||||||||
Stock options exercised | 14,419 | -3,701 | 10,718 | ||||||||||
Stock options exercised, shares (in Shares) | 558,150 | 558,150 | |||||||||||
Tax benefit on options exercised | 4,597 | 4,597 | |||||||||||
Dividends, common shares | -14,362 | -14,362 | |||||||||||
Purchased for cancellation | -4,783 | -24,085 | -28,868 | ||||||||||
Purchased for cancellation, shares (in Shares) | -552,927 | ||||||||||||
Balance, at Dec. 31, 2014 | $310,401 | $46,931 | ($118,242) | ($13,887) | $8,012 | $233,215 | |||||||
Balance, shares (in Shares) at Dec. 31, 2014 | 35,806,955 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net earnings | $90,936 | $41,418 | $40,722 |
NCI share of earnings from discontinued operations | 321 | 225 | 211 |
Items not affecting cash: | |||
Depreciation and amortization | 62,516 | 75,352 | 53,502 |
Deferred income tax | -991 | -23,868 | -18,660 |
Earnings from equity method investments | -589 | -1,107 | -1,230 |
Stock option expense | 4,077 | 4,166 | 3,169 |
Other | -890 | 4,899 | 3,323 |
Incremental tax benefit on stock options exercised | -4,597 | -2,360 | -200 |
Changes in non-cash working capital: | |||
Accounts receivable | -22,052 | -33,613 | -19,889 |
Inventories | -3,415 | -1,226 | -3,046 |
Prepaid expenses and other current assets | -4,704 | -2,982 | -3,897 |
Accounts payable | 19,287 | -2,455 | -963 |
Accrued liabilities | 46,769 | 44,447 | 28,979 |
Income tax payable | -10,264 | -421 | 11,842 |
Unearned revenues | 3,625 | 901 | 48 |
Other liabilities | -897 | 12,901 | 9,080 |
Contingent acquisition consideration paid | -20,064 | ||
Net cash provided by operating activities | 159,068 | 116,277 | 102,991 |
Investing activities | |||
Acquisitions of businesses, net of cash acquired (note 3) | -108,245 | -37,735 | -19,153 |
Disposal of business, net of cash disposed (note 4) | 8,373 | 49,460 | |
Purchases of fixed assets | -52,506 | -34,824 | -44,395 |
Changes in restricted cash | 1,956 | -1,964 | 844 |
Other investing activities | -5,755 | -2,234 | 850 |
Net cash used in investing activities | -156,177 | -27,297 | -61,854 |
Financing activities | |||
Increase in long-term debt | 307,715 | 551,932 | 395,584 |
Repayment of long-term debt | -193,033 | -516,479 | -376,349 |
Financing fees paid | -358 | -546 | -1,808 |
Purchases of non-controlling interests | -36,025 | -6,937 | -8,040 |
Sale of interests in subsidiaries to non-controlling interests | 424 | 1,233 | 1,608 |
Contingent acquisition consideration paid | -5,750 | -1,994 | -7,133 |
Proceeds received on exercise of stock options | 10,718 | 7,467 | 6,933 |
Incremental tax benefit on stock options exercised | 4,597 | 2,360 | 200 |
Dividends paid to preferred shareholders | -2,537 | -9,603 | |
Dividends paid to common shareholders | -14,361 | -6,890 | |
Distributions paid to non-controlling interests | -25,956 | -22,001 | -16,321 |
Repurchases of Subordinate Voting Shares | -28,868 | -14,554 | -7,314 |
Repurchases of Preferred Shares | -9,896 | ||
Redemption of Preferred Shares | -39,232 | ||
Net cash provided by (used in) financing activities | 19,103 | -48,178 | -32,139 |
Effect of exchange rate changes on cash | -7,905 | -6,782 | 1,887 |
Increase in cash and cash equivalents | 14,089 | 34,020 | 10,885 |
Cash and cash equivalents, beginning of year | 142,704 | 108,684 | 97,799 |
Cash and cash equivalents, end of year | $156,793 | $142,704 | $108,684 |
Note_1_Description_of_the_Busi
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. Description of the business |
FirstService Corporation (the “Company”) is a provider of real estate-related services to the commercial, institutional and residential markets in North America and various countries around the world. The Company’s operations are conducted in three segments: Commercial Real Estate Services (“CRE”), Residential Real Estate Services (“RRE”) and Property Services. The Company operates as Colliers International within CRE; FirstService Residential and American Pool Enterprises within RRE; and Paul Davis, Certa Pro Painters, California Closets and several other franchise brands within Property Services. | |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies | |
The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the determination of fair values of assets acquired and liabilities assumed in business combinations, recoverability of goodwill and intangible assets, estimated fair value of contingent consideration related to acquisitions, recoverability of deferred income tax assets, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates. | ||
Significant accounting policies are summarized as follows: | ||
Basis of consolidation | ||
The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation. | ||
Cash and cash equivalents | ||
Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three months or less. | ||
Restricted cash | ||
Restricted cash consists of cash over which the Company has legal ownership but is restricted as to its availability or intended use, including funds held on behalf of clients and franchisees. | ||
Inventories | ||
Inventories are carried at the lower of cost and market. Cost is determined using the weighted average method. Work-in-progress inventory relates to real estate project management and appraisal projects in process and are accounted for using the percentage of completion method. | ||
Fixed assets | ||
Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows: | ||
Buildings | 20 to 40 years straight-line | |
Vehicles | 3 to 5 years straight-line | |
Furniture and equipment | 3 to 10 years straight-line | |
Computer equipment and software | 3 to 5 years straight-line | |
Leasehold improvements | term of the lease to a maximum of 10 years | |
Investments in securities | ||
The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings. | ||
Financial instruments and derivatives | ||
Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company may use interest rate swaps to hedge a portion of its interest rate exposure on long term debt. Hedge accounting has been applied and the swaps are carried at fair value on the consolidated balance sheets, with gains or losses recognized in interest expense. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged interest rate risk; the associated gain or loss is recognized currently in earnings. If swaps are terminated and the underlying item is not, the resulting gain or loss is deferred and recognized over the remaining life of the underlying item using the effective interest method. | ||
Fair value | ||
The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: | ||
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities | ||
Level 2 – Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities | ||
Level 3 – Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions | ||
Financing fees | ||
Financing fees related to the revolving credit facility and Senior Notes are deferred and amortized to interest expense using the effective interest method. | ||
Goodwill and intangible assets | ||
Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization. | ||
Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows: | ||
Customer lists and relationships | straight-line over 4 to 20 years | |
Franchise rights | by pattern of use, currently estimated at 2.5% to 15% per year | |
Trademarks and trade names | straight-line over 5 to 35 years | |
Management contracts and other | straight-line over life of contract ranging from 2 to 15 years | |
Brokerage backlog | as underlying brokerage transactions are completed | |
The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using discounted expected future cash flows. | ||
Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value. | ||
Impairment of goodwill is tested at the reporting unit level. The Company has seven reporting units determined with reference to business segment, customer type, service delivery model and geography. Impairment is tested by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than not that its fair value is greater than its carrying amount, then no further testing is required. Where the qualitative analysis is not sufficient to support that the fair value exceeds the carrying amount then a two-step goodwill impairment test is performed. In the first step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using a discounted cash flow approach. The fair value measurement is classified within Level 3 of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value. | ||
Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. | ||
Redeemable non-controlling interests | ||
Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. | ||
Revenue recognition and unearned revenues | ||
(a) Real estate brokerage operations | ||
Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement include execution of the lease agreement and satisfaction of future contingencies such as tenant occupancy. In most cases, a portion of the commission is earned upon execution of the lease agreement, with the remaining portion contingent on a future event, typically tenant occupancy; revenue recognition for the remaining portion, contingent on occupancy, is deferred until all contingencies are satisfied. | ||
Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied. | ||
(b) Franchisor operations | ||
The Company operates several franchise systems within its Property Services segment. Initial franchise fees are recognized when all material services or conditions related to the sale of the franchise have been performed or satisfied. Royalty revenues are recognized based on a contracted percentage of franchisee revenues, as reported by the franchisees. Revenues from administrative and other support services, as applicable, are recognized as the services are provided. | ||
(c) Service operations other than real estate brokerage and franchisor operations | ||
Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management and appraisal projects in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received. | ||
Stock-based compensation | ||
For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. For liability classified awards, the fair value of the award is measured each period it is outstanding and changes in fair value are recorded as compensation expense. The related stock option compensation expense is allocated using the graded attribution method. | ||
Notional value appreciation plans | ||
Under these plans, subsidiary employees are compensated if the notional value of the subsidiary increases. Awards under these plans generally have a term of up to ten years and a vesting period of five years. The increase in notional value is calculated with reference to growth in earnings relative to a fixed threshold amount plus or minus changes in indebtedness relative to a fixed opening amount. If an award is subject to a vesting condition, then graded attribution is applied to the intrinsic value. The related compensation expense is recorded in selling, general and administrative expenses and the liability is recorded in accrued liabilities. | ||
Foreign currency translation | ||
Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. | ||
Income tax | ||
Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence. | ||
The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. | ||
The Company classifies interest and penalties associated with income tax positions in income tax expense. | ||
Business combinations | ||
All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. | ||
The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period. | ||
Note_3_Acquisitions
Note 3 - Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | 3. | Acquisitions | |||||||
2014 acquisitions: | |||||||||
The Company acquired controlling interests in seventeen businesses, nine in the CRE segment, five in the RRE segment and three in the Property Services segment. In the CRE segment, the Company acquired controlling interests in regional firms in the UK, Canada, New Zealand, and Australia expanding FirstService’s geographic presence in these markets. The Company also acquired a controlling interest in AOS Group, which was rebranded immediately as Colliers International, establishing a base of operations in France and Belgium. In the RRE segment, the Company acquired regional firms operating in Minnesota, Texas, California, and Arizona. In the Property Services segment, the Company acquired a national franchisor providing restoration services in Canada, as well as two California Closets franchises in Florida and Chicago which will be operated as Company-owned locations. | |||||||||
Details of these acquisitions are as follows: | |||||||||
Aggregate | |||||||||
Acquisitions | |||||||||
Current assets | $ | 35,641 | |||||||
Non-current assets | 8,157 | ||||||||
Current liabilities | (45,980 | ) | |||||||
Long-term liabilities | (9,950 | ) | |||||||
Redeemable non-controlling interest | (19,376 | ) | |||||||
Non-controlling interests | (255 | ) | |||||||
$ | (31,763 | ) | |||||||
Note consideration | $ | (3,611 | ) | ||||||
Cash consideration, net of cash acquired of $12,428 | (108,245 | ) | |||||||
Acquisition date fair value of contingent consideration | (17,838 | ) | |||||||
Total purchase consideration | $ | (129,694 | ) | ||||||
Acquired intangible assets | $ | 53,746 | |||||||
Goodwill | $ | 107,711 | |||||||
2013 acquisitions: | |||||||||
The Company completed eleven individually insignificant acquisitions, eight in the CRE segment and three in the RRE segment. In the CRE segment, the Company acquired controlling interest in Colliers Schauer & Scholl GmbH, Colliers Brautigam & Kramer GmbH, Colliers Schon and Lopez Schmitt GmbH, and Trombello Kölbel Immobilienconsulting GmbH (collectively, “Colliers Germany”) as well as four regional firms in the Netherlands, Australia, Canada and Brazil. These acquisitions expanded the CRE segment’s geographic presence to new markets, including Munich, Stuttgart, Frankfurt, Dusseldorf and Berlin. In the RRE segment, the Company acquired firms operating in Missouri, Florida and Alberta, expanding FirstService’s geographic presence in these markets. | |||||||||
Details of these acquisitions are as follows: | |||||||||
Aggregate | |||||||||
Acquisitions | |||||||||
Current assets | $ | 25,723 | |||||||
Non-current assets | 2,733 | ||||||||
Current liabilities | (35,308 | ) | |||||||
Long-term liabilities | (18,155 | ) | |||||||
Redeemable non-controlling interest | (43,531 | ) | |||||||
Non-controlling interests | (3,629 | ) | |||||||
$ | (72,167 | ) | |||||||
Note consideration | $ | (776 | ) | ||||||
Cash consideration, net of cash acquired of $22,984 | (37,735 | ) | |||||||
Acquisition date fair value of contingent consideration | (9,556 | ) | |||||||
Total purchase consideration | $ | (48,067 | ) | ||||||
Gain on revaluation of previously held equity investment | $ | (820 | ) | ||||||
Acquired intangible assets | $ | 52,244 | |||||||
Goodwill | $ | 68,810 | |||||||
During the year, the company recorded a gain upon obtaining control of a business previously accounted for as an equity investment totaling $820 (See note 5). The gain relates to the revaluation of the previously held equity investment to fair value. | |||||||||
2012 acquisitions: | |||||||||
The Company completed five individually insignificant acquisitions, two in the CRE segment, two in the RRE segment and one in the Property Services segment. In the CRE segment, the Company acquired assets and select liabilities of Colliers International UK plc (in administration) (“CI UK”) and a regional firm operating in Victoria, Australia. These acquisitions expanded the CRE segment’s geographic presence to new markets, including the United Kingdom, Ireland, Spain and Victoria, Australia. In the RRE segment, the acquired firms operate in California and Arizona and expand the Company’s service offering in existing markets. In Property Services, the acquired firm operates in Florida and expands the Company’s geographic presence in an existing market. | |||||||||
Details of these acquisitions are as follows: | |||||||||
Aggregate | |||||||||
Acquisitions | |||||||||
Current assets | $ | 30,427 | |||||||
Non-current assets | 3,164 | ||||||||
Current liabilities | (21,169 | ) | |||||||
Long-term liabilities | (1,080 | ) | |||||||
Redeemable non-controlling interests | (753 | ) | |||||||
Non-controlling interests | (1,153 | ) | |||||||
$ | 9,436 | ||||||||
Note consideration | $ | (655 | ) | ||||||
Cash consideration, net of cash acquired of $419 | (19,153 | ) | |||||||
Acquisition date fair value of contingent consideration | (1,944 | ) | |||||||
Total purchase consideration | $ | (21,752 | ) | ||||||
Acquired intangible assets | $ | 7,420 | |||||||
Goodwill | $ | 4,896 | |||||||
Acquisition-related transaction costs for the year ended December 31, 2014 totaled $9,454 (2013 - $3,336; 2012 - $5,032) and were recorded as expense under the caption “acquisition-related items”. | |||||||||
In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted free cash flow model using the same assumptions implied in determining the purchase consideration. | |||||||||
The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For acquisitions completed during the year ended December 31, 2014, goodwill in the amount of $7,620 is deductible for income tax purposes (2013 - $2,823; 2012 - $2,214). | |||||||||
The Company typically structures its business acquisitions to include contingent consideration. Vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one- to four-year periods following the dates of acquisition. The ultimate amount of payment is determined based on a formula, the key inputs to which are (i) a contractually agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for the contingency period. If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil. | |||||||||
Unless it contains an element of compensation, contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at December 31, 2014 was $27,136 (see note 19). The estimated range of outcomes (undiscounted) for these contingent consideration arrangements is determined based on the formula price and the likelihood of achieving specified earnings levels over the contingency period, and ranges from $33,279 to a maximum of $36,163. These contingencies will expire during the period extending to June 2018. During the year ended December 31, 2014, $25,814 was paid with reference to such contingent consideration (2013 - $1,994; 2012 - $5,492). | |||||||||
The acquisitions referred to above were accounted for by the purchase method of accounting for business combinations. Accordingly, the accompanying consolidated statements of earnings do not include any revenues or expenses related to these acquisitions prior to their respective closing dates. The consideration for the acquisitions during the year ended December 31, 2014 was financed from borrowings on the Company’s revolving credit facility and cash on hand. | |||||||||
The amounts of revenues and earnings contributed from the date of acquisition and included in the Company’s consolidated results for the year ended December 31, 2014, and the supplemental pro forma revenues and earnings of the combined entity had the acquisition date been January 1, 2012, are as follows: | |||||||||
Revenues | Net earnings | ||||||||
from continuing | |||||||||
operations | |||||||||
Actual from acquired entities for 2014 | $ | 97,507 | $ | 3,578 | |||||
Supplemental pro forma for 2014 (unaudited) | 2,815,188 | 94,111 | |||||||
Supplemental pro forma for 2013 (unaudited) | 2,554,036 | 58,335 | |||||||
Supplemental pro forma for 2012 (unaudited) | 2,385,375 | 56,371 | |||||||
Supplemental pro forma results were adjusted for non-recurring items. | |||||||||
Note_4_Discontinued_Operations
Note 4 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. | Discontinued operations | |||||||||||
In April 2014, the Company completed the sale of its REO rental operation for cash consideration of $1,500. The pre-tax loss on disposal was $1,601, before income tax recovery of $773 resulting in a net loss of $828. In July 2014, the Company completed the sale of a U.S.-based commercial real estate consulting operation for cash consideration of $12,100. The pre-tax gain on disposal was $6,607, before income tax expense of $3,023 resulting in a net gain of $3,584. | |||||||||||||
On September 30, 2013, the Company completed the sale of its Field Asset Services operation for cash consideration of $49,460 (net of cash disposed of $5,177). The pre-tax loss on disposal was $7,158, before an income tax recovery of $3,100, resulting in a net loss of $4,058. | |||||||||||||
Discontinued operations include three businesses: (i) Field Asset Services (previously in the Property Services segment), (ii) the REO rental operation (previously in the Residential Real Estate Services segment), and iii) a U.S.-based commercial real estate consulting operation (previously in the Commercial Real Estate Services segment). | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Field Asset Services | $ | - | $ | 58,063 | $ | 163,413 | |||||||
REO rental operation | 3,244 | 24,733 | 31,658 | ||||||||||
CRE consulting operation | 6,889 | 12,444 | 11,479 | ||||||||||
10,133 | 95,240 | 206,550 | |||||||||||
Operating earnings (loss) before income taxes | |||||||||||||
Field Asset Services | $ | - | $ | (3,623 | ) | $ | (5,072 | ) | |||||
REO rental operation | (2,580 | ) | (2,315 | ) | 3,085 | ||||||||
CRE consulting operation | 926 | 1,459 | 1,098 | ||||||||||
(1,654 | ) | (4,479 | ) | (889 | ) | ||||||||
Recovery of income taxes | (756 | ) | (3,579 | ) | (429 | ) | |||||||
Net operating loss from discontinued operations | (898 | ) | (900 | ) | (460 | ) | |||||||
Net gain (loss) on disposal | 2,756 | (4,058 | ) | - | |||||||||
Non-controlling interest share of earnings | (321 | ) | (225 | ) | (211 | ) | |||||||
Net earnings (loss) attributable to common shareholders from discontinued operations | $ | 1,537 | $ | (5,183 | ) | $ | (671 | ) | |||||
Net earnings (loss) per share from discontinued operations | |||||||||||||
Basic | $ | 0.04 | $ | (0.16 | ) | $ | (0.02 | ) | |||||
Diluted | 0.04 | (0.16 | ) | (0.02 | ) | ||||||||
The assets and liabilities of discontinued operations as at December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Current assets | |||||||||||||
REO rental operation | $ | - | $ | 12,531 | |||||||||
CRE consulting operation | - | 5,004 | |||||||||||
- | 17,535 | ||||||||||||
Non-current assets | |||||||||||||
REO rental operation | - | 1,259 | |||||||||||
CRE consulting operation | - | 2,827 | |||||||||||
- | 4,086 | ||||||||||||
Total assets | $ | - | $ | 21,621 | |||||||||
Current liabilities | |||||||||||||
REO rental operation | $ | - | $ | 4,206 | |||||||||
CRE consulting operation | - | 1,861 | |||||||||||
- | 6,067 | ||||||||||||
Non-current liabilities | |||||||||||||
REO rental operation | - | 290 | |||||||||||
CRE consulting operation | - | 501 | |||||||||||
- | 791 | ||||||||||||
Total liabilities | $ | - | $ | 6,858 | |||||||||
Note_5_Acquisitionrelated_Item
Note 5 - Acquisition-related Items | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combination Disclosure Acquisition Related Items [Abstract] | |||||||||||||
Business Combination Disclosure Acquisition Related Items [Text Block] | 5 | Acquisition-related items | |||||||||||
Acquisition-related expense (income) is comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Transaction costs | $ | 9,454 | $ | 3,336 | $ | 5,032 | |||||||
Contingent consideration fair value adjustments | 2,145 | 1,801 | 3,645 | ||||||||||
Contingent consideration compensation expense | 226 | 6,181 | 5,096 | ||||||||||
Reclassification from accumulated other comprehensive loss | - | - | 2,553 | ||||||||||
Gain on revaluation of previously held equity investment (note 3) | - | (820 | ) | - | |||||||||
$ | 11,825 | $ | 10,498 | $ | 16,326 | ||||||||
Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as acquisitions made in the preceding four years. | |||||||||||||
On March 28, 2012, CI UK entered into an administration process, and as a result the Company’s 29.5% equity investment, held since October 2009, ceased. As such, the company released $2,553 of accumulated other comprehensive loss related to this investment into earnings. | |||||||||||||
Note_6_Other_Income_Expense
Note 6 - Other (Income) Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other Income and Other Expense Disclosure [Text Block] | 6 | Other (income) expense | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings from equity method investments | $ | (589 | ) | $ | (1,107 | ) | $ | (1,230 | ) | ||||
Other | (419 | ) | (417 | ) | (1,211 | ) | |||||||
$ | (1,008 | ) | $ | (1,524 | ) | $ | (2,441 | ) | |||||
Note_7_Components_of_Working_C
Note 7 - Components of Working Capital Accounts | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Supplemental Balance Sheet Disclosures [Text Block] | 7 | Components of working capital accounts | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Inventories | |||||||||
Work-in-progress | $ | 10,525 | $ | 8,748 | |||||
Finished goods | 4,189 | 2,973 | |||||||
Supplies and other | 4,236 | 4,083 | |||||||
$ | 18,950 | $ | 15,804 | ||||||
Accrued liabilities | |||||||||
Accrued payroll, commission and benefits | $ | 311,781 | $ | 278,641 | |||||
Accrued interest | 3,112 | 3,584 | |||||||
Customer advances | 5,176 | 5,505 | |||||||
Other | 114,750 | 104,647 | |||||||
$ | 434,819 | $ | 392,377 | ||||||
Note_8_Other_Assets
Note 8 - Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Assets Disclosure [Text Block] | 8 | Other assets | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Equity method investments | $ | 5,168 | $ | 4,946 | |||||
Financing fees, net of accumulated amortization of $3,598 (December 31, 2013 - $3,328) | 1,359 | 1,731 | |||||||
Other | 12,960 | 5,579 | |||||||
$ | 19,487 | $ | 12,256 | ||||||
Note_9_Fixed_Assets
Note 9 - Fixed Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 9 | Fixed assets | |||||||||||
Cost | Accumulated | Net | |||||||||||
depreciation | |||||||||||||
Land | $ | 2,524 | $ | - | $ | 2,524 | |||||||
Buildings | 11,591 | 4,514 | 7,077 | ||||||||||
Vehicles | 33,385 | 24,082 | 9,303 | ||||||||||
Furniture and equipment | 73,306 | 46,448 | 26,858 | ||||||||||
Computer equipment and software | 130,006 | 89,527 | 40,479 | ||||||||||
Leasehold improvements | 67,544 | 33,391 | 34,153 | ||||||||||
$ | 318,356 | $ | 197,962 | $ | 120,394 | ||||||||
Cost | Accumulated | Net | |||||||||||
depreciation | |||||||||||||
Land | $ | 2,527 | $ | - | $ | 2,527 | |||||||
Buildings | 11,803 | 4,213 | 7,590 | ||||||||||
Vehicles | 30,516 | 22,901 | 7,615 | ||||||||||
Furniture and equipment | 66,289 | 47,971 | 18,318 | ||||||||||
Computer equipment and software | 123,637 | 87,121 | 36,516 | ||||||||||
Leasehold improvements | 62,079 | 33,091 | 28,988 | ||||||||||
$ | 296,851 | $ | 195,297 | $ | 101,554 | ||||||||
Included in fixed assets are vehicles, office and computer equipment under capital lease at a cost of $7,919 (2013 - $8,140) and net book value of $4,705 (2013 - $4,028). | |||||||||||||
Note_10_Intangible_Assets
Note 10 - Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Intangible Assets Disclosure [Text Block] | 10 | Intangible assets | |||||||||||
31-Dec-14 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
carrying | amortization | ||||||||||||
amount | |||||||||||||
Customer lists and relationships | $ | 192,169 | $ | 70,764 | $ | 121,405 | |||||||
Franchise rights | 42,733 | 16,753 | 25,980 | ||||||||||
Trademarks and trade names: | |||||||||||||
Indefinite life | 24,178 | - | 24,178 | ||||||||||
Finite life | 25,294 | 12,020 | 13,274 | ||||||||||
Management contracts and other | 28,833 | 16,044 | 12,789 | ||||||||||
Brokerage backlog | 2,742 | 2,679 | 63 | ||||||||||
$ | 315,949 | $ | 118,260 | $ | 197,689 | ||||||||
31-Dec-13 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
carrying | amortization | ||||||||||||
amount | |||||||||||||
Customer lists and relationships | $ | 168,966 | $ | 58,054 | $ | 110,912 | |||||||
Franchise rights | 36,754 | 15,762 | 20,992 | ||||||||||
Trademarks and trade names: | |||||||||||||
Indefinite life | 24,720 | - | 24,720 | ||||||||||
Finite life | 32,753 | 18,540 | 14,213 | ||||||||||
Management contracts and other | 22,853 | 16,520 | 6,333 | ||||||||||
Brokerage backlog | 2,452 | 2,443 | 9 | ||||||||||
$ | 288,498 | $ | 111,319 | $ | 177,179 | ||||||||
During the year ended December 31, 2014, the Company acquired the following intangible assets: | |||||||||||||
Amount | Estimated | ||||||||||||
weighted | |||||||||||||
average | |||||||||||||
amortization | |||||||||||||
period (years) | |||||||||||||
Customer lists and relationships | $ | 43,792 | 10.9 | ||||||||||
Franchise rights | 7,800 | 17.6 | |||||||||||
Trademarks and trade names - indefinite life | 303 | - | |||||||||||
Trademarks and trade names - finite life | 1,790 | 4.1 | |||||||||||
Brokerage backlog | 1,195 | 0.5 | |||||||||||
Other | 920 | 5.7 | |||||||||||
$ | 55,800 | 11.3 | |||||||||||
The following is the estimated annual amortization expense for recorded intangible assets for each of the next five years ending December 31: | |||||||||||||
2015 | $ | 24,047 | |||||||||||
2016 | 22,779 | ||||||||||||
2017 | 20,818 | ||||||||||||
2018 | 19,350 | ||||||||||||
2019 | 17,436 | ||||||||||||
Note_11_Goodwill
Note 11 - Goodwill | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Goodwill Disclosure [Text Block] | 11 | Goodwill | |||||||||||||||
Commercial | Residential | Property | Consolidated | ||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||
Services | Services | ||||||||||||||||
Balance, December 31, 2012 | $ | 155,308 | $ | 161,251 | $ | 86,086 | $ | 402,645 | |||||||||
Goodwill acquired during the year | 65,517 | 3,293 | - | 68,810 | |||||||||||||
Goodwill disposed during the year | - | - | (37,195 | ) | (37,195 | ) | |||||||||||
Other items | - | (217 | ) | - | (217 | ) | |||||||||||
Foreign exchange | (5,116 | ) | (1,449 | ) | (300 | ) | (6,865 | ) | |||||||||
Balance, December 31, 2013 | 215,709 | 162,878 | 48,591 | 427,178 | |||||||||||||
Goodwill acquired during the year | 99,567 | 4,288 | 3,856 | 107,711 | |||||||||||||
Goodwill disposed during the year | (1,104 | ) | (691 | ) | (1,795 | ) | |||||||||||
Other items | (1,120 | ) | (61 | ) | - | (1,181 | ) | ||||||||||
Foreign exchange | (26,560 | ) | (1,395 | ) | (404 | ) | (28,359 | ) | |||||||||
Balance, December 31, 2014 | 286,492 | 165,019 | 52,043 | 503,554 | |||||||||||||
Goodwill | 316,075 | 165,019 | 52,043 | 533,137 | |||||||||||||
Accumulated impairment loss | (29,583 | ) | - | - | (29,583 | ) | |||||||||||
$ | 286,492 | $ | 165,019 | $ | 52,043 | $ | 503,554 | ||||||||||
A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired. No goodwill impairments were identified in 2014, 2013 or 2012. The accumulated impairment loss reflects a goodwill impairment incurred in 2009. | |||||||||||||||||
Note_12_Longterm_Debt
Note 12 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | 12 | Long-term debt | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving credit facility | $ | 299,061 | $ | 148,647 | |||||
3.84% Notes | 150,000 | 150,000 | |||||||
6.40% Notes | 12,500 | 25,000 | |||||||
5.44% Notes | 20,000 | 40,000 | |||||||
Unamortized gain on settlement of interest rate swaps | 1,828 | 107 | |||||||
Adjustments to long term debt resulting from interest rate swaps | 27 | (5,196 | ) | ||||||
Capital leases maturing at various dates through 2018 | 4,228 | 2,555 | |||||||
Other long-term debt maturing at various dates up to 2018 | 5,704 | 11,681 | |||||||
493,348 | 372,794 | ||||||||
Less: current portion | 36,396 | 44,785 | |||||||
Long-term debt - non-current | $ | 456,952 | $ | 328,009 | |||||
The Company has an amended and restated credit agreement with a syndicate of banks to provide a $500,000 committed revolving credit facility. The revolving credit facility has a five-year term ending March 1, 2017 and bears interest at 1.25% to 3.00% over floating reference rates, depending on certain leverage ratios. The weighted average interest rate for 2014 was 1.6% (2013 - 2.0%). The revolving credit facility had $155,583 of available un-drawn credit as at December 31, 2014 ($166,349 was un-drawn at December 31, 2013). As of December 31, 2014, letters of credit in the amount of $7,856 were outstanding ($7,770 as at December 31, 2013). The revolving credit facility requires a commitment fee of 0.25% to 0.60% of the unused portion, depending on certain leverage ratios. | |||||||||
On January 16, 2013, the Company completed a private placement for $150,000 of senior secured notes with a fixed interest rate of 3.84% (the “3.84% Notes”). The 3.84% Notes were placed directly with two US based institutional investors. The 3.84% Notes have a twelve year term extending to January 16, 2025 with five annual principal repayments beginning on January 16, 2021. | |||||||||
The Company has outstanding $12,500 of 6.40% fixed-rate senior secured notes (the “6.40% Notes”). The 6.40% Notes have a final maturity of September 30, 2015 with four equal annual principal repayments which began on September 30, 2012. The Company also has outstanding $20,000 of 5.44% fixed-rate senior secured notes (the “5.44% Notes”). The 5.44% Notes have a final maturity of April 1, 2015 with five equal annual principal repayments of $20,000 which began on April 1, 2011. | |||||||||
The Company has indemnified the holders of the 3.84% Notes, the 6.40% Notes and the 5.44% Notes (collectively, the “Notes”) from all withholding tax that is or may become applicable to any payments made by the Company on the Notes. The Company believes this exposure is not material as of December 31, 2014. | |||||||||
The revolving credit facility and the Notes rank equally in terms of seniority. The Company has granted these lenders collateral including the following: an interest in all of the assets of the Company including the Company’s shares of its subsidiaries; an assignment of material contracts; and an assignment of the Company’s “call” rights with respect to shares of the subsidiaries held by non-controlling interests. | |||||||||
The covenants of the revolving credit facility and the Notes agreements require the Company to maintain certain ratios including leverage, interest coverage and net worth. The Company is prohibited from undertaking certain mergers, acquisitions and dispositions without prior approval. | |||||||||
The effective interest rate on the Company’s long-term debt for the year ended December 31, 2014 was 3.0% (2013 - 4.5%). The estimated aggregate amount of principal repayments on long-term debt required in each of the next five years ending December 31 and thereafter to meet the retirement provisions are as follows: | |||||||||
2015 | $ | 36,396 | |||||||
2016 | 3,716 | ||||||||
2017 | 300,661 | ||||||||
2018 | 566 | ||||||||
2019 and thereafter | 152,009 | ||||||||
Note_13_Redeemable_Noncontroll
Note 13 - Redeemable Non-controlling Interests | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Noncontrolling Interest Disclosure [Text Block] | 13. | Redeemable non-controlling interests | |||||||
The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The RNCI are considered to be redeemable securities. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. The following table provides a reconciliation of the beginning and ending RNCI amounts: | |||||||||
2014 | 2013 | ||||||||
Balance, January 1 | $ | 222,073 | $ | 147,751 | |||||
RNCI share of earnings | 22,539 | 13,976 | |||||||
RNCI redemption increment | 19,420 | 41,430 | |||||||
Distributions paid to RNCI | (21,421 | ) | (17,878 | ) | |||||
Purchases of interests from RNCI, net | (31,677 | ) | (5,242 | ) | |||||
RNCI recognized on business acquisitions | 19,376 | 43,531 | |||||||
Other | 682 | (1,495 | ) | ||||||
Balance, December 31 | $ | 230,992 | $ | 222,073 | |||||
The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the non-controlling interest at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before extraordinary items, income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may be paid in cash or in Subordinate Voting Shares. The redemption amount as of December 31, 2014 was $229,259 (2013 - $215,747). The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares as at December 31, 2014, approximately 4,300,000 (2013 - 5,100,000) such shares would be issued, and would have resulted in an increase of $1.05 to diluted earnings per share from continuing operations for the year ended December 31, 2014 (2013 - $1.64). | |||||||||
Note_14_Capital_Stock
Note 14 - Capital Stock | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 14. | Capital stock | |||||||||||||||||||||||
The authorized capital stock of the Company is as follows: | |||||||||||||||||||||||||
An unlimited number of Preferred Shares, issuable in series; | |||||||||||||||||||||||||
An unlimited number of Subordinate Voting Shares having one vote per share; and | |||||||||||||||||||||||||
An unlimited number of Multiple Voting Shares having 20 votes per share, convertible at any time into Subordinate Voting Shares at a rate of one Subordinate Voting Share for each Multiple Voting Share outstanding. | |||||||||||||||||||||||||
The following table provides a summary of total capital stock issued and outstanding: | |||||||||||||||||||||||||
Subordinate Voting Shares | Multiple Voting Shares | Total Common Shares | |||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | ||||||||||||||||||||
Balance, December 31, 2013 | 34,476,038 | $ | 300,392 | 1,325,694 | $ | 373 | 35,801,732 | $ | 300,765 | ||||||||||||||||
Balance, December 31, 2014 | 34,481,261 | 310,028 | 1,325,694 | 373 | 35,806,955 | 310,401 | |||||||||||||||||||
On May 3, 2013, the Company eliminated all of its outstanding Preferred Shares, redeeming 30% for cash consideration of $39,232 and converting all remaining Preferred Shares into Subordinate Voting Shares. The Preferred Shares were converted to Subordinate Voting Shares based on 95% of the weighted average trading price of the Subordinate Voting Shares on the NASDAQ stock market for the 20 trading days ended April 29, 2013 (such weighted average trading price being $33.34). As a result, 2,889,900 new Subordinate Voting Shares were issued from treasury. | |||||||||||||||||||||||||
On September 24, 2013, the Company redeemed its outstanding Convertible Debentures, issuing 2,744,886 Subordinate Voting Shares. | |||||||||||||||||||||||||
Pursuant to an agreement approved in February 2004, the Company agreed that it will make payments to its Chief Executive Officer (“CEO”) that are contingent upon the arm’s length sale of control of the Company or upon a distribution of the Company’s assets to shareholders. The payment amounts will be determined with reference to the price per Subordinate Voting Share received by shareholders upon an arm’s length sale or upon a distribution of assets. The right to receive the payments may be transferred among members of the CEO’s family, their holding companies and trusts. The agreement provides for the CEO to receive each of the following two payments. The first payment is an amount equal to 5% of the product of: (i) the total number of Subordinate and Multiple Voting Shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate and Multiple Voting Shares minus a base price of C$5.675. The second payment is an amount equal to 5% of the product of (i) the total number of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate Voting Shares minus a base price of C$11.05. Assuming an arm’s length sale of control of the Company took place on December 31, 2014, the amount required to be paid to the CEO, based on a market price of C$59.28, would be $163,585. | |||||||||||||||||||||||||
Note_15_Stockbased_Compensatio
Note 15 - Stock-based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. | Stock-based compensation | |||||||||||||||
Company stock option plan | |||||||||||||||||
The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries, other than its CEO. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a four-year term, expires five years from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate Voting Shares issued are new shares. As at December 31, 2014, there were 963,250 options available for future grants. | |||||||||||||||||
Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Number of | Weighted | Weighted average | Aggregate | ||||||||||||||
options | average | remaining | intrinsic value | ||||||||||||||
exercise price | contractual life | ||||||||||||||||
(years) | |||||||||||||||||
Shares issuable under options - December 31, 2011 | 1,895,550 | $ | 20.83 | ||||||||||||||
Granted | 367,000 | 31.48 | |||||||||||||||
Exercised | (363,850 | ) | 19.15 | ||||||||||||||
Forfeited | (169,500 | ) | 32.38 | ||||||||||||||
Shares issuable under options - December 31, 2012 | 1,729,200 | $ | 22.31 | ||||||||||||||
Granted | 422,000 | 31.35 | |||||||||||||||
Exercised | (464,150 | ) | 16.2 | ||||||||||||||
Shares issuable under options - December 31, 2013 | 1,687,050 | $ | 26.25 | ||||||||||||||
Granted | 343,000 | 49.57 | |||||||||||||||
Exercised | (558,150 | ) | 19.26 | ||||||||||||||
Forfeited | (8,000 | ) | 31.28 | ||||||||||||||
Shares issuable under options - December 31, 2014 | 1,463,900 | $ | 34.35 | 2.6 | $ | 24,176 | |||||||||||
Options exercisable - End of period | 560,450 | $ | 29.19 | 1.7 | $ | 12,148 | |||||||||||
The Company incurred stock-based compensation expense related to these awards of $4,077 during the year ended December 31, 2014 (2013 - $4,166; 2012 - $3,169). | |||||||||||||||||
As at December 31, 2014, the range of option exercise prices was $19.15 to $49.54 per share. Also as at December 31, 2014, the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were $24,176 and 2.6 years, respectively. | |||||||||||||||||
The following table summarizes information about option exercises during years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Number of options exercised | 558,150 | 464,150 | 363,850 | ||||||||||||||
Aggregate fair value | $ | 27,973 | $ | 16,780 | $ | 11,198 | |||||||||||
Intrinsic value | 17,223 | 9,313 | 4,265 | ||||||||||||||
Amount of cash received | 10,750 | 7,467 | 6,933 | ||||||||||||||
Tax benefit recognized | $ | 5,856 | $ | 3,148 | $ | 1,438 | |||||||||||
As at December 31, 2014, there was $3,754 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During the year ended December 31, 2014, the fair value of options vested was $3,750 (2013 - $3,956; 2012 - $3,485). | |||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free rate | 0.9 | % | 0.4 | % | 0.4 | % | |||||||||||
Expected life in years | 4.75 | 4.75 | 4.75 | ||||||||||||||
Expected volatility | 25.5 | % | 37.5 | % | 40.3 | % | |||||||||||
Dividend yield | 0.8 | % | 0 | % | 0 | % | |||||||||||
Weighted average fair value per option granted | $ | 10.52 | $ | 10.13 | $ | 10.87 | |||||||||||
The risk-free interest rate is based on the implied yield of a zero-coupon US Treasury bond with a term equal to the option’s expected term. The expected life in years represents the estimated period of time until exercise and is based on historical experience. The expected volatility is based on the historical prices of the Company’s shares over the previous four years. | |||||||||||||||||
Subsidiary stock option plan | |||||||||||||||||
The Company has a stock option plan at its Commercial Real Estate subsidiary entitling the holders to acquire up to a 1.3% interest in the subsidiary as at December 31, 2014. As of December 31, 2014 a 5.0% interest in the subsidiary was held by those who had previously exercised stock options under the plan. Options, as well as shares acquired upon option exercise under the subsidiary stock option plan, are liability classified awards because the underlying stock is also classified as a liability. The fair value of the liability relating to these awards is calculated each period using the Black-Scholes option pricing model. The fair value of the liability related to these awards as at December 31, 2014 was $16,892 (2013 - $12,834) and compensation expense recognized related to the awards for the year ended December 31, 2014 was $9,006 (2013 - $8,568; 2012 - $4,266). | |||||||||||||||||
Note_16_Income_Tax
Note 16 - Income Tax | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 16. | Income tax | |||||||||||||||||||||||
Income tax differs from the amounts that would be obtained by applying the statutory rate to the respective year’s earnings before tax. Differences result from the following items: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Income tax expense using combined statutory rate of 26.5% (2013 - 26.5%, 2012 - 26.5%) | $ | 32,117 | $ | 18,233 | $ | 16,463 | |||||||||||||||||||
Permanent differences | 4,507 | 4,125 | 3,286 | ||||||||||||||||||||||
Tax effect of flow through entities | (1,005 | ) | (2,156 | ) | (3,663 | ) | |||||||||||||||||||
Impairment and other charges | 669 | - | 676 | ||||||||||||||||||||||
Impact of changes in foreign exchange rates | (1,172 | ) | (518 | ) | 1,546 | ||||||||||||||||||||
Adjustments to tax liabilities for prior periods | 274 | 925 | 721 | ||||||||||||||||||||||
Effects of changes in enacted tax rates | 12 | 250 | (14 | ) | |||||||||||||||||||||
Changes in liability for unrecognized tax benefits | (5,015 | ) | 181 | 352 | |||||||||||||||||||||
Stock-based compensation | 1,779 | 2,201 | (47 | ) | |||||||||||||||||||||
Foreign, state and provincial tax rate differential | (1,312 | ) | (3,726 | ) | (714 | ) | |||||||||||||||||||
Impact of expired losses | 696 | - | - | ||||||||||||||||||||||
Tax on preferred shares | - | 880 | - | ||||||||||||||||||||||
Other taxes | 1,735 | 1,906 | 94 | ||||||||||||||||||||||
Change in valuation allowances | (1,486 | ) | (97 | ) | 2,033 | ||||||||||||||||||||
Provision for income taxes as reported | $ | 31,799 | $ | 22,204 | $ | 20,733 | |||||||||||||||||||
Earnings before income tax by jurisdiction comprise the following: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Canada | $ | 18,078 | $ | 1,977 | $ | 22,438 | |||||||||||||||||||
United States | 7,974 | 3,154 | 8,713 | ||||||||||||||||||||||
Australia | 42,224 | 33,061 | 25,800 | ||||||||||||||||||||||
Foreign | 52,922 | 30,613 | 5,175 | ||||||||||||||||||||||
Total | $ | 121,198 | $ | 68,805 | $ | 62,126 | |||||||||||||||||||
Income tax expense (recovery) comprises the following: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Canada | $ | 144 | $ | 11,137 | $ | 5,771 | |||||||||||||||||||
United States | 4,123 | 2,588 | 17,865 | ||||||||||||||||||||||
Australia | 13,393 | 11,088 | 8,526 | ||||||||||||||||||||||
Foreign | 14,677 | 11,860 | 4,729 | ||||||||||||||||||||||
32,337 | 36,673 | 36,891 | |||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||
Canada | 4,086 | (7,627 | ) | 364 | |||||||||||||||||||||
United States | (2,403 | ) | (2,435 | ) | (14,500 | ) | |||||||||||||||||||
Australia | (384 | ) | (1,079 | ) | (743 | ) | |||||||||||||||||||
Foreign | (1,837 | ) | (3,328 | ) | (1,279 | ) | |||||||||||||||||||
(538 | ) | (14,469 | ) | (16,158 | ) | ||||||||||||||||||||
Total | $ | 31,799 | $ | 22,204 | $ | 20,733 | |||||||||||||||||||
The significant components of deferred income tax are as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Deferred income tax assets | |||||||||||||||||||||||||
Loss carry-forwards | $ | 79,932 | $ | 91,957 | |||||||||||||||||||||
Expenses not currently deductible | 33,240 | 23,467 | |||||||||||||||||||||||
Stock-based compensation | 4,797 | 3,956 | |||||||||||||||||||||||
Basis differences of partnerships and other entities | 17,442 | 14,173 | |||||||||||||||||||||||
Allowance for doubtful accounts | 4,405 | 4,580 | |||||||||||||||||||||||
Inventory and other reserves | 4,006 | 2,554 | |||||||||||||||||||||||
143,822 | 140,687 | ||||||||||||||||||||||||
Less: valuation allowance | (14,560 | ) | (14,120 | ) | |||||||||||||||||||||
129,262 | 126,567 | ||||||||||||||||||||||||
Deferred income tax liabilities | |||||||||||||||||||||||||
Depreciation and amortization | 36,205 | 31,165 | |||||||||||||||||||||||
Prepaid and other expenses deducted for tax purposes | 1,804 | 1,427 | |||||||||||||||||||||||
38,009 | 32,592 | ||||||||||||||||||||||||
Net deferred income tax asset | $ | 91,253 | $ | 93,975 | |||||||||||||||||||||
The recoverability of deferred income tax assets is dependent on generating sufficient taxable income before the 20 year loss carry-forward limitation. Although realization is not assured, the Company believes it is more likely than not that the deferred tax asset will be realized. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. | |||||||||||||||||||||||||
The Company has gross operating loss carry-forwards as follows: | |||||||||||||||||||||||||
Loss carry forward | Gross losses not recognized | Net | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Canada | $ | 57,929 | $ | 72,526 | $ | 264 | $ | 2,438 | $ | 57,665 | $ | 70,088 | |||||||||||||
United States | 145,269 | 164,414 | 4,099 | 4,099 | 141,170 | 160,315 | |||||||||||||||||||
Australia | - | 304 | - | - | - | 304 | |||||||||||||||||||
Foreign | 45,508 | 46,901 | 32,937 | 41,412 | 12,571 | 5,489 | |||||||||||||||||||
The Company has gross capital loss carry-forwards as follows: | |||||||||||||||||||||||||
Loss carry forward | Gross losses not recognized | Net | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Canada | $ | 4,655 | $ | 939 | $ | 4,655 | $ | 939 | $ | - | $ | - | |||||||||||||
United States | - | 4,197 | - | 4,197 | - | - | |||||||||||||||||||
Australia | 7,434 | 8,123 | 7,434 | 8,123 | - | - | |||||||||||||||||||
These amounts above are available to reduce future federal and provincial income taxes in their respective jurisdictions. Net operating loss carry-forward balances attributable to the United States and Canada expire over the next 14 to 20 years. Net operating loss carry-forward balances attributable to Australia are carried forward indefinitely subject to certain continuity of ownership conditions. | |||||||||||||||||||||||||
Cumulative unremitted earnings of US and foreign subsidiaries approximated $271,890 as at December 31, 2014 (2013 - $186,121). Income tax is not provided on the unremitted earnings of US and foreign subsidiaries because it has been the practice and is the intention of the Company to reinvest these earnings indefinitely in these subsidiaries. | |||||||||||||||||||||||||
A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 7,914 | |||||||||||||||||||||||
Increases based on tax positions related to 2013 | 384 | ||||||||||||||||||||||||
Increases for tax positions of prior periods | 562 | ||||||||||||||||||||||||
Reduction for lapses in applicable statutes of limitations | (840) | ||||||||||||||||||||||||
Balance, December 31, 2013 | 8,020 | ||||||||||||||||||||||||
Increases based on tax positions related to 2014 | 65 | ||||||||||||||||||||||||
Increases for tax positions of prior periods | 1,595 | ||||||||||||||||||||||||
Reduction for settlements with taxing authorities | (3,713) | ||||||||||||||||||||||||
Reduction for lapses in applicable statutes of limitations | (1,634) | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 4,333 | |||||||||||||||||||||||
Of the $4,333 (2013 - $8,020) in gross unrecognized tax benefits, $4,333, (2013 - $8,226) would affect the Company’s effective tax rate if recognized. For the year ended December 31, 2014, a recovery of $26 in interest and penalties related to provisions for income tax was recorded in income tax expense (2013 - recovery of $29; 2012 - recovery of $38). As at December 31, 2014, the Company had accrued $125 (2013 - $151) for potential income tax related interest and penalties. | |||||||||||||||||||||||||
Within the next twelve months, the Company believes it is reasonably possible that $313 of unrecognized tax benefits associated with uncertain tax positions may be reduced due to lapses in statutes of limitations. | |||||||||||||||||||||||||
The Company’s significant tax jurisdictions include the United States, Canada and Australia. The number of years with open tax audits varies depending on the tax jurisdictions. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for three to four years and income tax returns filed with the U.S. Internal Revenue Service and related states are open for three to five years. Tax returns in Australia are generally open for four years. | |||||||||||||||||||||||||
The Canada Revenue Agency commenced an examination of the Company’s Canadian income tax return for the years 2010 and 2011 that was completed by the end of 2014. | |||||||||||||||||||||||||
The Company does not currently expect any other material impact on earnings to result from the resolution of matters related to open taxation years, other than noted above. Actual settlements may differ from the amounts accrued. The Company has, as part of its analysis, made its current estimates based on facts and circumstances known to date and cannot predict changes in facts and circumstances that may affect its current estimates. | |||||||||||||||||||||||||
Note_17_Net_Earnings_Loss_Per_
Note 17 - Net Earnings (Loss) Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 17. | Net earnings (loss) per common share | |||||||||||
Earnings per share calculations cannot be anti-dilutive, therefore diluted shares are not used in the denominator when the numerator is in a loss position. The following table reconciles the denominator used to calculate earnings per common share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares issued and outstanding at beginning of period | 35,801,732 | 30,070,104 | 29,941,254 | ||||||||||
Weighted average number of shares: | |||||||||||||
Issued during the period | 335,253 | 2,968,064 | 250,868 | ||||||||||
Repurchased during the period | (220,333 | ) | (110,455 | ) | (165,703 | ) | |||||||
Weighted average number of shares used in computing basic earnings per share | 35,916,652 | 32,927,713 | 30,026,419 | ||||||||||
Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method | 392,326 | 334,586 | 349,531 | ||||||||||
Number of shares used in computing diluted earningsper share | 36,308,978 | 33,262,299 | 30,375,950 | ||||||||||
Note_18_Other_Supplemental_Inf
Note 18 - Other Supplemental Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Additional Financial Information Disclosure [Text Block] | 18 | Other supplemental information | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Franchisor operations | |||||||||||||
Revenues | $ | 90,684 | $ | 80,450 | $ | 75,025 | |||||||
Operating earnings | 22,071 | 19,435 | 16,801 | ||||||||||
Initial franchise fee revenues | 5,042 | 5,817 | 5,950 | ||||||||||
Cash payments made during the period | |||||||||||||
Income taxes | $ | 56,336 | $ | 46,159 | $ | 25,673 | |||||||
Interest | 15,370 | 17,314 | 18,860 | ||||||||||
Non-cash financing activities | |||||||||||||
Increases in capital lease obligations | $ | 3,714 | $ | 2,215 | $ | 2,948 | |||||||
Other expenses | |||||||||||||
Rent expense | $ | 73,281 | $ | 69,489 | $ | 68,580 | |||||||
Note_19_Financial_Instruments
Note 19 - Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Financial Instruments Disclosure [Text Block] | 19. | Financial instruments | |||||||||||||||
Concentration of credit risk | |||||||||||||||||
The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable and other receivables. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to the receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across many different service lines in various countries. | |||||||||||||||||
Foreign currency risk | |||||||||||||||||
Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than U.S. dollars. A significant portion of revenue is generated by the Company’s Canadian, Australian, U.K. and European operations. The Company’s head office expenses are incurred in Canadian dollars which is hedged by Canadian dollar denominated revenue. | |||||||||||||||||
Fluctuations in foreign currencies impact the amount of total assets and liabilities that are reported for foreign subsidiaries upon the translation of these amounts into U.S. dollars. In particular, the amount of working capital, goodwill and intangibles reported in U.S. dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on the Consolidated Balance Sheets ). | |||||||||||||||||
Interest rate risk | |||||||||||||||||
The Company maintains an interest rate risk management strategy that uses interest rate hedging contracts from time to time. The Company’s specific goals are to: (i) manage interest rate sensitivity by modifying the characteristics of its debt and (ii) lower the long-term cost of its borrowed funds. Fluctuations in interest rates affect the fair value of the hedging contracts as their value depends on the prevailing market interest rate. Hedging contracts are monitored on a monthly basis. | |||||||||||||||||
As of December 31, 2014, the Company was party to one interest rate swap agreement to exchange the fixed rate on a portion of its debt to a floating rate. On the 5.44% Senior Notes, an interest rate swap exchanges the fixed rate on $10,000 of principal for LIBOR (6 month in arrears) + 3.87%. The terms of the swap match the term of the 5.44% Senior Notes with a maturity of April 1, 2015. | |||||||||||||||||
The interest rate swap is being accounted for as a fair value hedge. The swap is carried at fair value on the balance sheet, with gains or losses recognized in earnings. The carrying value of the hedged debt is adjusted for changes in fair value attributable to the hedged interest rate risk; the associated gains or losses are recognized concurrently in earnings. So long as the hedge is considered highly effective, the net impact on earnings is nil. | |||||||||||||||||
The following tables provide fair value information of the hedging instruments and the effect of the hedging instruments during the period: | |||||||||||||||||
2014 | |||||||||||||||||
Derivative designated as hedging instrument | Balance sheet | Fair | |||||||||||||||
location | Value | ||||||||||||||||
Interest rate swap asset | Other assets | $ | 27 | ||||||||||||||
(non-current) | |||||||||||||||||
Fair values of financial instruments | |||||||||||||||||
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Carrying value at | Fair value measurements | ||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Interest rate swap asset | $ | 27 | $ | - | $ | 27 | $ | - | |||||||||
Contingent consideration liability | 27,136 | - | - | 27,136 | |||||||||||||
The fair values of the interest rate swap asset and liability was determined using widely accepted valuation techniques. The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 inputs. The fair value measurements were made using a discounted cash flows approach; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business) and discount rates (which range from 9.0% to 12.5%). Changes in the fair value of the contingent consideration liability are comprised of the following: | |||||||||||||||||
Balance, December 31, 2013 | $ | 8,740 | |||||||||||||||
Amounts recognized on acquisitions | 17,838 | ||||||||||||||||
Fair value adjustments (note 5) | 2,371 | ||||||||||||||||
Resolved and settled in cash | (238) | ||||||||||||||||
Other | (1,575) | ||||||||||||||||
Balance, December 31, 2014 | $ | 27,136 | |||||||||||||||
Less: current portion | $ | 10,971 | |||||||||||||||
Non-current portion | $ | 16,165 | |||||||||||||||
The carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of long term debt are Level 3 inputs. The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows and discount rates (which range from 0.1% to 2.2%). The following are estimates of the fair values for other financial instruments: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
amount | value | amount | value | ||||||||||||||
Other receivables | $ | 6,845 | $ | 6,845 | $ | 7,455 | $ | 7,455 | |||||||||
Long-term debt | 493,348 | 513,128 | 372,794 | 386,952 | |||||||||||||
Other receivables include notes receivable from non-controlling shareholders and other non-current receivables. | |||||||||||||||||
Note_20_Commitments_and_Contin
Note 20 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 20 | Commitments and contingencies | |||
(a) Lease commitments | |||||
Minimum operating lease payments are as follows: | |||||
Year ended December 31 | |||||
2015 | $ | 77,208 | |||
2016 | 68,407 | ||||
2017 | 51,676 | ||||
2018 | 41,899 | ||||
2019 | 35,073 | ||||
Thereafter | 95,697 | ||||
(b) Contingencies | |||||
In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company’s financial condition or the results of operations. | |||||
Note_21_Related_Party_Transact
Note 21 - Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 21. | Related party transactions |
The Company has entered into office space rental arrangements and property management contracts with senior managers of certain subsidiaries. These senior managers are usually also minority shareholders of the subsidiaries. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues for the Company. The recorded amount of the rent expense for the year ended December 31, 2014 was $1,080 (2013 - $950; 2012 - $1,573). The recorded amount of the property management revenues for year ended December 31, 2014 was $15,093 (2013 - $12,988; 2012 - $16,198). These amounts are settled monthly in cash, and are priced at market rates. The rental arrangements have fixed terms of up to 10 years. The property management contracts have terms of 1 to 3 years. | ||
As at December 31, 2014, the Company had $4,781 of loans receivable from non-controlling shareholders (2013 - $4,696) and $159 of loans payable to minority shareholders (2013 - $5,081). The business purpose of the loans receivable is to finance the sale of non-controlling interests in subsidiaries to senior managers. The business purpose of the loans payable is to finance purchases of non-controlling interests. The loan amounts are measured based on the formula price of the underlying non-controlling interests, and interest rates are determined based on the Company’s cost of borrowing plus a spread. The loans have terms of 1 to 10 years, but are open for repayment without penalty at any time. | ||
Note_22_Segmented_Information
Note 22 - Segmented Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 22. | Segmented information | |||||||||||||||||||
Operating segments | |||||||||||||||||||||
The Company has three reportable segments. The segments are grouped with reference to the nature of services provided and the types of clients that use those services. The Company assesses each segment’s performance based on operating earnings or operating earnings before depreciation and amortization. CRE provides commercial property brokerage and other advisory services to clients in North America and in various other countries around the world. RRE provides property management and related property services to residential communities in North America. Property Services provides franchised and Company-owned property services to customers in North America. Corporate includes the costs of operating the Company’s corporate head office. | |||||||||||||||||||||
Effective in the second quarter of 2014, a component of the RRE segment, Service America, became managed by the Property Services management team on the basis that the business had evolved to become more akin to the Property Services operations than the RRE operations. Service America is a Florida-based provider of heating, ventilation and air conditioning services and related service contracts to residential and commercial customers. Segment reporting has been revised to reflect Service America in the Property Services segment for all periods presented. For the year ended December 31, 2014, Service America generated revenues of $49,165 and operating earnings of $1,967 (2013 - $52,818 and $2,896; 2012 - $45,623 and $2,807, respectively). | |||||||||||||||||||||
Included in total assets of the CRE segment at December 31, 2014 is $4,768 (2013 - $4,744) of investments in subsidiaries accounted for under the equity method. The reportable segment information excludes intersegment transactions. | |||||||||||||||||||||
2014 | Commercial | Residential | Property | Corporate | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||||||
Services | Services | ||||||||||||||||||||
Revenues | $ | 1,582,039 | $ | 919,545 | $ | 212,457 | $ | 232 | $ | 2,714,273 | |||||||||||
Depreciation and amortization | 35,753 | 19,693 | 6,734 | 230 | 62,410 | ||||||||||||||||
Operating earnings (loss) | 97,180 | 31,379 | 30,559 | (24,691 | ) | 134,427 | |||||||||||||||
Other income, net | 0 | 0 | 0 | 0 | 1,008 | ||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | (14,237 | ) | |||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | (31,799 | ) | |||||||||||||||
Net earnings from continuing operations | 0 | 0 | 0 | 0 | $ | 89,399 | |||||||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | 0 | $ | 1,537 | |||||||||||||||
Net earnings | 0 | 0 | 0 | 0 | $ | 90,936 | |||||||||||||||
Total assets | $ | 985,533 | $ | 405,150 | $ | 237,140 | $ | 11,604 | $ | 1,639,427 | |||||||||||
Total additions to long lived assets | 133,296 | 23,208 | 16,423 | (72 | ) | 172,855 | |||||||||||||||
2013 | Commercial | Residential | Property | Corporate | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||||||
Services | Services | ||||||||||||||||||||
Revenues | $ | 1,306,334 | $ | 844,952 | $ | 193,135 | $ | 204 | $ | 2,344,625 | |||||||||||
Depreciation and amortization | 32,426 | 30,655 | 8,557 | 244 | 71,882 | ||||||||||||||||
Operating earnings (loss) | 59,209 | 27,613 | 23,201 | (21,243 | ) | 88,780 | |||||||||||||||
Other expense, net | 0 | 0 | 0 | 0 | 1,524 | ||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | (21,499 | ) | |||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | (22,204 | ) | |||||||||||||||
Net earnings from continuing operations | 0 | 0 | 0 | 0 | $ | 46,601 | |||||||||||||||
Net earnings from discontinued operations | 0 | 0 | 0 | 0 | $ | (5,183 | ) | ||||||||||||||
Net earnings | 0 | 0 | 0 | 0 | $ | 41,418 | |||||||||||||||
Total assets | $ | 797,520 | $ | 444,275 | $ | 194,233 | $ | 7,483 | $ | 1,443,511 | |||||||||||
Total additions to long lived assets | 129,904 | 22,386 | 291 | (76 | ) | 152,505 | |||||||||||||||
2012 | Commercial | Residential | Property | Corporate | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||||||
Services | Services | ||||||||||||||||||||
Revenues | $ | 1,158,948 | $ | 768,994 | $ | 170,827 | $ | 218 | $ | 2,098,987 | |||||||||||
Depreciation and amortization | 23,990 | 18,530 | 5,155 | 364 | 48,039 | ||||||||||||||||
Operating earnings (loss) | 32,696 | 39,767 | 21,798 | (15,013 | ) | 79,248 | |||||||||||||||
Other expense, net | 0 | 0 | 0 | 0 | 2,441 | ||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | (19,563 | ) | |||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | (20,733 | ) | |||||||||||||||
Net earnings from continuing operations | 0 | 0 | 0 | 0 | $ | 41,393 | |||||||||||||||
Net earnings from discontinued operations | 0 | 0 | 0 | 0 | $ | (671 | ) | ||||||||||||||
Net earnings | 0 | 0 | 0 | 0 | $ | 40,722 | |||||||||||||||
Total assets | $ | 633,439 | $ | 421,269 | $ | 255,525 | $ | 7,677 | $ | 1,317,910 | |||||||||||
Total additions to long lived assets | 35,031 | 18,165 | 9,291 | 73 | 62,560 | ||||||||||||||||
Geographic information | |||||||||||||||||||||
Revenues in each geographic region are reported by customer locations. Amounts reported in geographic regions other than the United States, Canada and Australia are primarily denominated in US dollars, UK pounds and Euros. | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
United States | |||||||||||||||||||||
Revenues | $ | 1,554,605 | $ | 1,392,442 | $ | 1,284,212 | |||||||||||||||
Total long-lived assets | 401,101 | 395,069 | 468,602 | ||||||||||||||||||
Canada | |||||||||||||||||||||
Revenues | $ | 354,259 | $ | 341,491 | $ | 330,622 | |||||||||||||||
Total long-lived assets | 97,929 | 88,660 | 99,529 | ||||||||||||||||||
Australia | |||||||||||||||||||||
Revenues | $ | 230,948 | $ | 199,221 | $ | 177,677 | |||||||||||||||
Total long-lived assets | 51,083 | 44,811 | 49,269 | ||||||||||||||||||
Europe and Other | |||||||||||||||||||||
Revenues | $ | 574,461 | $ | 411,471 | $ | 306,476 | |||||||||||||||
Total long-lived assets | 271,524 | 177,371 | 70,205 | ||||||||||||||||||
. | |||||||||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,714,273 | $ | 2,344,625 | $ | 2,098,987 | |||||||||||||||
Total long-lived assets | 821,637 | 705,911 | 687,605 | ||||||||||||||||||
Note_23_Impact_of_Recently_Iss
Note 23 - Impact of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 23. Impact of recently issued accounting standards |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the threshold for reporting discontinued operations and adds new disclosures. This ASU is effective for the Company on January 1, 2015. The Company expects that the adoption of this ASU will result in fewer disposals of businesses to be reported as discontinued operations. | |
In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”) and is effective for the Company on January 1, 2017. The Company is currently assessing the impact of this ASU on its financial position and results of operations. | |
Note_24_Subsequent_Event
Note 24 - Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 24. Subsequent event |
On February 10, 2015, the Company’s Board of Directors approved a plan, in principle, to separate the Company into two independent public companies – Colliers International, comprised of the Commercial Real Estate Services segment, and FirstService, comprised of the Residential Real Estate Services and Property Services segments. The proposed spin-off will be implemented through a court-approved Plan of Arrangement, and is subject to final approval from the Board of Directors. The Plan of Arrangement will also be subject to regulatory, court and shareholder approvals. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Accounting, Policy [Policy Text Block] | The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the determination of fair values of assets acquired and liabilities assumed in business combinations, recoverability of goodwill and intangible assets, estimated fair value of contingent consideration related to acquisitions, recoverability of deferred income tax assets, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates. | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation | |
The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents | |
Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three months or less. | ||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash | |
Restricted cash consists of cash over which the Company has legal ownership but is restricted as to its availability or intended use, including funds held on behalf of clients and franchisees | ||
Inventory, Policy [Policy Text Block] | Inventories | |
Inventories are carried at the lower of cost and market. Cost is determined using the weighted average method. Work-in-progress inventory relates to real estate project management and appraisal projects in process and are accounted for using the percentage of completion method. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed assets | |
Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows: | ||
Buildings | 20 to 40 years straight-line | |
Vehicles | 3 to 5 years straight-line | |
Furniture and equipment | 3 to 10 years straight-line | |
Computer equipment and software | 3 to 5 years straight-line | |
Leasehold improvements | term of the lease to a maximum of 10 years | |
Investment, Policy [Policy Text Block] | Investments in securities | |
The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings. | ||
Derivatives, Policy [Policy Text Block] | Financial instruments and derivatives | |
Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company may use interest rate swaps to hedge a portion of its interest rate exposure on long term debt. Hedge accounting has been applied and the swaps are carried at fair value on the consolidated balance sheets, with gains or losses recognized in interest expense. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged interest rate risk; the associated gain or loss is recognized currently in earnings. If swaps are terminated and the underlying item is not, the resulting gain or loss is deferred and recognized over the remaining life of the underlying item using the effective interest method. | ||
Fair Value Measurement, Policy [Policy Text Block] | Fair value | |
The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: | ||
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities | ||
Level 2 – Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities | ||
Level 3 – Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions | ||
Deferred Charges, Policy [Policy Text Block] | Financing fees | |
Financing fees related to the revolving credit facility and Senior Notes are deferred and amortized to interest expense using the effective interest method. | ||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets | |
Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization. | ||
Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows: | ||
Customer lists and relationships | straight-line over 4 to 20 years | |
Franchise rights | by pattern of use, currently estimated at 2.5% to 15% per year | |
Trademarks and trade names | straight-line over 5 to 35 years | |
Management contracts and other | straight-line over life of contract ranging from 2 to 15 years | |
Brokerage backlog | as underlying brokerage transactions are completed | |
The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using discounted expected future cash flows. | ||
Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value. | ||
Impairment of goodwill is tested at the reporting unit level. The Company has seven reporting units determined with reference to business segment, customer type, service delivery model and geography. Impairment is tested by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than not that its fair value is greater than its carrying amount, then no further testing is required. Where the qualitative analysis is not sufficient to support that the fair value exceeds the carrying amount then a two-step goodwill impairment test is performed. In the first step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using a discounted cash flow approach. The fair value measurement is classified within Level 3 of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value. | ||
Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. | ||
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Redeemable non-controlling interests | |
Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition and unearned revenues | |
(a) Real estate brokerage operations | ||
Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement include execution of the lease agreement and satisfaction of future contingencies such as tenant occupancy. In most cases, a portion of the commission is earned upon execution of the lease agreement, with the remaining portion contingent on a future event, typically tenant occupancy; revenue recognition for the remaining portion, contingent on occupancy, is deferred until all contingencies are satisfied. | ||
Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied. | ||
(b) Franchisor operations | ||
The Company operates several franchise systems within its Property Services segment. Initial franchise fees are recognized when all material services or conditions related to the sale of the franchise have been performed or satisfied. Royalty revenues are recognized based on a contracted percentage of franchisee revenues, as reported by the franchisees. Revenues from administrative and other support services, as applicable, are recognized as the services are provided. | ||
(c) Service operations other than real estate brokerage and franchisor operations | ||
Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management and appraisal projects in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation | |
For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. For liability classified awards, the fair value of the award is measured each period it is outstanding and changes in fair value are recorded as compensation expense. The related stock option compensation expense is allocated using the graded attribution method. | ||
Notional Value Appreciation Plan [Policy Text Block] | Notional value appreciation plans | |
Under these plans, subsidiary employees are compensated if the notional value of the subsidiary increases. Awards under these plans generally have a term of up to ten years and a vesting period of five years. The increase in notional value is calculated with reference to growth in earnings relative to a fixed threshold amount plus or minus changes in indebtedness relative to a fixed opening amount. If an award is subject to a vesting condition, then graded attribution is applied to the intrinsic value. The related compensation expense is recorded in selling, general and administrative expenses and the liability is recorded in accrued liabilities. | ||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation | |
Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. | ||
Income Tax, Policy [Policy Text Block] | Income tax | |
Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence. | ||
The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. | ||
The Company classifies interest and penalties associated with income tax positions in income tax expense. | ||
Business Combinations Policy [Policy Text Block] | Business combinations | |
All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. | ||
The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period. |
Note_3_Acquisitions_Tables
Note 3 - Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Aggregate | ||||||||
Acquisitions | |||||||||
Current assets | $ | 35,641 | |||||||
Non-current assets | 8,157 | ||||||||
Current liabilities | (45,980 | ) | |||||||
Long-term liabilities | (9,950 | ) | |||||||
Redeemable non-controlling interest | (19,376 | ) | |||||||
Non-controlling interests | (255 | ) | |||||||
$ | (31,763 | ) | |||||||
Note consideration | $ | (3,611 | ) | ||||||
Cash consideration, net of cash acquired of $12,428 | (108,245 | ) | |||||||
Acquisition date fair value of contingent consideration | (17,838 | ) | |||||||
Total purchase consideration | $ | (129,694 | ) | ||||||
Acquired intangible assets | $ | 53,746 | |||||||
Goodwill | $ | 107,711 | |||||||
Aggregate | |||||||||
Acquisitions | |||||||||
Current assets | $ | 25,723 | |||||||
Non-current assets | 2,733 | ||||||||
Current liabilities | (35,308 | ) | |||||||
Long-term liabilities | (18,155 | ) | |||||||
Redeemable non-controlling interest | (43,531 | ) | |||||||
Non-controlling interests | (3,629 | ) | |||||||
$ | (72,167 | ) | |||||||
Note consideration | $ | (776 | ) | ||||||
Cash consideration, net of cash acquired of $22,984 | (37,735 | ) | |||||||
Acquisition date fair value of contingent consideration | (9,556 | ) | |||||||
Total purchase consideration | $ | (48,067 | ) | ||||||
Gain on revaluation of previously held equity investment | $ | (820 | ) | ||||||
Acquired intangible assets | $ | 52,244 | |||||||
Goodwill | $ | 68,810 | |||||||
Aggregate | |||||||||
Acquisitions | |||||||||
Current assets | $ | 30,427 | |||||||
Non-current assets | 3,164 | ||||||||
Current liabilities | (21,169 | ) | |||||||
Long-term liabilities | (1,080 | ) | |||||||
Redeemable non-controlling interests | (753 | ) | |||||||
Non-controlling interests | (1,153 | ) | |||||||
$ | 9,436 | ||||||||
Note consideration | $ | (655 | ) | ||||||
Cash consideration, net of cash acquired of $419 | (19,153 | ) | |||||||
Acquisition date fair value of contingent consideration | (1,944 | ) | |||||||
Total purchase consideration | $ | (21,752 | ) | ||||||
Acquired intangible assets | $ | 7,420 | |||||||
Goodwill | $ | 4,896 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Revenues | Net earnings | |||||||
from continuing | |||||||||
operations | |||||||||
Actual from acquired entities for 2014 | $ | 97,507 | $ | 3,578 | |||||
Supplemental pro forma for 2014 (unaudited) | 2,815,188 | 94,111 | |||||||
Supplemental pro forma for 2013 (unaudited) | 2,554,036 | 58,335 | |||||||
Supplemental pro forma for 2012 (unaudited) | 2,385,375 | 56,371 |
Note_4_Discontinued_Operations1
Note 4 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Statement [Member] | |||||||||||||
Note 4 - Discontinued Operations (Tables) [Line Items] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
Field Asset Services | $ | - | $ | 58,063 | $ | 163,413 | |||||||
REO rental operation | 3,244 | 24,733 | 31,658 | ||||||||||
CRE consulting operation | 6,889 | 12,444 | 11,479 | ||||||||||
10,133 | 95,240 | 206,550 | |||||||||||
Operating earnings (loss) before income taxes | |||||||||||||
Field Asset Services | $ | - | $ | (3,623 | ) | $ | (5,072 | ) | |||||
REO rental operation | (2,580 | ) | (2,315 | ) | 3,085 | ||||||||
CRE consulting operation | 926 | 1,459 | 1,098 | ||||||||||
(1,654 | ) | (4,479 | ) | (889 | ) | ||||||||
Recovery of income taxes | (756 | ) | (3,579 | ) | (429 | ) | |||||||
Net operating loss from discontinued operations | (898 | ) | (900 | ) | (460 | ) | |||||||
Net gain (loss) on disposal | 2,756 | (4,058 | ) | - | |||||||||
Non-controlling interest share of earnings | (321 | ) | (225 | ) | (211 | ) | |||||||
Net earnings (loss) attributable to common shareholders from discontinued operations | $ | 1,537 | $ | (5,183 | ) | $ | (671 | ) | |||||
Net earnings (loss) per share from discontinued operations | |||||||||||||
Basic | $ | 0.04 | $ | (0.16 | ) | $ | (0.02 | ) | |||||
Diluted | 0.04 | (0.16 | ) | (0.02 | ) | ||||||||
Balance Sheet [Member] | |||||||||||||
Note 4 - Discontinued Operations (Tables) [Line Items] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 2014 | 2013 | |||||||||||
Current assets | |||||||||||||
REO rental operation | $ | - | $ | 12,531 | |||||||||
CRE consulting operation | - | 5,004 | |||||||||||
- | 17,535 | ||||||||||||
Non-current assets | |||||||||||||
REO rental operation | - | 1,259 | |||||||||||
CRE consulting operation | - | 2,827 | |||||||||||
- | 4,086 | ||||||||||||
Total assets | $ | - | $ | 21,621 | |||||||||
Current liabilities | |||||||||||||
REO rental operation | $ | - | $ | 4,206 | |||||||||
CRE consulting operation | - | 1,861 | |||||||||||
- | 6,067 | ||||||||||||
Non-current liabilities | |||||||||||||
REO rental operation | - | 290 | |||||||||||
CRE consulting operation | - | 501 | |||||||||||
- | 791 | ||||||||||||
Total liabilities | $ | - | $ | 6,858 |
Note_5_Acquisitionrelated_Item1
Note 5 - Acquisition-related Items (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combination Disclosure Acquisition Related Items [Abstract] | |||||||||||||
Schedule of Acquisition-Related Expenses [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Transaction costs | $ | 9,454 | $ | 3,336 | $ | 5,032 | |||||||
Contingent consideration fair value adjustments | 2,145 | 1,801 | 3,645 | ||||||||||
Contingent consideration compensation expense | 226 | 6,181 | 5,096 | ||||||||||
Reclassification from accumulated other comprehensive loss | - | - | 2,553 | ||||||||||
Gain on revaluation of previously held equity investment (note 3) | - | (820 | ) | - | |||||||||
$ | 11,825 | $ | 10,498 | $ | 16,326 |
Note_6_Other_Income_Expense_Ta
Note 6 - Other (Income) Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Earnings from equity method investments | $ | (589 | ) | $ | (1,107 | ) | $ | (1,230 | ) | ||||
Other | (419 | ) | (417 | ) | (1,211 | ) | |||||||
$ | (1,008 | ) | $ | (1,524 | ) | $ | (2,441 | ) |
Note_7_Components_of_Working_C1
Note 7 - Components of Working Capital Accounts (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Inventories | |||||||||
Work-in-progress | $ | 10,525 | $ | 8,748 | |||||
Finished goods | 4,189 | 2,973 | |||||||
Supplies and other | 4,236 | 4,083 | |||||||
$ | 18,950 | $ | 15,804 | ||||||
Accrued liabilities | |||||||||
Accrued payroll, commission and benefits | $ | 311,781 | $ | 278,641 | |||||
Accrued interest | 3,112 | 3,584 | |||||||
Customer advances | 5,176 | 5,505 | |||||||
Other | 114,750 | 104,647 | |||||||
$ | 434,819 | $ | 392,377 |
Note_8_Other_Assets_Tables
Note 8 - Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Assets [Table Text Block] | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Equity method investments | $ | 5,168 | $ | 4,946 | |||||
Financing fees, net of accumulated amortization of $3,598 (December 31, 2013 - $3,328) | 1,359 | 1,731 | |||||||
Other | 12,960 | 5,579 | |||||||
$ | 19,487 | $ | 12,256 |
Note_9_Fixed_Assets_Tables
Note 9 - Fixed Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Cost | Accumulated | Net | ||||||||||
depreciation | |||||||||||||
Land | $ | 2,524 | $ | - | $ | 2,524 | |||||||
Buildings | 11,591 | 4,514 | 7,077 | ||||||||||
Vehicles | 33,385 | 24,082 | 9,303 | ||||||||||
Furniture and equipment | 73,306 | 46,448 | 26,858 | ||||||||||
Computer equipment and software | 130,006 | 89,527 | 40,479 | ||||||||||
Leasehold improvements | 67,544 | 33,391 | 34,153 | ||||||||||
$ | 318,356 | $ | 197,962 | $ | 120,394 | ||||||||
Cost | Accumulated | Net | |||||||||||
depreciation | |||||||||||||
Land | $ | 2,527 | $ | - | $ | 2,527 | |||||||
Buildings | 11,803 | 4,213 | 7,590 | ||||||||||
Vehicles | 30,516 | 22,901 | 7,615 | ||||||||||
Furniture and equipment | 66,289 | 47,971 | 18,318 | ||||||||||
Computer equipment and software | 123,637 | 87,121 | 36,516 | ||||||||||
Leasehold improvements | 62,079 | 33,091 | 28,988 | ||||||||||
$ | 296,851 | $ | 195,297 | $ | 101,554 |
Note_10_Intangible_Assets_Tabl
Note 10 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross | Accumulated | Net | ||||||||||
carrying | amortization | ||||||||||||
amount | |||||||||||||
Customer lists and relationships | $ | 192,169 | $ | 70,764 | $ | 121,405 | |||||||
Franchise rights | 42,733 | 16,753 | 25,980 | ||||||||||
Trademarks and trade names: | |||||||||||||
Indefinite life | 24,178 | - | 24,178 | ||||||||||
Finite life | 25,294 | 12,020 | 13,274 | ||||||||||
Management contracts and other | 28,833 | 16,044 | 12,789 | ||||||||||
Brokerage backlog | 2,742 | 2,679 | 63 | ||||||||||
$ | 315,949 | $ | 118,260 | $ | 197,689 | ||||||||
Gross | Accumulated | Net | |||||||||||
carrying | amortization | ||||||||||||
amount | |||||||||||||
Customer lists and relationships | $ | 168,966 | $ | 58,054 | $ | 110,912 | |||||||
Franchise rights | 36,754 | 15,762 | 20,992 | ||||||||||
Trademarks and trade names: | |||||||||||||
Indefinite life | 24,720 | - | 24,720 | ||||||||||
Finite life | 32,753 | 18,540 | 14,213 | ||||||||||
Management contracts and other | 22,853 | 16,520 | 6,333 | ||||||||||
Brokerage backlog | 2,452 | 2,443 | 9 | ||||||||||
$ | 288,498 | $ | 111,319 | $ | 177,179 | ||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amount | Estimated | |||||||||||
weighted | |||||||||||||
average | |||||||||||||
amortization | |||||||||||||
period (years) | |||||||||||||
Customer lists and relationships | $ | 43,792 | 10.9 | ||||||||||
Franchise rights | 7,800 | 17.6 | |||||||||||
Trademarks and trade names - indefinite life | 303 | - | |||||||||||
Trademarks and trade names - finite life | 1,790 | 4.1 | |||||||||||
Brokerage backlog | 1,195 | 0.5 | |||||||||||
Other | 920 | 5.7 | |||||||||||
$ | 55,800 | 11.3 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | $ | 24,047 | ||||||||||
2016 | 22,779 | ||||||||||||
2017 | 20,818 | ||||||||||||
2018 | 19,350 | ||||||||||||
2019 | 17,436 |
Note_11_Goodwill_Tables
Note 11 - Goodwill (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | Commercial | Residential | Property | Consolidated | |||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||
Services | Services | ||||||||||||||||
Balance, December 31, 2012 | $ | 155,308 | $ | 161,251 | $ | 86,086 | $ | 402,645 | |||||||||
Goodwill acquired during the year | 65,517 | 3,293 | - | 68,810 | |||||||||||||
Goodwill disposed during the year | - | - | (37,195 | ) | (37,195 | ) | |||||||||||
Other items | - | (217 | ) | - | (217 | ) | |||||||||||
Foreign exchange | (5,116 | ) | (1,449 | ) | (300 | ) | (6,865 | ) | |||||||||
Balance, December 31, 2013 | 215,709 | 162,878 | 48,591 | 427,178 | |||||||||||||
Goodwill acquired during the year | 99,567 | 4,288 | 3,856 | 107,711 | |||||||||||||
Goodwill disposed during the year | (1,104 | ) | (691 | ) | (1,795 | ) | |||||||||||
Other items | (1,120 | ) | (61 | ) | - | (1,181 | ) | ||||||||||
Foreign exchange | (26,560 | ) | (1,395 | ) | (404 | ) | (28,359 | ) | |||||||||
Balance, December 31, 2014 | 286,492 | 165,019 | 52,043 | 503,554 | |||||||||||||
Goodwill | 316,075 | 165,019 | 52,043 | 533,137 | |||||||||||||
Accumulated impairment loss | (29,583 | ) | - | - | (29,583 | ) | |||||||||||
$ | 286,492 | $ | 165,019 | $ | 52,043 | $ | 503,554 |
Note_12_Longterm_Debt_Tables
Note 12 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Revolving credit facility | $ | 299,061 | $ | 148,647 | |||||
3.84% Notes | 150,000 | 150,000 | |||||||
6.40% Notes | 12,500 | 25,000 | |||||||
5.44% Notes | 20,000 | 40,000 | |||||||
Unamortized gain on settlement of interest rate swaps | 1,828 | 107 | |||||||
Adjustments to long term debt resulting from interest rate swaps | 27 | (5,196 | ) | ||||||
Capital leases maturing at various dates through 2018 | 4,228 | 2,555 | |||||||
Other long-term debt maturing at various dates up to 2018 | 5,704 | 11,681 | |||||||
493,348 | 372,794 | ||||||||
Less: current portion | 36,396 | 44,785 | |||||||
Long-term debt - non-current | $ | 456,952 | $ | 328,009 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 | $ | 36,396 | ||||||
2016 | 3,716 | ||||||||
2017 | 300,661 | ||||||||
2018 | 566 | ||||||||
2019 and thereafter | 152,009 |
Note_13_Redeemable_Noncontroll1
Note 13 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Redeemable Noncontrolling Interest [Table Text Block] | 2014 | 2013 | |||||||
Balance, January 1 | $ | 222,073 | $ | 147,751 | |||||
RNCI share of earnings | 22,539 | 13,976 | |||||||
RNCI redemption increment | 19,420 | 41,430 | |||||||
Distributions paid to RNCI | (21,421 | ) | (17,878 | ) | |||||
Purchases of interests from RNCI, net | (31,677 | ) | (5,242 | ) | |||||
RNCI recognized on business acquisitions | 19,376 | 43,531 | |||||||
Other | 682 | (1,495 | ) | ||||||
Balance, December 31 | $ | 230,992 | $ | 222,073 |
Note_14_Capital_Stock_Tables
Note 14 - Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | Subordinate Voting Shares | Multiple Voting Shares | Total Common Shares | ||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | ||||||||||||||||||||
Balance, December 31, 2013 | 34,476,038 | $ | 300,392 | 1,325,694 | $ | 373 | 35,801,732 | $ | 300,765 | ||||||||||||||||
Balance, December 31, 2014 | 34,481,261 | 310,028 | 1,325,694 | 373 | 35,806,955 | 310,401 |
Note_15_Stockbased_Compensatio1
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of | Weighted | Weighted average | Aggregate | |||||||||||||
options | average | remaining | intrinsic value | ||||||||||||||
exercise price | contractual life | ||||||||||||||||
(years) | |||||||||||||||||
Shares issuable under options - December 31, 2011 | 1,895,550 | $ | 20.83 | ||||||||||||||
Granted | 367,000 | 31.48 | |||||||||||||||
Exercised | (363,850 | ) | 19.15 | ||||||||||||||
Forfeited | (169,500 | ) | 32.38 | ||||||||||||||
Shares issuable under options - December 31, 2012 | 1,729,200 | $ | 22.31 | ||||||||||||||
Granted | 422,000 | 31.35 | |||||||||||||||
Exercised | (464,150 | ) | 16.2 | ||||||||||||||
Shares issuable under options - December 31, 2013 | 1,687,050 | $ | 26.25 | ||||||||||||||
Granted | 343,000 | 49.57 | |||||||||||||||
Exercised | (558,150 | ) | 19.26 | ||||||||||||||
Forfeited | (8,000 | ) | 31.28 | ||||||||||||||
Shares issuable under options - December 31, 2014 | 1,463,900 | $ | 34.35 | 2.6 | $ | 24,176 | |||||||||||
Options exercisable - End of period | 560,450 | $ | 29.19 | 1.7 | $ | 12,148 | |||||||||||
Stock Options Exercised [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
Number of options exercised | 558,150 | 464,150 | 363,850 | ||||||||||||||
Aggregate fair value | $ | 27,973 | $ | 16,780 | $ | 11,198 | |||||||||||
Intrinsic value | 17,223 | 9,313 | 4,265 | ||||||||||||||
Amount of cash received | 10,750 | 7,467 | 6,933 | ||||||||||||||
Tax benefit recognized | $ | 5,856 | $ | 3,148 | $ | 1,438 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
Risk free rate | 0.9 | % | 0.4 | % | 0.4 | % | |||||||||||
Expected life in years | 4.75 | 4.75 | 4.75 | ||||||||||||||
Expected volatility | 25.5 | % | 37.5 | % | 40.3 | % | |||||||||||
Dividend yield | 0.8 | % | 0 | % | 0 | % | |||||||||||
Weighted average fair value per option granted | $ | 10.52 | $ | 10.13 | $ | 10.87 |
Note_16_Income_Tax_Tables
Note 16 - Income Tax (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Income tax expense using combined statutory rate of 26.5% (2013 - 26.5%, 2012 - 26.5%) | $ | 32,117 | $ | 18,233 | $ | 16,463 | |||||||||||||||||||
Permanent differences | 4,507 | 4,125 | 3,286 | ||||||||||||||||||||||
Tax effect of flow through entities | (1,005 | ) | (2,156 | ) | (3,663 | ) | |||||||||||||||||||
Impairment and other charges | 669 | - | 676 | ||||||||||||||||||||||
Impact of changes in foreign exchange rates | (1,172 | ) | (518 | ) | 1,546 | ||||||||||||||||||||
Adjustments to tax liabilities for prior periods | 274 | 925 | 721 | ||||||||||||||||||||||
Effects of changes in enacted tax rates | 12 | 250 | (14 | ) | |||||||||||||||||||||
Changes in liability for unrecognized tax benefits | (5,015 | ) | 181 | 352 | |||||||||||||||||||||
Stock-based compensation | 1,779 | 2,201 | (47 | ) | |||||||||||||||||||||
Foreign, state and provincial tax rate differential | (1,312 | ) | (3,726 | ) | (714 | ) | |||||||||||||||||||
Impact of expired losses | 696 | - | - | ||||||||||||||||||||||
Tax on preferred shares | - | 880 | - | ||||||||||||||||||||||
Other taxes | 1,735 | 1,906 | 94 | ||||||||||||||||||||||
Change in valuation allowances | (1,486 | ) | (97 | ) | 2,033 | ||||||||||||||||||||
Provision for income taxes as reported | $ | 31,799 | $ | 22,204 | $ | 20,733 | |||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Canada | $ | 18,078 | $ | 1,977 | $ | 22,438 | |||||||||||||||||||
United States | 7,974 | 3,154 | 8,713 | ||||||||||||||||||||||
Australia | 42,224 | 33,061 | 25,800 | ||||||||||||||||||||||
Foreign | 52,922 | 30,613 | 5,175 | ||||||||||||||||||||||
Total | $ | 121,198 | $ | 68,805 | $ | 62,126 | |||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Canada | $ | 144 | $ | 11,137 | $ | 5,771 | |||||||||||||||||||
United States | 4,123 | 2,588 | 17,865 | ||||||||||||||||||||||
Australia | 13,393 | 11,088 | 8,526 | ||||||||||||||||||||||
Foreign | 14,677 | 11,860 | 4,729 | ||||||||||||||||||||||
32,337 | 36,673 | 36,891 | |||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||
Canada | 4,086 | (7,627 | ) | 364 | |||||||||||||||||||||
United States | (2,403 | ) | (2,435 | ) | (14,500 | ) | |||||||||||||||||||
Australia | (384 | ) | (1,079 | ) | (743 | ) | |||||||||||||||||||
Foreign | (1,837 | ) | (3,328 | ) | (1,279 | ) | |||||||||||||||||||
(538 | ) | (14,469 | ) | (16,158 | ) | ||||||||||||||||||||
Total | $ | 31,799 | $ | 22,204 | $ | 20,733 | |||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
Deferred income tax assets | |||||||||||||||||||||||||
Loss carry-forwards | $ | 79,932 | $ | 91,957 | |||||||||||||||||||||
Expenses not currently deductible | 33,240 | 23,467 | |||||||||||||||||||||||
Stock-based compensation | 4,797 | 3,956 | |||||||||||||||||||||||
Basis differences of partnerships and other entities | 17,442 | 14,173 | |||||||||||||||||||||||
Allowance for doubtful accounts | 4,405 | 4,580 | |||||||||||||||||||||||
Inventory and other reserves | 4,006 | 2,554 | |||||||||||||||||||||||
143,822 | 140,687 | ||||||||||||||||||||||||
Less: valuation allowance | (14,560 | ) | (14,120 | ) | |||||||||||||||||||||
129,262 | 126,567 | ||||||||||||||||||||||||
Deferred income tax liabilities | |||||||||||||||||||||||||
Depreciation and amortization | 36,205 | 31,165 | |||||||||||||||||||||||
Prepaid and other expenses deducted for tax purposes | 1,804 | 1,427 | |||||||||||||||||||||||
38,009 | 32,592 | ||||||||||||||||||||||||
Net deferred income tax asset | $ | 91,253 | $ | 93,975 | |||||||||||||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | Loss carry forward | Gross losses not recognized | Net | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Canada | $ | 57,929 | $ | 72,526 | $ | 264 | $ | 2,438 | $ | 57,665 | $ | 70,088 | |||||||||||||
United States | 145,269 | 164,414 | 4,099 | 4,099 | 141,170 | 160,315 | |||||||||||||||||||
Australia | - | 304 | - | - | - | 304 | |||||||||||||||||||
Foreign | 45,508 | 46,901 | 32,937 | 41,412 | 12,571 | 5,489 | |||||||||||||||||||
Loss carry forward | Gross losses not recognized | Net | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Canada | $ | 4,655 | $ | 939 | $ | 4,655 | $ | 939 | $ | - | $ | - | |||||||||||||
United States | - | 4,197 | - | 4,197 | - | - | |||||||||||||||||||
Australia | 7,434 | 8,123 | 7,434 | 8,123 | - | - | |||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | Balance, December 31, 2012 | $ | 7,914 | ||||||||||||||||||||||
Increases based on tax positions related to 2013 | 384 | ||||||||||||||||||||||||
Increases for tax positions of prior periods | 562 | ||||||||||||||||||||||||
Reduction for lapses in applicable statutes of limitations | (840) | ||||||||||||||||||||||||
Balance, December 31, 2013 | 8,020 | ||||||||||||||||||||||||
Increases based on tax positions related to 2014 | 65 | ||||||||||||||||||||||||
Increases for tax positions of prior periods | 1,595 | ||||||||||||||||||||||||
Reduction for settlements with taxing authorities | (3,713) | ||||||||||||||||||||||||
Reduction for lapses in applicable statutes of limitations | (1,634) | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 4,333 |
Note_17_Net_Earnings_Loss_Per_1
Note 17 - Net Earnings (Loss) Per Common Share (Tables) (Denominator [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Denominator [Member] | |||||||||||||
Note 17 - Net Earnings (Loss) Per Common Share (Tables) [Line Items] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Shares issued and outstanding at beginning of period | 35,801,732 | 30,070,104 | 29,941,254 | ||||||||||
Weighted average number of shares: | |||||||||||||
Issued during the period | 335,253 | 2,968,064 | 250,868 | ||||||||||
Repurchased during the period | (220,333 | ) | (110,455 | ) | (165,703 | ) | |||||||
Weighted average number of shares used in computing basic earnings per share | 35,916,652 | 32,927,713 | 30,026,419 | ||||||||||
Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method | 392,326 | 334,586 | 349,531 | ||||||||||
Number of shares used in computing diluted earningsper share | 36,308,978 | 33,262,299 | 30,375,950 |
Note_18_Other_Supplemental_Inf1
Note 18 - Other Supplemental Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Schedule of Other Supplement Information [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Franchisor operations | |||||||||||||
Revenues | $ | 90,684 | $ | 80,450 | $ | 75,025 | |||||||
Operating earnings | 22,071 | 19,435 | 16,801 | ||||||||||
Initial franchise fee revenues | 5,042 | 5,817 | 5,950 | ||||||||||
Cash payments made during the period | |||||||||||||
Income taxes | $ | 56,336 | $ | 46,159 | $ | 25,673 | |||||||
Interest | 15,370 | 17,314 | 18,860 | ||||||||||
Non-cash financing activities | |||||||||||||
Increases in capital lease obligations | $ | 3,714 | $ | 2,215 | $ | 2,948 | |||||||
Other expenses | |||||||||||||
Rent expense | $ | 73,281 | $ | 69,489 | $ | 68,580 |
Note_19_Financial_Instruments_
Note 19 - Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 2014 | ||||||||||||||||
Derivative designated as hedging instrument | Balance sheet | Fair | |||||||||||||||
location | Value | ||||||||||||||||
Interest rate swap asset | Other assets | $ | 27 | ||||||||||||||
(non-current) | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at | Fair value measurements | |||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Interest rate swap asset | $ | 27 | $ | - | $ | 27 | $ | - | |||||||||
Contingent consideration liability | 27,136 | - | - | 27,136 | |||||||||||||
Change In Fair Value Of Contingent Consideration Liability [Table Text Block] | Balance, December 31, 2013 | $ | 8,740 | ||||||||||||||
Amounts recognized on acquisitions | 17,838 | ||||||||||||||||
Fair value adjustments (note 5) | 2,371 | ||||||||||||||||
Resolved and settled in cash | (238) | ||||||||||||||||
Other | (1,575) | ||||||||||||||||
Balance, December 31, 2014 | $ | 27,136 | |||||||||||||||
Less: current portion | $ | 10,971 | |||||||||||||||
Non-current portion | $ | 16,165 | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2014 | 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
amount | value | amount | value | ||||||||||||||
Other receivables | $ | 6,845 | $ | 6,845 | $ | 7,455 | $ | 7,455 | |||||||||
Long-term debt | 493,348 | 513,128 | 372,794 | 386,952 |
Note_20_Commitments_and_Contin1
Note 20 - 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] | Year ended December 31 | ||||
2015 | $ | 77,208 | |||
2016 | 68,407 | ||||
2017 | 51,676 | ||||
2018 | 41,899 | ||||
2019 | 35,073 | ||||
Thereafter | 95,697 |
Note_22_Segmented_Information_
Note 22 - Segmented Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2014 | Commercial | Residential | Property | Corporate | Consolidated | |||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||||||
Services | Services | ||||||||||||||||||||
Revenues | $ | 1,582,039 | $ | 919,545 | $ | 212,457 | $ | 232 | $ | 2,714,273 | |||||||||||
Depreciation and amortization | 35,753 | 19,693 | 6,734 | 230 | 62,410 | ||||||||||||||||
Operating earnings (loss) | 97,180 | 31,379 | 30,559 | (24,691 | ) | 134,427 | |||||||||||||||
Other income, net | 0 | 0 | 0 | 0 | 1,008 | ||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | (14,237 | ) | |||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | (31,799 | ) | |||||||||||||||
Net earnings from continuing operations | 0 | 0 | 0 | 0 | $ | 89,399 | |||||||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | 0 | $ | 1,537 | |||||||||||||||
Net earnings | 0 | 0 | 0 | 0 | $ | 90,936 | |||||||||||||||
Total assets | $ | 985,533 | $ | 405,150 | $ | 237,140 | $ | 11,604 | $ | 1,639,427 | |||||||||||
Total additions to long lived assets | 133,296 | 23,208 | 16,423 | (72 | ) | 172,855 | |||||||||||||||
2013 | Commercial | Residential | Property | Corporate | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||||||
Services | Services | ||||||||||||||||||||
Revenues | $ | 1,306,334 | $ | 844,952 | $ | 193,135 | $ | 204 | $ | 2,344,625 | |||||||||||
Depreciation and amortization | 32,426 | 30,655 | 8,557 | 244 | 71,882 | ||||||||||||||||
Operating earnings (loss) | 59,209 | 27,613 | 23,201 | (21,243 | ) | 88,780 | |||||||||||||||
Other expense, net | 0 | 0 | 0 | 0 | 1,524 | ||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | (21,499 | ) | |||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | (22,204 | ) | |||||||||||||||
Net earnings from continuing operations | 0 | 0 | 0 | 0 | $ | 46,601 | |||||||||||||||
Net earnings from discontinued operations | 0 | 0 | 0 | 0 | $ | (5,183 | ) | ||||||||||||||
Net earnings | 0 | 0 | 0 | 0 | $ | 41,418 | |||||||||||||||
Total assets | $ | 797,520 | $ | 444,275 | $ | 194,233 | $ | 7,483 | $ | 1,443,511 | |||||||||||
Total additions to long lived assets | 129,904 | 22,386 | 291 | (76 | ) | 152,505 | |||||||||||||||
2012 | Commercial | Residential | Property | Corporate | Consolidated | ||||||||||||||||
Real Estate | Real Estate | Services | |||||||||||||||||||
Services | Services | ||||||||||||||||||||
Revenues | $ | 1,158,948 | $ | 768,994 | $ | 170,827 | $ | 218 | $ | 2,098,987 | |||||||||||
Depreciation and amortization | 23,990 | 18,530 | 5,155 | 364 | 48,039 | ||||||||||||||||
Operating earnings (loss) | 32,696 | 39,767 | 21,798 | (15,013 | ) | 79,248 | |||||||||||||||
Other expense, net | 0 | 0 | 0 | 0 | 2,441 | ||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | (19,563 | ) | |||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | (20,733 | ) | |||||||||||||||
Net earnings from continuing operations | 0 | 0 | 0 | 0 | $ | 41,393 | |||||||||||||||
Net earnings from discontinued operations | 0 | 0 | 0 | 0 | $ | (671 | ) | ||||||||||||||
Net earnings | 0 | 0 | 0 | 0 | $ | 40,722 | |||||||||||||||
Total assets | $ | 633,439 | $ | 421,269 | $ | 255,525 | $ | 7,677 | $ | 1,317,910 | |||||||||||
Total additions to long lived assets | 35,031 | 18,165 | 9,291 | 73 | 62,560 | ||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | |||||||||||||||||||||
Revenues | $ | 1,554,605 | $ | 1,392,442 | $ | 1,284,212 | |||||||||||||||
Total long-lived assets | 401,101 | 395,069 | 468,602 | ||||||||||||||||||
Canada | |||||||||||||||||||||
Revenues | $ | 354,259 | $ | 341,491 | $ | 330,622 | |||||||||||||||
Total long-lived assets | 97,929 | 88,660 | 99,529 | ||||||||||||||||||
Australia | |||||||||||||||||||||
Revenues | $ | 230,948 | $ | 199,221 | $ | 177,677 | |||||||||||||||
Total long-lived assets | 51,083 | 44,811 | 49,269 | ||||||||||||||||||
Europe and Other | |||||||||||||||||||||
Revenues | $ | 574,461 | $ | 411,471 | $ | 306,476 | |||||||||||||||
Total long-lived assets | 271,524 | 177,371 | 70,205 | ||||||||||||||||||
. | |||||||||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,714,273 | $ | 2,344,625 | $ | 2,098,987 | |||||||||||||||
Total long-lived assets | 821,637 | 705,911 | 687,605 |
Note_1_Description_of_the_Busi1
Note 1 - Description of the Business (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Number of Reportable Segments | 3 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 11 years 109 days |
Number of Reporting Units | 7 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Building [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Vehicles [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Computer Equipment [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Customer Lists and Relationships [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years |
Customer Lists and Relationships [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Customer Lists and Relationships [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years 328 days |
Trademarks and Trade Names [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trademarks and Trade Names [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 35 years |
Trademarks and Trade Names [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years 36 days |
Management Contracts and Other [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Management Contracts and Other [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset Useful Life Franchise Rights | 2.50% |
Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset Useful Life Franchise Rights | 15.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note_3_Acquisitions_Details
Note 3 - Acquisitions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 17 | 11 | 5 |
Business Combination Gain on Revaluation of Previously Held Equity Investment | $820 | ||
Business Combination, Acquisition Related Costs | 9,454 | 3,336 | 5,032 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 7,620 | 2,823 | 2,214 |
Business Combination, Contingent Consideration, Liability | 27,136 | ||
CRE Segment [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 9 | 8 | 2 |
RRE Segment [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 5 | 3 | 2 |
Property Services Segment [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 3 | ||
California Closets [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 2 | ||
Property Services [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 1 | ||
Acquisitions After December 31, 2008 [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 27,136 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 33,279 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 36,163 | ||
Contingent Consideration Paid | $25,814 | $1,994 | $5,492 |
Note_3_Acquisitions_Details_Ac
Note 3 - Acquisitions (Details) - Acquisition Details (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Gain on revaluation of previously held equity investment | ($820) | ||
Goodwill | 427,178 | 503,554 | 402,645 |
Acquistitions 2014 [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 35,641 | ||
Long term assets | 8,157 | ||
Current liabilities | -45,980 | ||
Long-term liabilities | -9,950 | ||
Redeemable non-controlling interest | -19,376 | ||
Non-controlling interests | -255 | ||
Business acquisition total | -31,763 | ||
Note consideration | -3,611 | ||
Cash consideration, net of cash acquired | -108,245 | ||
Acquisition date fair value of contingent consideration | -17,838 | ||
Total purchase consideration | -129,694 | ||
Acquired intangible assets | 53,746 | ||
Goodwill | 107,711 | ||
Acquisitions 2013 [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 25,723 | ||
Long term assets | 2,733 | ||
Current liabilities | -35,308 | ||
Long-term liabilities | -18,155 | ||
Redeemable non-controlling interest | -43,531 | ||
Non-controlling interests | -3,629 | ||
Business acquisition total | -72,167 | ||
Note consideration | -776 | ||
Cash consideration, net of cash acquired | -37,735 | ||
Acquisition date fair value of contingent consideration | -9,556 | ||
Total purchase consideration | -48,067 | ||
Gain on revaluation of previously held equity investment | -820 | ||
Acquired intangible assets | 52,244 | ||
Goodwill | 68,810 | ||
Acquisitions 2012 [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 30,427 | ||
Long term assets | 3,164 | ||
Current liabilities | -21,169 | ||
Long-term liabilities | -1,080 | ||
Redeemable non-controlling interest | -753 | ||
Non-controlling interests | -1,153 | ||
Business acquisition total | 9,436 | ||
Note consideration | -655 | ||
Cash consideration, net of cash acquired | -19,153 | ||
Acquisition date fair value of contingent consideration | -1,944 | ||
Total purchase consideration | -21,752 | ||
Acquired intangible assets | 7,420 | ||
Goodwill | $4,896 |
Note_3_Acquisitions_Details_Ac1
Note 3 - Acquisitions (Details) - Acquisition Details (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquistitions 2014 [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration, net of cash acquired | $12,428 | ||
Acquisitions 2013 [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration, net of cash acquired | 22,984 | ||
Acquisitions 2012 [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration, net of cash acquired | $419 |
Note_3_Acquisitions_Details_Bu
Note 3 - Acquisitions (Details) - Business Acquisitions, Pro Forma Revenue and Earnings: (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisitions, Pro Forma Revenue and Earnings: [Abstract] | |||
Actual from acquired entities for 2014 | $97,507 | ||
Actual from acquired entities for 2014 | 3,578 | ||
Revenues | 2,815,188 | 2,554,036 | 2,385,375 |
Net Earnings | $94,111 | $58,335 | $56,371 |
Note_4_Discontinued_Operations2
Note 4 - Discontinued Operations (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jul. 31, 2014 | |
Note 4 - Discontinued Operations (Details) [Line Items] | ||||
Proceeds from Divestiture of Businesses | $49,460,000 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -7,158,000 | |||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 3,100,000 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 2,756,000 | -4,058,000 | ||
Disposal Group, Including Discontinued Operation, Cash | 5,177,000 | |||
Number of Businesses Discontinued | 3 | |||
REO Rental Segment [Member] | ||||
Note 4 - Discontinued Operations (Details) [Line Items] | ||||
Proceeds from Divestiture of Businesses | 1,500 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -1,601 | |||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | -773 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -828 | |||
U.S. Based Commercial Real Estate Consulting [Member] | ||||
Note 4 - Discontinued Operations (Details) [Line Items] | ||||
Proceeds from Divestiture of Businesses | 12,100 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 6,607 | |||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 3,023 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $3,584 |
Note_4_Discontinued_Operations3
Note 4 - Discontinued Operations (Details) - Discontinued Operations - Income Statement (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Jul. 31, 2014 | |
Revenues | |||||
Revenues, discontinued operations | $10,133,000 | $95,240,000 | $206,550,000 | ||
Operating earnings (loss) before income taxes | |||||
Operating earnings (loss) before income taxes, discontinued operations | -1,654,000 | -4,479,000 | -889,000 | ||
Recovery of income taxes | -756,000 | -3,579,000 | -429,000 | ||
Net operating loss from discontinued operations | -898,000 | -900,000 | -460,000 | ||
Net gain (loss) on disposal | 2,756,000 | -4,058,000 | |||
Non-controlling interest share of earnings | -321,000 | -225,000 | -211,000 | ||
Net earnings (loss) attributable to common shareholders from discontinued operations | 1,537,000 | -5,183,000 | -671,000 | ||
Net earnings (loss) per share from discontinued operations | |||||
Basic (in Dollars per share) | $0.04 | ($0.16) | ($0.02) | ||
Diluted (in Dollars per share) | $0.04 | ($0.16) | ($0.02) | ||
Field Asset Services [Member] | |||||
Revenues | |||||
Revenues, discontinued operations | 58,063,000 | 163,413,000 | |||
Operating earnings (loss) before income taxes | |||||
Operating earnings (loss) before income taxes, discontinued operations | -3,623,000 | -5,072,000 | |||
REO Rental Segment [Member] | |||||
Revenues | |||||
Revenues, discontinued operations | 3,244,000 | 24,733,000 | 31,658,000 | ||
Operating earnings (loss) before income taxes | |||||
Operating earnings (loss) before income taxes, discontinued operations | -2,580,000 | -2,315,000 | 3,085,000 | ||
Net gain (loss) on disposal | -828 | ||||
U.S. Based Commercial Real Estate Consulting [Member] | |||||
Revenues | |||||
Revenues, discontinued operations | 6,889,000 | 12,444,000 | 11,479,000 | ||
Operating earnings (loss) before income taxes | |||||
Operating earnings (loss) before income taxes, discontinued operations | 926,000 | 1,459,000 | 1,098,000 | ||
Net gain (loss) on disposal | $3,584 |
Note_4_Discontinued_Operations4
Note 4 - Discontinued Operations (Details) - Discontinued Operations - Balance Sheet (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Current assets, discontinued operations | $17,535 |
Non-current assets, discontinued operations | 4,086 |
Total assets | 21,621 |
Current liabilities, discontinued operations | 6,067 |
Non-current liabilities, discontinued operations | 791 |
Total liabilities | 6,858 |
Residential Rental Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Current assets, discontinued operations | 12,531 |
Non-current assets, discontinued operations | 1,259 |
Current liabilities, discontinued operations | 4,206 |
Non-current liabilities, discontinued operations | 290 |
U.S. Based Commercial Real Estate Consulting [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Current assets, discontinued operations | 5,004 |
Non-current assets, discontinued operations | 2,827 |
Current liabilities, discontinued operations | 1,861 |
Non-current liabilities, discontinued operations | $501 |
Note_5_Acquisitionrelated_Item2
Note 5 - Acquisition-related Items (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2012 | Dec. 31, 2012 |
Business Combination Disclosure Acquisition Related Items [Abstract] | ||
Equity Method Investment, Ownership Percentage | 29.50% | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | $2,553 | $2,553 |
Note_5_Acquisitionrelated_Item3
Note 5 - Acquisition-related Items (Details) - Composition of Acquisition-related Expense (Income) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Composition of Acquisition-related Expense (Income) [Abstract] | ||||
Transaction costs | $9,454 | $3,336 | $5,032 | |
Contingent consideration fair value adjustments | 2,145 | 1,801 | 3,645 | |
Contingent consideration compensation expense | 226 | 6,181 | 5,096 | |
Reclassification from accumulated other comprehensive loss | 2,553 | 2,553 | ||
Gain on revaluation of previously held equity investment (note 3) | -820 | |||
$11,825 | $10,498 | $16,326 |
Note_6_Other_Income_Expense_De
Note 6 - Other (Income) Expense (Details) - Components of Other (Income) Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Other (Income) Expense [Abstract] | |||
Earnings from equity method investments | ($589) | ($1,107) | ($1,230) |
Other | -419 | -417 | -1,211 |
($1,008) | ($1,524) | ($2,441) |
Note_7_Components_of_Working_C2
Note 7 - Components of Working Capital Accounts (Details) - Components of Working Capital Accounts (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ||
Work-in-progress | $10,525 | $8,748 |
Finished goods | 4,189 | 2,973 |
Supplies and other | 4,236 | 4,083 |
18,950 | 15,804 | |
Accrued liabilities | ||
Accrued payroll, commission and benefits | 311,781 | 278,641 |
Accrued interest | 3,112 | 3,584 |
Customer advances | 5,176 | 5,505 |
Other | 114,750 | 104,647 |
$434,819 | $392,377 |
Note_8_Other_Assets_Details_Co
Note 8 - Other Assets (Details) - Components of Other Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Other Assets [Abstract] | ||
Equity method investments | $5,168 | $4,946 |
Financing fees, net of accumulated amortization of $3,598 (December 31, 2013 - $3,328) | 1,359 | 1,731 |
Other | 12,960 | 5,579 |
$19,487 | $12,256 |
Note_8_Other_Assets_Details_Co1
Note 8 - Other Assets (Details) - Components of Other Assets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Other Assets [Abstract] | ||
Financing fP5P5s, accumulatP5d amortization | $3,598 | $3,328 |
Note_9_Fixed_Assets_Details
Note 9 - Fixed Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Capital Leased Assets, Gross | $7,919 | $8,140 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | $4,705 | $4,028 |
Note_9_Fixed_Assets_Details_Co
Note 9 - Fixed Assets (Details) - Components of Fixed Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $318,356 | $296,851 |
Accumulated depreciation | 197,962 | 195,297 |
Net | 120,394 | 101,554 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,524 | 2,527 |
Net | 2,524 | 2,527 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 11,591 | 11,803 |
Accumulated depreciation | 4,514 | 4,213 |
Net | 7,077 | 7,590 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 33,385 | 30,516 |
Accumulated depreciation | 24,082 | 22,901 |
Net | 9,303 | 7,615 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 73,306 | 66,289 |
Accumulated depreciation | 46,448 | 47,971 |
Net | 26,858 | 18,318 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 130,006 | 123,637 |
Accumulated depreciation | 89,527 | 87,121 |
Net | 40,479 | 36,516 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 67,544 | 62,079 |
Accumulated depreciation | 33,391 | 33,091 |
Net | $34,153 | $28,988 |
Note_10_Intangible_Assets_Deta
Note 10 - Intangible Assets (Details) - Components of Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $315,949 | $288,498 |
Accumulated amortization | 118,260 | 111,319 |
Net | 197,689 | 177,179 |
Trademarks and Trade Names [Member] | ||
Trademarks and trade names: | ||
Gross carrying amount | 24,178 | 24,720 |
Net | 24,178 | 24,720 |
Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 192,169 | 168,966 |
Accumulated amortization | 70,764 | 58,054 |
Net | 121,405 | 110,912 |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 42,733 | 36,754 |
Accumulated amortization | 16,753 | 15,762 |
Net | 25,980 | 20,992 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 25,294 | 32,753 |
Accumulated amortization | 12,020 | 18,540 |
Net | 13,274 | 14,213 |
Management Contracts and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,833 | 22,853 |
Accumulated amortization | 16,044 | 16,520 |
Net | 12,789 | 6,333 |
Brokerage Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,742 | 2,452 |
Accumulated amortization | 2,679 | 2,443 |
Net | $63 | $9 |
Note_10_Intangible_Assets_Deta1
Note 10 - Intangible Assets (Details) - Acquired Intangible Assets (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $55,800 |
Estimated weighted average amortization period (years) | 11 years 109 days |
Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | 303 |
Customer Lists and Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | 43,792 |
Estimated weighted average amortization period (years) | 10 years 328 days |
Franchise Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | 7,800 |
Estimated weighted average amortization period (years) | 17 years 219 days |
Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | 1,790 |
Estimated weighted average amortization period (years) | 4 years 36 days |
Brokerage Backlog [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | 1,195 |
Estimated weighted average amortization period (years) | 6 months |
Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $920 |
Estimated weighted average amortization period (years) | 5 years 255 days |
Note_10_Intangible_Assets_Deta2
Note 10 - Intangible Assets (Details) - Estimated Annual Amortization Expense for Recorded Intangible Assets (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Annual Amortization Expense for Recorded Intangible Assets [Abstract] | |
2015 | $24,047 |
2016 | 22,779 |
2017 | 20,818 |
2018 | 19,350 |
2019 | $17,436 |
Note_11_Goodwill_Details
Note 11 - Goodwill (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | |||
Goodwill, Impairment Loss | $0 | $0 | $0 |
Note_11_Goodwill_Details_Compo
Note 11 - Goodwill (Details) - Components of Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Goodwill | $533,137 | |
Accumulated impairment loss | -29,583 | |
Balance, | 427,178 | 402,645 |
Goodwill acquired during the period | 107,711 | 68,810 |
Goodwill disposed | -1,795 | -37,195 |
Other items | -1,181 | -217 |
Foreign exchange | -28,359 | -6,865 |
Balance, | 503,554 | 427,178 |
Commercial Real Estate Services [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 316,075 | |
Accumulated impairment loss | -29,583 | |
Balance, | 215,709 | 155,308 |
Goodwill acquired during the period | 99,567 | 65,517 |
Goodwill disposed | -1,104 | |
Other items | -1,120 | |
Foreign exchange | -26,560 | -5,116 |
Balance, | 286,492 | 215,709 |
Residential Property Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 165,019 | |
Balance, | 162,878 | 161,251 |
Goodwill acquired during the period | 4,288 | 3,293 |
Goodwill disposed | -691 | |
Other items | -61 | -217 |
Foreign exchange | -1,395 | -1,449 |
Balance, | 165,019 | 162,878 |
Property Services [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 52,043 | |
Balance, | 48,591 | 86,086 |
Goodwill acquired during the period | 3,856 | |
Goodwill disposed | -37,195 | |
Foreign exchange | -404 | -300 |
Balance, | $52,043 | $48,591 |
Note_12_Longterm_Debt_Details
Note 12 - Long-term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |
Jan. 16, 2014 | Dec. 31, 2014 | Jan. 16, 2013 | Dec. 31, 2013 | |
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $500,000,000 | |||
Credit Facility Term | 5 years | |||
Debt, Weighted Average Interest Rate | 1.60% | 2.00% | ||
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | 155,583,000 | 166,349,000 | ||
Letters of Credit Outstanding, Amount (in Dollars) | 7,856,000 | 7,770,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | 4.50% | ||
Proceeds from Issuance of Private Placement (in Dollars) | 5,000 | |||
Beginning January 16, 2021 [Member] | ||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Number of Annual Principal Repayments | 5 | |||
3.84% Notes [Member] | ||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | |||
Senior Notes (in Dollars) | 150,000,000 | |||
Debt Instrument, Term | 12 years | |||
6.40% Senior Notes [Member] | ||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | |||
Senior Notes (in Dollars) | 12,500,000 | 25,000,000 | ||
Debt Instrument, Number of Annual Principal Repayments | 4 | |||
5.44% Senior Notes [Member] | ||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.44% | |||
Senior Notes (in Dollars) | 20,000,000 | 40,000,000 | ||
Number Of Annual Principal Payments | 5 | |||
Debt Instrument, Periodic Payment (in Dollars) | $20,000 | |||
Minimum [Member] | ||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Debt Instrument, Term | 1 year | |||
Maximum [Member] | ||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.60% | |||
Debt Instrument, Term | 10 years |
Note_12_Longterm_Debt_Details_
Note 12 - Long-term Debt (Details) - Long-term Debt and Convertible Debentures (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 12 - Long-term Debt (Details) - Long-term Debt and Convertible Debentures [Line Items] | ||
Revolving credit facility | $299,061 | $148,647 |
Unamortized gain on settlement of interest rate swaps | 1,828 | 107 |
Adjustments to long term debt resulting from interest rate swaps | 27 | -5,196 |
Capital leases maturing at various dates through 2018 | 4,228 | 2,555 |
Other long-term debt maturing at various dates up to 2018 | 5,704 | 11,681 |
493,348 | 372,794 | |
Less: current portion | 36,396 | 44,785 |
Long-term debt - non-current | 456,952 | 328,009 |
3.84% Senior Notes [Member] | ||
Note 12 - Long-term Debt (Details) - Long-term Debt and Convertible Debentures [Line Items] | ||
Notes | 150,000 | 150,000 |
6.40% Senior Notes [Member] | ||
Note 12 - Long-term Debt (Details) - Long-term Debt and Convertible Debentures [Line Items] | ||
Notes | 12,500 | 25,000 |
5.44% Senior Notes [Member] | ||
Note 12 - Long-term Debt (Details) - Long-term Debt and Convertible Debentures [Line Items] | ||
Notes | $20,000 | $40,000 |
Note_12_Longterm_Debt_Details_1
Note 12 - Long-term Debt (Details) - Principal Repayments on Long-term Debt (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Principal Repayments on Long-term Debt [Abstract] | |
2015 | $36,396 |
2016 | 3,716 |
2017 | 300,661 |
2018 | 566 |
2019 and thereafter | $152,009 |
Note_13_Redeemable_Noncontroll2
Note 13 - Redeemable Non-controlling Interests (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 13 - Redeemable Non-controlling Interests (Details) [Line Items] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $230,992 | $222,073 |
Subordinate Noncontrolling Interest Shares | 4,300,000 | 5,100,000 |
Put and Call Options, If Settled Increase in Diluted Earnings Per Share | $1.05 | $1.64 |
Redemption Amount [Member] | ||
Note 13 - Redeemable Non-controlling Interests (Details) [Line Items] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $229,259 | $215,747 |
Note_13_Redeemable_Noncontroll3
Note 13 - Redeemable Non-controlling Interests (Details) - Reconciliation of the Beginning and Ending NCI Amounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Redeemable Noncontrolling Interest [Line Items] | |||
Balance, January 1 | $222,073 | $147,751 | |
RNCI share of earnings | 28,200 | 18,027 | 13,741 |
RNCI redemption increment | 19,420 | 41,430 | 21,131 |
Distributions paid to RNCI | 25,956 | 22,001 | 16,321 |
Other | 36,616 | 57,570 | 34,478 |
Balance, December 31 | 230,992 | 222,073 | |
Noncontrolling Interest Share Of Earnings [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
RNCI share of earnings | 22,539 | 13,976 | |
Noncontrolling Interest Redemption Increment [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
RNCI redemption increment | 19,420 | 41,430 | |
Noncontrolling Interest Distributions Paid To NCI [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Distributions paid to RNCI | -21,421 | -17,878 | |
Noncontrolling Interest Purchase Of Interests From NCI Net [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Purchases of interests from RNCI, net | -31,677 | -5,242 | |
Noncontrolling Interest Recognized On Business Acquisitions [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
RNCI recognized on business acquisitions | 19,376 | 43,531 | |
Noncontrolling Interest Share Of Other Comprehensive Earnings [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Other | $682 | ($1,495) |
Note_14_Capital_Stock_Details
Note 14 - Capital Stock (Details) | 0 Months Ended | 1 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | ||||
3-May-13 | Sep. 24, 2013 | Feb. 28, 2004 | 3-May-13 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 28, 2004 | Feb. 28, 2004 | Dec. 31, 2014 | |
USD ($) | Subordinate Voting Shares Conversion Rate [Member] | Subordinate Voting Shares [Member] | Subordinate Voting Shares [Member] | Multiple Voting Shares [Member] | First Payment [Member] | Second Payment [Member] | Chief Executive Officer [Member] | ||
Second Payment [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | USD ($) | ||||||
CAD | CAD | ||||||||
Note 14 - Capital Stock (Details) [Line Items] | |||||||||
Number of Votes for Subordinate Voting Shares | 1 | ||||||||
Number of Votes for Multiple Voting Shares | 20 | ||||||||
Percentage of Redemption for Cash Consideration | 30.00% | ||||||||
Preferred Stock Redeemed for Cash (in Dollars) | $39,232,000 | ||||||||
Percentage of Weighted Average Trading Price | 95.00% | ||||||||
Weighted Average Share Price (in Dollars per share) | $33.34 | ||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in Shares) | 2,889,900 | ||||||||
Conversion of Stock, Shares Issued (in Shares) | 2,744,886 | ||||||||
Percentage Payment of Subordinate and Multiple Voting Shares | 5.00% | ||||||||
Payment Formula Base Price (in Dollars) | 11.05 | 5.675 | |||||||
Percentage Payment of Shares Outstanding | 5.00% | ||||||||
Contingent Liabiilty Upon Sale of Control (in Dollars) | $163,585 |
Note_14_Capital_Stock_Details_
Note 14 - Capital Stock (Details) - Capital Stock Issued and Outstanding (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Balance, December 31 | 34,481,261 | 34,476,038 |
Balance, December 31 | $310,028 | $300,392 |
Subordinate Voting Shares [Member] | ||
Class of Stock [Line Items] | ||
Balance, December 31 | 1,325,694 | 1,325,694 |
Balance, December 31 | 373 | 373 |
Multiple Voting Shares [Member] | ||
Class of Stock [Line Items] | ||
Balance, December 31 | 35,806,955 | 35,801,732 |
Balance, December 31 | $310,401 | $300,765 |
Note_15_Stockbased_Compensatio2
Note 15 - Stock-based Compensation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Allocated Share-based Compensation Expense | $4,077,000 | $4,166,000 | $3,169,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $34.35 | $26.25 | $22.31 | $20.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 24,176,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3,754 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 3,750,000 | 3,956,000 | 3,485,000 | |
Subsidiary Investment Ownership Percentage Stock Options | 1.30% | |||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 5.00% | |||
Open Option Contracts Written, at Fair Value | 12,834 | 4,266 | ||
Employee Stock Option [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 963,250 | |||
Sharebased Compensation Arrangement By Sharebased Payment Award In The Money Options Weighted Average Remaining Contractual Life | 2 years 219 days | |||
Minimum [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $19.15 | |||
Maximum [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $49.54 | |||
Subsidiary Stock Option Plans [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | 9,006 | 8,568 | ||
Open Option Contracts Written, at Fair Value | $16,892 |
Note_15_Stockbased_Compensatio3
Note 15 - Stock-based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option Activity [Abstract] | |||
Shares issuable under options - December 31, 2011 | 1,687,050 | 1,729,200 | 1,895,550 |
Shares issuable under options - December 31, 2011 | $26.25 | $22.31 | $20.83 |
Number of Options | 343,000 | 422,000 | 367,000 |
Weighted Average Exercise Price | $49.57 | $31.35 | $31.48 |
Number of Options | -558,150 | -464,150 | -363,850 |
Weighted Average Exercise Price | $19.26 | $16.20 | $19.15 |
Number of Options | -8,000 | -169,500 | |
Weighted Average Exercise Price | $31.28 | $32.38 | |
Number of Options | 1,463,900 | 1,687,050 | 1,729,200 |
Weighted Average Exercise Price | $34.35 | $26.25 | $22.31 |
Weighted Average Remaining Contractual Life (years) | 2 years 219 days | ||
Aggregate Intrinsic Value | $24,176 | ||
Options exercisable - End of period | 560,450 | ||
Options exercisable - End of period | $29.19 | ||
Options exercisable - End of period | 1 year 255 days | ||
Options exercisable - End of period | $12,148 |
Note_15_Stockbased_Compensatio4
Note 15 - Stock-based Compensation (Details) - Options Exercised (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 15 - Stock-based Compensation (Details) - Options Exercised [Line Items] | |||
Number of options exercised (in Shares) | 558,150 | 464,150 | 363,850 |
Aggregate fair value | $10,718 | $7,467 | $6,933 |
Employee Stock Option [Member] | |||
Note 15 - Stock-based Compensation (Details) - Options Exercised [Line Items] | |||
Number of options exercised (in Shares) | 558,150 | 464,150 | 363,850 |
Aggregate fair value | 27,973 | 16,780 | 11,198 |
Intrinsic value | 17,223 | 9,313 | 4,265 |
Amount of cash received | 10,750 | 7,467 | 6,933 |
Tax benefit recognized | $5,856 | $3,148 | $1,438 |
Note_15_Stockbased_Compensatio5
Note 15 - Stock-based Compensation (Details) - Fair Value of Each Option Grant Assumptions Used (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value of Each Option Grant Assumptions Used [Abstract] | |||
Risk free rate | 0.90% | 0.40% | 0.40% |
Expected life in years | 4 years 9 months | 4 years 9 months | 4 years 9 months |
Expected volatility | 25.50% | 37.50% | 40.30% |
Dividend yield | 0.80% | 0.00% | 0.00% |
Weighted average fair value per option granted (in Dollars per share) | $10.52 | $10.13 | $10.87 |
Note_16_Income_Tax_Details
Note 16 - Income Tax (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 16 - Income Tax (Details) [Line Items] | |||
Tax Credit Carryforward, Duration Limit | 20 years | ||
Undistributed Earnings Of Foreign And Domestic Subsidiaries | $271,890,000 | $186,121,000 | |
Unrecognized Tax Benefits | 4,333,000 | 8,020,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,333 | 8,226 | |
Recovery Of Income Tax Interest And Penalties | 26,000 | 29,000 | 38,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 125,000 | 151,000 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $313 | ||
CANADA | Minimum [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 3 years | ||
CANADA | Maximum [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 4 years | ||
Domestic Tax Authority [Member] | Minimum [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 3 years | ||
Domestic Tax Authority [Member] | Maximum [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 5 years | ||
Minimum [Member] | Canada and United States [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Tax Credit Carryforward, Duration Limit | 14 years | ||
Maximum [Member] | Canada and United States [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Tax Credit Carryforward, Duration Limit | 20 years | ||
Australian Taxation Office [Member] | |||
Note 16 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 4 years |
Note_16_Income_Tax_Details_Eff
Note 16 - Income Tax (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Income tax expense using combined statutory rate of 26.5% (2013 - 26.5%, 2012 - 26.5%) | $32,117 | $18,233 | $16,463 |
Permanent differences | 4,507 | 4,125 | 3,286 |
Tax effect of flow through entities | -1,005 | -2,156 | -3,663 |
Impairment and other charges | 669 | 676 | |
Impact of changes in foreign exchange rates | -1,172 | -518 | 1,546 |
Adjustments to tax liabilities for prior periods | 274 | 925 | 721 |
Effects of changes in enacted tax rates | 12 | 250 | -14 |
Changes in liability for unrecognized tax benefits | -5,015 | 181 | 352 |
Stock-based compensation | 1,779 | 2,201 | -47 |
Foreign, state and provincial tax rate differential | -1,312 | -3,726 | -714 |
Impact of expired losses | 696 | ||
Tax on preferred shares | 880 | ||
Other taxes | 1,735 | 1,906 | 94 |
Change in valuation allowances | -1,486 | -97 | 2,033 |
Provision for income taxes as reported | $31,799 | $22,204 | $20,733 |
Note_16_Income_Tax_Details_Eff1
Note 16 - Income Tax (Details) - Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
IncomP5 tax P5xpP5nsP5 using combinP5d statutory ratP5, pP5rcP5ntagP5 ratP5 | 26.50% | 26.50% | 26.50% |
Note_16_Income_Tax_Details_Ear
Note 16 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 16 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | $121,198 | $68,805 | $62,126 |
Canada Revenue Agency [Member] | |||
Note 16 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | 18,078 | 1,977 | 22,438 |
Internal Revenue Service (IRS) [Member] | |||
Note 16 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | 7,974 | 3,154 | 8,713 |
Australian Taxation Office [Member] | |||
Note 16 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | 42,224 | 33,061 | 25,800 |
Foreign Tax Authority [Member] | |||
Note 16 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | $52,922 | $30,613 | $5,175 |
Note_16_Income_Tax_Details_Pro
Note 16 - Income Tax (Details) - Provision for (Recovery of) Income Tax (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred | |||
Deferred | ($991) | ($23,868) | ($18,660) |
Total | 31,799 | 22,204 | 20,733 |
Foreign Tax Authority [Member] | |||
Current | |||
Current | 14,677 | 11,860 | 4,729 |
Deferred | |||
Deferred | -1,837 | -3,328 | -1,279 |
Current Income Tax [Member] | |||
Current | |||
Current | 32,337 | 36,673 | 36,891 |
Deferred Income Tax [Member] | |||
Deferred | |||
Deferred | -538 | -14,469 | -16,158 |
Canada Revenue Agency [Member] | |||
Current | |||
Current | 144 | 11,137 | 5,771 |
Deferred | |||
Deferred | 4,086 | -7,627 | 364 |
Internal Revenue Service (IRS) [Member] | |||
Current | |||
Current | 4,123 | 2,588 | 17,865 |
Deferred | |||
Deferred | -2,403 | -2,435 | -14,500 |
Australian Taxation Office [Member] | |||
Current | |||
Current | 13,393 | 11,088 | 8,526 |
Deferred | |||
Deferred | ($384) | ($1,079) | ($743) |
Note_16_Income_Tax_Details_Def
Note 16 - Income Tax (Details) - Deferred Income Tax Components (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets | ||
Loss carry-forwards | $79,932 | $91,957 |
Expenses not currently deductible | 33,240 | 23,467 |
Stock-based compensation | 4,797 | 3,956 |
Basis differences of partnerships and other entities | 17,442 | 14,173 |
Allowance for doubtful accounts | 4,405 | 4,580 |
Inventory and other reserves | 4,006 | 2,554 |
143,822 | 140,687 | |
129,262 | 126,567 | |
Deferred income tax liabilities | ||
Depreciation and amortization | 36,205 | 31,165 |
Prepaid and other expenses deducted for tax purposes | 1,804 | 1,427 |
38,009 | 32,592 | |
Net deferred income tax asset | 91,253 | 93,975 |
Deferred Income Taxes [Member] | ||
Deferred income tax assets | ||
Less: valuation allowance | ($14,560) | ($14,120) |
Note_16_Income_Tax_Details_Gro
Note 16 - Income Tax (Details) - Gross Operating Loss Carryforwards (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | $79,932 | $91,957 |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 45,508 | 46,901 |
Valuation Allowance | 32,937 | 41,412 |
Net | 12,571 | 5,489 |
Capital Loss Carryforward [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 4,655 | 939 |
Valuation Allowance | 4,655 | 939 |
Capital Loss Carryforward [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 4,197 | |
Valuation Allowance | 4,197 | |
Capital Loss Carryforward [Member] | Australian Taxation Office [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 7,434 | 8,123 |
Valuation Allowance | 7,434 | 8,123 |
Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 57,929 | 72,526 |
Valuation Allowance | 264 | 2,438 |
Net | 57,665 | 70,088 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 145,269 | 164,414 |
Valuation Allowance | 4,099 | 4,099 |
Net | 141,170 | 160,315 |
Australian Taxation Office [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 304 | |
Net | $304 |
Note_16_Income_Tax_Details_Unr
Note 16 - Income Tax (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Balance, | $8,020 | ||
Increases based on tax positions related to the current period | 65 | 384 | |
Increases for tax positions of prior periods | 1,595 | 562 | |
Reduction for settlements with taxing authorities | -3,713 | ||
Reduction for lapses in applicable statutes of limitations | -1,634 | -840 | |
Balance, | 4,333 | 8,020 | |
End Of Report [Member] | |||
Income Tax Contingency [Line Items] | |||
Balance, | 7,914 | ||
Balance, | 7,914 | ||
Begining of Report [Member] | |||
Income Tax Contingency [Line Items] | |||
Balance, | $4,333 |
Note_17_Net_Earnings_Loss_Per_2
Note 17 - Net Earnings (Loss) Per Common Share (Details) - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 17 - Net Earnings (Loss) Per Common Share (Details) - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share [Line Items] | |||
Shares issued and outstanding at beginning of period | 35,801,732 | 30,070,104 | 29,941,254 |
Issued during the period | 335,253 | 2,968,064 | 250,868 |
Repurchased during the period | -220,333 | -110,455 | -165,703 |
Weighted average number of shares used in computing basic earnings per share | 35,916,652 | 32,927,713 | 30,026,419 |
Number of shares used in computing diluted earningsper share | 36,308,978 | 33,262,299 | 30,375,950 |
Denominator [Member] | |||
Note 17 - Net Earnings (Loss) Per Common Share (Details) - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share [Line Items] | |||
Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method | 392,326 | 334,586 | 349,531 |
Note_18_Other_Supplemental_Inf2
Note 18 - Other Supplemental Information (Details) - Summary of Other Supplemental Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Franchisor operations | |||
Revenues | $2,714,273 | $2,344,625 | $2,098,987 |
Operating earnings | 134,427 | 88,780 | 79,248 |
Cash payments made during the period | |||
Income taxes | 56,336 | 46,159 | 25,673 |
Interest | 15,370 | 17,314 | 18,860 |
Non-cash financing activities | |||
Increases in capital lease obligations | 3,714 | 2,215 | 2,948 |
Other expenses | |||
Rent expense | 73,281 | 69,489 | 68,580 |
Franchisor Operations [Member] | |||
Franchisor operations | |||
Revenues | 90,684 | 80,450 | 75,025 |
Operating earnings | 22,071 | 19,435 | 16,801 |
Initial franchise fee revenues | $5,042 | $5,817 | $5,950 |
Note_19_Financial_Instruments_1
Note 19 - Financial Instruments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Contingent Consideration Liability [Member] | Minimum [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Fair Value Inputs, Discount Rate | 9.00% |
Contingent Consideration Liability [Member] | Maximum [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Fair Value Inputs, Discount Rate | 12.50% |
Fair Values For Other Financial Instruments [Member] | Minimum [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Fair Value Inputs, Discount Rate | 0.10% |
Fair Values For Other Financial Instruments [Member] | Maximum [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Fair Value Inputs, Discount Rate | 2.20% |
Interest Rate Swap Agreement [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.44% |
Interest Rate Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.87% |
Interest Rate Senior Notes [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Debt Instrument, Face Amount (in Dollars) | 10,000 |
Interest Rate Swap [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Derivative, Number of Instruments Held | 1 |
Minimum [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.25% |
Maximum [Member] | |
Note 19 - Financial Instruments (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Note_19_Financial_Instruments_2
Note 19 - Financial Instruments (Details) - Fair Value Information of Hedging Instrument (Other Noncurrent Assets [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Noncurrent Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Interest rate swap asset | $27 |
Note_19_Financial_Instruments_3
Note 19 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 19 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Contingent consideration liability | $27,136 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Note 19 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Interest rate swap asset | 27 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 19 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Contingent consideration liability | 27,136 | 8,740 |
Interest Rate Swap [Member] | ||
Note 19 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Interest rate swap asset | $27 |
Note_19_Financial_Instruments_4
Note 19 - Financial Instruments (Details) - Change in Fair Value of Contingent Consideration Liability (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 19 - Financial Instruments (Details) - Change in Fair Value of Contingent Consideration Liability [Line Items] | ||
Fair value adjustments (note 5) | ($20,064) | |
Balance, December 31, 2014 | 27,136 | |
Less: current portion | 10,971 | 122 |
Non-current portion | 16,165 | 8,618 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 19 - Financial Instruments (Details) - Change in Fair Value of Contingent Consideration Liability [Line Items] | ||
Balance, December 31, 2013 | 8,740 | |
Amounts recognized on acquisitions | 17,838 | |
Fair value adjustments (note 5) | 2,371 | |
Resolved and settled in cash | -238 | |
Other | -1,575 | |
Balance, December 31, 2014 | 27,136 | |
Less: current portion | 10,971 | |
Non-current portion | $16,165 |
Note_19_Financial_Instruments_5
Note 19 - Financial Instruments (Details) - Estimated of Fair Values for Other Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated of Fair Values for Other Financial Instruments [Abstract] | ||
Other receivables | $6,845 | $7,455 |
Other receivables | 6,845 | 7,455 |
Long-term debt | 493,348 | 372,794 |
Long-term debt | $513,128 | $386,952 |
Note_20_Commitments_and_Contin2
Note 20 - Commitments and Contingencies (Details) - Minimum Operating Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum Operating Lease Payments [Abstract] | |
2015 | $77,208 |
2016 | 68,407 |
2017 | 51,676 |
2018 | 41,899 |
2019 | 35,073 |
Thereafter | $95,697 |
Note_21_Related_Party_Transact1
Note 21 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 21 - Related Party Transactions (Details) [Line Items] | |||
Revenue from Related Parties | $15,093 | $12,988 | $16,198 |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years | ||
Due from Related Parties | 4,781 | 4,696 | |
Due to Related Parties | 159 | 5,081 | |
Affiliated Entity [Member] | Minimum [Member] | |||
Note 21 - Related Party Transactions (Details) [Line Items] | |||
Property Management Contract Term | 1 year | ||
Affiliated Entity [Member] | Maximum [Member] | |||
Note 21 - Related Party Transactions (Details) [Line Items] | |||
Property Management Contract Term | 3 years | ||
Affiliated Entity [Member] | |||
Note 21 - Related Party Transactions (Details) [Line Items] | |||
Payments for Rent | $1,080 | $950 | $1,573 |
Minimum [Member] | |||
Note 21 - Related Party Transactions (Details) [Line Items] | |||
Debt Instrument, Term | 1 year | ||
Maximum [Member] | |||
Note 21 - Related Party Transactions (Details) [Line Items] | |||
Debt Instrument, Term | 10 years |
Note_22_Segmented_Information_1
Note 22 - Segmented Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 22 - Segmented Information (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Revenues | $2,714,273 | $2,344,625 | $2,098,987 |
Equity Method Investments | 5,168 | 4,946 | |
Service America [Member] | RRE Segment [Member] | |||
Note 22 - Segmented Information (Details) [Line Items] | |||
Revenues | 49,165 | 52,818 | 45,623 |
Gross Profit | 1,967 | 2,896 | 2,807 |
CRE[Member] | |||
Note 22 - Segmented Information (Details) [Line Items] | |||
Equity Method Investments | $4,768 | $4,744 |
Note_22_Segmented_Information_2
Note 22 - Segmented Information (Details) - Operating Segments (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Revenues | $2,714,273 | $2,344,625 | $2,098,987 |
Depreciation and amortization | 62,516 | 75,352 | 53,502 |
Operating earnings (loss) | 134,427 | 88,780 | 79,248 |
Other income/expense, net | 1,008 | 1,524 | 2,441 |
Income taxes | -31,799 | -22,204 | -20,733 |
Net earnings | 43,316 | -18,039 | 5,850 |
Total assets | 1,639,427 | 1,443,511 | |
Commercial Real Estate Segment [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net earnings | 0 | 0 | 0 |
Commercial Real Estate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,582,039 | 1,306,334 | 1,158,948 |
Depreciation and amortization | 35,753 | 32,426 | 23,990 |
Operating earnings (loss) | 97,180 | 59,209 | 32,696 |
Other income/expense, net | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Net earnings | 0 | 0 | 0 |
Total assets | 985,533 | 797,520 | 633,439 |
Total additions to long lived assets | 133,296 | 129,904 | 35,031 |
Net earnings/loss from discontinued operations | 0 | 0 | 0 |
Residential Property Management [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net earnings | 0 | 0 | 0 |
Residential Property Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 919,545 | 844,952 | 768,994 |
Depreciation and amortization | 19,693 | 30,655 | 18,530 |
Operating earnings (loss) | 31,379 | 27,613 | 39,767 |
Other income/expense, net | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Net earnings | 0 | 0 | 0 |
Total assets | 405,150 | 444,275 | 421,269 |
Total additions to long lived assets | 23,208 | 22,386 | 18,165 |
Net earnings/loss from discontinued operations | 0 | 0 | 0 |
Property Services [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net earnings | 0 | 0 | 0 |
Property Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 212,457 | 193,135 | 170,827 |
Depreciation and amortization | 6,734 | 8,557 | 5,155 |
Operating earnings (loss) | 30,559 | 23,201 | 21,798 |
Other income/expense, net | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Net earnings | 0 | 0 | 0 |
Total assets | 237,140 | 194,233 | 255,525 |
Total additions to long lived assets | 16,423 | 291 | 9,291 |
Net earnings/loss from discontinued operations | 0 | 0 | 0 |
Corporate Segment [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net earnings | 0 | 0 | 0 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 232 | 204 | 218 |
Depreciation and amortization | 230 | 244 | 364 |
Operating earnings (loss) | -24,691 | -21,243 | -15,013 |
Other income/expense, net | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Net earnings | 0 | 0 | 0 |
Total assets | 11,604 | 7,483 | 7,677 |
Total additions to long lived assets | -72 | -76 | 73 |
Net earnings/loss from discontinued operations | 0 | 0 | 0 |
Consolidated [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net earnings | 89,399 | 46,601 | 41,393 |
Consolidated [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,714,273 | 2,344,625 | 2,098,987 |
Depreciation and amortization | 62,410 | 71,882 | 48,039 |
Operating earnings (loss) | 134,427 | 88,780 | 79,248 |
Other income/expense, net | 1,008 | 1,524 | 2,441 |
Interest expense, net | -14,237 | -21,499 | -19,563 |
Income taxes | -31,799 | -22,204 | -20,733 |
Net earnings | 90,936 | 41,418 | 40,722 |
Total assets | 1,639,427 | 1,443,511 | 1,317,910 |
Total additions to long lived assets | 172,855 | 152,505 | 62,560 |
Net earnings/loss from discontinued operations | $1,537 | ($5,183) | ($671) |
Note_22_Segmented_Information_3
Note 22 - Segmented Information (Details) - Revenues and Long-lived Assets by Geographic Location (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
United States | |||
Revenues | $2,714,273 | $2,344,625 | $2,098,987 |
UNITED STATES | |||
United States | |||
Revenues | 1,554,605 | 1,392,442 | 1,284,212 |
Total long-lived assets | 401,101 | 395,069 | 468,602 |
CANADA | |||
United States | |||
Revenues | 354,259 | 341,491 | 330,622 |
Total long-lived assets | 97,929 | 88,660 | 99,529 |
AUSTRALIA | |||
United States | |||
Revenues | 230,948 | 199,221 | 177,677 |
Total long-lived assets | 51,083 | 44,811 | 49,269 |
Other Geographic Locations [Member] | |||
United States | |||
Revenues | 574,461 | 411,471 | 306,476 |
Total long-lived assets | 271,524 | 177,371 | 70,205 |
Total Consolidated Amount [Member] | |||
United States | |||
Revenues | 2,714,273 | 2,344,625 | 2,098,987 |
Total long-lived assets | $821,637 | $705,911 | $687,605 |
Note_24_Subsequent_Event_Detai
Note 24 - Subsequent Event (Details) (Subsequent Event [Member]) | Feb. 10, 2015 |
Subsequent Event [Member] | |
Note 24 - Subsequent Event (Details) [Line Items] | |
Number of Companies Generated in Spinoff | 2 |