Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Entity Registrant Name | Colliers International Group Inc. |
Entity Central Index Key | 913,353 |
Trading Symbol | cigi |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Subordinate Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 37,887,442 |
Multiple Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 1,325,694 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues (note 21) | $ 2,825,427 | $ 2,435,200 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 1,817,526 | 1,585,865 |
Selling, general and administrative expenses | 705,798 | 614,040 |
Depreciation | 30,573 | 26,334 |
Amortization of intangible assets | 48,157 | 26,658 |
Acquisition-related items (note 4) | 21,975 | 14,927 |
Operating earnings | 201,398 | 167,376 |
Interest expense, net | 20,845 | 11,895 |
Other income, net (note 5) | (1,281) | (500) |
Earnings before income tax | 181,834 | 155,981 |
Income tax expense (note 14) | 53,260 | 61,907 |
Net earnings | 128,574 | 94,074 |
Non-controlling interest share of earnings | 23,207 | 20,319 |
Non-controlling interest redemption increment (note 11) | 7,709 | 22,393 |
Net earnings attributable to Company | $ 97,658 | $ 51,362 |
Net earnings per common share (note 16) | ||
Basic (in dollars per share) | $ 2.49 | $ 1.32 |
Diluted (in dollars per share) | $ 2.45 | $ 1.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net earnings | $ 128,574 | $ 94,074 |
Foreign currency translation gain (loss) | (13,087) | 16,648 |
Unrealized gain on interest swaps, net of tax | 129 | 552 |
Pension liability adjustments, net of tax | 1,638 | 1,125 |
Comprehensive earnings | 117,254 | 112,399 |
Less: Comprehensive earnings attributable to non-controlling interests | 37,657 | 32,852 |
Comprehensive earnings attributable to Company | $ 79,597 | $ 79,547 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 127,032 | $ 108,523 |
Accounts receivable, net of allowance of $30,789 (December 31, 2017 - $28,709) | 455,232 | 382,542 |
Contract assets (note 21) | 99,468 | 104,737 |
Income tax recoverable | 13,090 | 13,815 |
Prepaid expenses and other current assets | 65,491 | 54,741 |
Total current assets | 760,313 | 664,358 |
Other receivables | 12,088 | 10,136 |
Contract assets (note 21) | 10,964 | 7,104 |
Other assets (note 6) | 60,713 | 55,496 |
Fixed assets (note 7) | 93,483 | 83,899 |
Deferred income tax, net (note 14) | 34,195 | 48,401 |
Intangible assets (note 8) | 497,930 | 183,036 |
Goodwill (note 9) | 887,894 | 455,130 |
Total noncurrent assets | 1,597,267 | 843,202 |
Total assets | 2,357,580 | 1,507,560 |
Current liabilities | ||
Accounts payable and accrued expenses | 240,513 | 227,087 |
Accrued compensation | 469,563 | 419,635 |
Income tax payable | 30,034 | 21,414 |
Contract liabilities (note 21) | 39,635 | 35,423 |
Long-term debt - current (note 10) | 1,834 | 2,426 |
Contingent acquisition consideration - current (note 18) | 17,122 | 18,657 |
Total current liabilities | 798,701 | 724,642 |
Long-term debt - non-current (note 10) | 670,289 | 247,467 |
Contingent acquisition consideration (note 18) | 76,743 | 31,643 |
Deferred rent | 27,137 | 24,469 |
Other liabilities | 21,826 | 11,792 |
Deferred income tax, net (note 14) | 27,550 | 19,044 |
Total noncurrent liabilities | 823,545 | 334,415 |
Redeemable non-controlling interests (note 11) | 343,361 | 145,489 |
Shareholders' equity | ||
Common shares (note 12) | 415,805 | 406,984 |
Contributed surplus | 54,717 | 50,219 |
Deficit | (21,751) | (115,489) |
Accumulated other comprehensive loss | (61,218) | (43,157) |
Total Company shareholders' equity | 387,553 | 298,557 |
Non-controlling interests | 4,420 | 4,457 |
Total shareholders' equity | 391,973 | 303,014 |
Total liabilities and shareholders' equity | 2,357,580 | 1,507,560 |
Commitments and contingencies (notes 12, 19 and 24) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance | $ 30,789 | $ 28,709 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 38,648,461 | |||||
Balance at Dec. 31, 2016 | $ 399,774 | $ 51,540 | $ (163,438) | $ (71,342) | $ 7,329 | $ 223,863 |
Tax benefit on stock-based compensation | 476 | 476 | ||||
Net earnings | 94,074 | 94,074 | ||||
Pension liability adjustments, net of tax | 1,125 | 1,125 | ||||
Foreign currency translation gain (loss) | 16,648 | 16,648 | ||||
Unrealized gain on interest swaps, net of tax | 552 | 552 | ||||
Other comprehensive earnings (loss) attributable to NCI | 9,860 | 171 | 10,031 | |||
NCI share of earnings | (20,319) | 3,631 | (16,688) | |||
NCI redemption increment | (22,393) | (22,393) | ||||
Distributions to NCI | (5,587) | (5,587) | ||||
Acquisitions of businesses, net | (1,087) | (1,087) | ||||
Subsidiaries’ equity transactions | (4,176) | (4,176) | ||||
Stock option expense | 4,425 | $ 4,425 | ||||
Stock options exercised (in shares) | 285,700 | 285,700 | ||||
Stock options exercised | $ 7,210 | (1,570) | $ 5,640 | |||
Dividends | (3,889) | (3,889) | ||||
Balance (in shares) at Dec. 31, 2017 | 38,934,161 | |||||
Balance at Dec. 31, 2017 | $ 406,984 | 50,219 | (115,489) | (43,157) | 4,457 | 303,014 |
Net earnings | 128,574 | 128,574 | ||||
Pension liability adjustments, net of tax | 1,638 | 1,638 | ||||
Foreign currency translation gain (loss) | (13,087) | (13,087) | ||||
Unrealized gain on interest swaps, net of tax | 129 | 129 | ||||
Other comprehensive earnings (loss) attributable to NCI | (6,741) | (60) | (6,801) | |||
NCI share of earnings | (23,207) | 2,717 | (20,490) | |||
NCI redemption increment | (7,709) | (7,709) | ||||
Distributions to NCI | (2,474) | (2,474) | ||||
Acquisitions of businesses, net | (220) | (220) | ||||
Subsidiaries’ equity transactions | (496) | (496) | ||||
Stock option expense | 6,394 | $ 6,394 | ||||
Stock options exercised (in shares) | 278,975 | 278,975 | ||||
Stock options exercised | $ 8,821 | (1,400) | $ 7,421 | |||
Dividends | (3,920) | (3,920) | ||||
Balance (in shares) at Dec. 31, 2018 | 39,213,136 | |||||
Balance at Dec. 31, 2018 | $ 415,805 | $ 54,717 | $ (21,751) | $ (61,218) | $ 4,420 | $ 391,973 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net earnings | $ 128,574 | $ 94,074 |
Depreciation and amortization | 78,730 | 52,992 |
Deferred income tax | 6,137 | 18,330 |
Earnings from equity method investments | (1,321) | (923) |
Stock option expense | 6,394 | 4,425 |
Allowance for uncollectible accounts receivable | 6,925 | 4,695 |
Amortization of advisor loans | 17,107 | 14,353 |
Other | 11,586 | 9,828 |
Net changes from operating assets / liabilities | ||
Accounts receivable | (54,229) | (38,050) |
Contract assets | 3,869 | (17,202) |
Prepaid expenses and other assets | (8,952) | (2,888) |
Accounts payable and accrued expenses | 14,180 | 16,075 |
Accrued compensation | 36,850 | 57,935 |
Income tax payable | 6,761 | (985) |
Contract liabilities | 6,481 | 4,581 |
Other liabilities | 2,761 | 2,097 |
Contingent acquisition consideration paid | (4,365) | (6,487) |
Net cash provided by operating activities | 257,488 | 212,850 |
Investing activities | ||
Acquisitions of businesses, net of cash acquired (note 3) | (586,242) | (58,674) |
Disposition of business, net of cash disposed (note 3) | 17,286 | |
Purchases of fixed assets | (35,579) | (39,472) |
Advisor loans issued | (23,680) | (38,266) |
Other investing activities | 81 | (4,835) |
Net cash used in investing activities | (628,134) | (141,247) |
Financing activities | ||
Increase in long-term debt | 985,755 | 314,925 |
Repayment of long-term debt | (800,032) | (336,514) |
Issuance of senior notes | 244,938 | |
Purchases of subsidiary shares from non-controlling interests | (3,720) | (40,915) |
Sale of interests in subsidiaries to non-controlling interests | 2,389 | 3,937 |
Contingent acquisition consideration paid | (15,503) | (4,700) |
Proceeds received on exercise of stock options | 7,420 | 5,640 |
Dividends paid to common shareholders | (3,906) | (3,875) |
Distributions paid to non-controlling interests | (18,871) | (20,797) |
Financing fees paid | (3,242) | (1,634) |
Net cash provided by (used in) financing activities | 395,228 | (83,933) |
Effect of exchange rate changes on cash | (6,073) | 7,705 |
Increase (decrease) in cash and cash equivalents | 18,509 | (4,625) |
Cash and cash equivalents, beginning of year | 108,523 | 113,148 |
Cash and cash equivalents, end of year | $ 127,032 | $ 108,523 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of the business Colliers International Group Inc. (“Colliers” or the “Company”) provides commercial real estate services to corporate and institutional clients in 35 68 four |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
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 judgments used to determine the timing and amount of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions, recoverability of deferred income tax assets 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 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 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 Buildings 20 40 Vehicles 3 5 Furniture and equipment 3 10 Computer equipment and software 3 5 Leasehold improvements term of the lease to a maximum of 10 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 not, may not 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 three Level 1 Level 2 Level 3 no Financing fees Financing fees related to the Revolving Credit Facility are recorded as an asset and amortized to interest expense using the effective interest method. Financing fees related to the Senior Notes are recorded as a reduction of the debt amount and are 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 Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not Customer lists and relationships straight-line over 4 20 Investment management contracts straight-line over 5 15 Trademarks and trade names straight-line over 2 10 Management contracts and other straight-line over life of contract ranging from 2 10 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 Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has four first not not no not two first 3 second 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 The Company generates revenue from contracts with customers through its provision of commercial real estate services. These services consist of sales brokerage and lease brokerage operations, outsourcing and advisory services and investment management services. (a) Real estate brokerage operations Brokerage revenue includes commissions from sales brokerage and lease brokerage services. Sales brokerage services include purchases and sales, debt placement, equity capital raising, market value opinions, acquisition advisory and transaction management. The Company provides these services with respect to substantially all types of commercial real estate. Lease brokerage includes landlord and tenant representation services. Landlord representation provides real estate owners with services to strategically position properties and to secure appropriate tenants. Tenant representation focuses on assisting businesses to assess their occupancy requirements and evaluating and negotiating leases and lease renewals. (b) Outsourcing and advisory services Outsourcing and advisory services consist of project management, property management as well as valuation and advisory services. Project management services include design and construction management, move management and workplace solutions consulting. Project management engagements range from single project contracts with a duration of less than one may third one three 30 120 Valuation and advisory services consist of helping customers determine market values for various types of real estate properties. Such services may may may (c) Investment management services Investment management revenues include consideration for services in the form of asset management advisory and administration fees, transaction fees and incentive fees (carried interest). The performance obligation is to manage client’s invested capital for a specified period of time and is delivered over time. Revenue recognition and unearned revenues Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of services, which are capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. (a) Nature of services The Company has determined that control of sales brokerage services rendered transfer to a customer when a sale and purchase agreement becomes unconditional and lease brokerage services rendered transfer to a customer when a lease between the landlord and the tenant is executed. At these points in time the customer has received substantially all of the benefit of the services provided by the Company. The transaction price is typically associated with the underlying asset involved in the transaction, most commonly a percentage of the sales price or the aggregate rental payments over the term of the lease which are generally known when revenue is recognized. Outsourcing and advisory services including those provided in relation to property management and project management transfer to the customer over time as the services are performed and revenue from providing these services is recognized in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognized based upon the actual labor hours spent relative to the total expected labor hours or the project costs incurred relative to the total project costs. For some projects certain obligations that are representative of the work completed may For other advisory services, including valuation and appraisal review, the customer is unable to benefit from the services until the work is substantially complete, revenue is recognized upon delivery of materials to the customer because this faithfully represents when the service has been rendered. For most fixed fee consulting assignments, revenue is recognized based upon the actual service provided to the end of the reporting period as a proportion of the total services to be provided and customers are invoiced on a monthly basis and consideration is payable when invoiced. Investment management advisory and administration fees are recognized as the services are performed over time and are primarily based on agreed-upon percentages of assets under management or committed capital. Revenue recognition for transactional performance obligations are recognized at a point in time when the performance obligation has been met. The Company receives investment management advisory incentive fees (carried interest) from certain investment funds. These incentive fees are dependent upon exceeding specified performance thresholds on a relative or absolute basis, depending on the product. Incentive fees are recognized when it is determined that significant reversal is considered no (b) Significant judgments The Company’s contracts with customers may may not Brokerage commission arrangement may may may not Outsourcing and advisory arrangements may In providing project management or property management services, the Company may not In some cases, the Company may may Investment management fee arrangements are unique to each contract and evaluated on an individual basis to determine the timing of revenue recognition and significant judgment is involved in making such determination. At each reporting period, the Company considers various factors in estimating revenue to be recognized. Incentive fees have a broad range of possible amounts and the determination of these amount is based upon the market value for managed assets which is highly susceptible to factors outside of the Company’s influence. As a result, incentive fee revenue is generally constrained until significant reversal is considered no Certain constrained brokerage fees, outsourcing and advisory fees and investment management fees may may Contract balances Timing of revenue recognition may may not one not The Company generally does not one one Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 90 not one may not one not not Contract liabilities represent advance payments associated with our performance obligations that have not Remaining performance obligations Remaining performance obligations represent the aggregate transaction prices for contracts where the Company’s performance obligations have not one Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method. Long-term incentive plans Under these plans, certain subsidiary employees are compensated if the earnings before interest, income tax and amortization of the subsidiary increases. Awards under these plans generally have a term of up to ten five ten 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 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. Pension plan The Company’s defined benefit pension plan obligation is remeasured annually as of December 31 The benefit obligation and related funded status are determined using assumptions as of the end of each year. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate as at the measurement date. Pension expense for the pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, and other costs. Actuarial gains and losses related to the change in the over-funded or under-funded status of the pension plan are recognized in other comprehensive income. Business combinations All business combinations are accounted for using the acquisition 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 |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisitions 2018 The Company acquired controlling interests in twelve five four two one 75% July 5, 2018. January 3, 2018, not The acquisition date fair value of consideration transferred and purchase price allocation was as follows: Finland Harrison Other Aggregate Current assets, excluding cash $ 4,734 $ 16,948 $ 31,623 $ 53,305 Non-current assets 2,581 4,678 3,616 10,875 Current liabilities (9,421 ) (14,544 ) (27,853 ) (51,818 ) Long-term liabilities (6,072 ) - (15,608 ) (21,680 ) $ (8,178 ) $ 7,082 $ (8,222 ) $ (9,318 ) Cash consideration, net of cash acquired of $23,777 $ (57,287 ) $ (447,513 ) $ (81,442 ) $ (586,242 ) Acquisition date fair value of contingent consideration - (40,889 ) (19,212 ) (60,101 ) Total purchase consideration $ (57,287 ) $ (488,402 ) $ (100,654 ) $ (646,343 ) Acquired intangible assets $ 26,841 $ 278,600 $ 69,495 $ 374,936 Acquired goodwill $ 38,624 $ 366,350 $ 60,708 $ 465,682 Redeemable non-controlling interest $ - $ 163,630 $ 21,327 $ 184,957 2017 The Company acquired controlling interests in ten The acquisition date fair value of consideration transferred and purchase price allocation was as follows: Northern Other Aggregate Current assets, excluding cash $ 8,503 $ 5,420 $ 13,923 Non-current assets 2,268 1,117 3,385 Current liabilities (38,481 ) (10,463 ) (48,944 ) Long-term liabilities (10,600 ) (3,084 ) (13,684 ) $ (38,310 ) $ (7,010 ) $ (45,320 ) Cash consideration, net of cash acquired of $41,989 $ (22,696 ) $ (35,978 ) $ (58,674 ) Acquisition date fair value of contingent consideration (10,412 ) (9,135 ) (19,547 ) Total purchase consideration $ (33,108 ) $ (45,113 ) $ (78,221 ) Acquired intangible assets $ 28,800 $ 32,428 $ 61,228 Acquired goodwill $ 42,618 $ 35,953 $ 78,571 Redeemable non-controlling interest $ - $ 16,258 $ 16,258 Acquisition-related transaction costs for the year ended December 31, 2018 $11,747 2017 $6,247 In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted 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, 2018, $379,486 2017 $17,531 During the year ended December 31, 2018, $17,713 $98. The Company typically structures its business acquisitions to include contingent consideration. Certain 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 five not 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, 2018 $93,865 18 December 31, 2018 $15,161. $175,870 $206,906. March 2023. December 31, 2018, $19,946 2017 $11,187 The consideration for the acquisitions during the year ended December 31, 2018 The amounts of revenues and earnings contributed from the dates of acquisition and included in the Company’s consolidated results for the year ended December 31, 2018, January 1, 2017, Revenues Net earnings Actual from acquired entities for 2018 $ 196,480 $ 10,879 Supplemental pro forma for 2018 (unaudited) 2,934,211 139,297 Supplemental pro forma for 2017 (unaudited) 2,738,081 118,078 Of the $196,480 2018, $61,465 $45,364 $89,651 Supplemental pro forma results were adjusted for non-recurring items. |
Note 4 - Acquisition-related It
Note 4 - Acquisition-related Items | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure Acquisition Related Items [Text Block] | 4. Acquisition-related items Acquisition-related expense comprises the following: 2018 2017 Transaction costs $ 11,747 $ 6,247 Contingent consideration fair value adjustments 1,675 1,054 Contingent consideration compensation expense 8,553 7,626 $ 21,975 $ 14,927 Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as the preceding four |
Note 5 - Other Income
Note 5 - Other Income | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 5. Other income, net 2018 2017 (Gain) Loss on investments $ (168 ) $ 309 Equity earnings from non-consolidated investments (1,321 ) (923 ) Other 208 114 $ (1,281 ) $ (500 ) |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other assets December 31, December 31, Advisor loans receivable $ 46,661 $ 44,978 Equity method investments 3,968 2,812 Cost accounted investments 3,800 2,944 Financing fees, net of accumulated amortization of $2,567 (December 31, 2017 - $1,672) 4,230 2,953 Interest rate swap asset 926 751 Other 1,128 1,058 $ 60,713 $ 55,496 Cost accounted investments include $1,932 2017 $1,192 |
Note 7 - Fixed Assets
Note 7 - Fixed Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Fixed assets December 31, 2018 Cost Accumulated depreciation Net Buildings $ 2,548 $ 1,042 $ 1,506 Vehicles 2,173 1,297 876 Furniture and equipment 55,952 37,751 18,201 Computer equipment and software 114,136 82,120 32,016 Leasehold improvements 76,939 36,056 40,883 $ 251,748 $ 158,265 $ 93,483 December 31, 2017 Cost Accumulated Net Buildings $ 2,425 $ 906 $ 1,519 Vehicles 1,952 1,093 859 Furniture and equipment 52,912 35,825 17,087 Computer equipment and software 106,500 77,822 28,678 Leasehold improvements 69,848 34,092 35,756 $ 233,637 $ 149,738 $ 83,899 Included in fixed assets are vehicles, office and computer equipment under capital lease at a cost of $6,555 2017 $5,812 $1,468 2017 $1,913 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. Intangible assets December 31, 2018 Gross Accumulated Net Customer lists and relationships $ 290,667 $ 95,011 $ 195,656 Investment management contracts 270,600 12,145 258,455 Franchise rights 5,175 4,141 1,034 Trademarks and trade names: Indefinite life 23,841 - 23,841 Finite life 12,851 2,853 9,998 Management contracts and other 16,533 7,907 8,626 Brokerage backlog 480 160 320 $ 620,147 $ 122,217 $ 497,930 December 31, 2017 Gross Accumulated Net Customer lists and relationships $ 219,986 $ 74,897 $ 145,089 Franchise rights 5,703 4,156 1,547 Trademarks and trade names: Indefinite life 24,121 - 24,121 Finite life 2,776 1,865 911 Management contracts and other 17,733 6,572 11,161 Brokerage backlog 310 103 207 $ 270,629 $ 87,593 $ 183,036 During the year ended December 31, 2018, Amount Estimated Customer lists and relationships $ 90,668 9.9 Investment management contracts 270,600 12.9 Trademarks and trade names - finite life 11,632 10.9 Brokerage backlog 4,722 0.5 $ 377,622 12.0 The investment management contracts relate to the acquisition of Harrison Street. The following is the estimated annual expense for amortization of the recorded intangible assets for each of the next five December 31: 2019 $ 56,903 2020 53,419 2021 51,366 2022 50,690 2023 48,127 |
Note 9 - Goodwill
Note 9 - Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 9. Goodwill Americas EMEA Asia Investment Consolidated Balance, December 31, 2016 $ 126,417 $ 165,110 $ 44,446 $ 12,033 $ 348,006 Goodwill acquired during the year 62,938 13,672 1,961 - 78,571 Other items 1,175 - - - 1,175 Foreign exchange 48 22,397 3,259 1,674 27,378 Balance, December 31, 2017 190,578 201,179 49,666 13,707 455,130 Goodwill acquired during the year 18,014 79,364 1,954 366,350 465,682 Goodwill disposed during the year - (12,557 ) - - (12,557 ) Other items 44 - - - 44 Foreign exchange (837 ) (14,234 ) (4,689 ) (645 ) (20,405 ) Balance, December 31, 2018 207,799 253,752 46,931 379,412 887,894 Goodwill 234,070 257,064 46,931 379,412 917,477 Accumulated impairment loss (26,271 ) (3,312 ) - - (29,583 ) $ 207,799 $ 253,752 $ 46,931 $ 379,412 $ 887,894 A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, No 2018 2017. 2009. |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. Long-term debt December 31, December 31, Revolving Credit Facility $ 430,167 $ 246,411 Senior Notes 239,577 - Capital leases maturing at various dates through 2021 1,470 1,991 Other long-term debt maturing at various dates up to 2021 910 1,491 672,123 249,893 Less: current portion 1,834 2,426 Long-term debt - non-current $ 670,289 $ 247,467 On April 19, 2018, $1,000,000. 5 April 30, 2023 1.25% 2.50% 2018 3.0% 2017 2.9% $562,386 December 31, 2018. December 31, 2018, $7,624 $10,307 December 31, 2017). 0.25% 0.5% $250,000 On May 17, 2018, €210,000 2.23% May 30, 2018 10 May 30, 2028. The Revolving Credit Facility and the Senior Notes rank equally in terms of seniority and have similar financial covenants. The Company is required to maintain financial covenants including leverage and interest coverage. The Company was in compliance with these covenants as of December 31, 2018. The effective interest rate on the Company’s long-term debt for the year ended December 31, 2018 3.3% 2017 3.1% five December 31 2019 $ 1,834 2020 348 2021 198 2022 - 2023 and thereafter 669,743 |
Note 11 - Redeemable Non-contro
Note 11 - Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 11. 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: 2017 2018 (note 23) Balance, January 1 $ 145,489 $ 134,803 RNCI share of earnings 20,491 16,687 RNCI redemption increment 7,709 22,393 Distributions paid to RNCI (16,396 ) (12,870 ) Purchases of interests from RNCI, net 1,111 (31,782 ) RNCI recognized on business acquisitions 184,957 16,258 Balance, December 31 $ 343,361 $ 145,489 The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the RNCI 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 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 December 31, 2018 $316,012 2017 $129,087 December 31, 2018, 5,400,000 Increases or decreases to the formula price of the underlying shares are recognized in the statement of earnings as the NCI redemption increment. |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. 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 An unlimited number of Multiple Voting Shares having 20 one 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, 2017 37,608,467 406,611 1,325,694 373 38,934,161 406,984 Balance, December 31, 2018 37,887,442 415,432 1,325,694 373 39,213,136 415,805 During the year ended December 31, 2018, $0.10 2017 $0.10 Pursuant to an agreement approved in February 2004 June 1, 2015 ( may two first 5% C$3.324. second 5% C$6.472. December 31, 2018, C$75.29 US$209,589. |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Stock-based compensation The Company has a stock option plan for certain officers, key full-time employees and directors of the Company and its subsidiaries, other than its Chairman & CEO who has a Long Term Arrangement as described in note 12. four five one December 31, 2018, 1,621,500 Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2018 2017 Number of Weighted Weighted average Aggregate Shares issuable under options - December 31, 2016 1,602,850 $ 30.31 Granted 450,000 46.21 Exercised (285,700 ) 19.74 Forfeited (13,875 ) 40.10 Shares issuable under options - December 31, 2017 1,753,275 $ 36.03 Granted 470,000 67.32 Exercised (278,975 ) 26.60 Forfeited (46,875 ) 39.66 Shares issuable under options - December 31, 2018 1,897,425 $ 45.08 2.5 $ 24,676 Options exercisable - End of year 746,125 $ 35.60 1.6 $ 14,495 The Company incurred stock-based compensation expense related to these awards of $6,394 December 31, 2018 ( 2017 $4,425 As at December 31, 2018, $29.02 $67.85 December 31, 2018, $24,676 2.0 The following table summarizes information about option exercises during years ended December 31, 2018 2017: 2018 2017 Number of options exercised 278,975 285,700 Aggregate fair value $ 17,823 $ 14,213 Intrinsic value 10,403 8,572 Amount of cash received 7,420 5,641 Tax benefit recognized $ 73 $ 102 As at December 31, 2018, $6,419 four December 31, 2018, $4,427 2017 $3,422 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: 2018 2017 Risk free rate 2.2 % 1.5 % Expected life in years 4.75 4.75 Expected volatility 29.7 % 28.9 % Dividend yield 0.1 % 0.2 % Weighted average fair value per option granted $ 19.41 $ 12.36 The risk-free interest rate is based on the implied yield of a zero four |
Note 14 - Income Tax
Note 14 - Income Tax | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income tax The following is a reconciliation stated as a percentage of pre-tax earnings of the Ontario, Canada combined statutory corporate income tax rate to the Company’s effective tax rate: 2018 2017 Combined statutory rate 26.5 % 26.5 % Nondeductible expenses 2.5 2.1 Tax effect of flow through entities (1.4 ) (1.1 ) Impact of changes in foreign exchange rates 0.2 0.5 Adjustments to tax liabilities for prior periods 0.2 0.9 Effect of changes in enacted US federal tax rate - 7.5 Effect of changes in enacted tax rate in other jurisdictions (0.7 ) - Changes in liability for unrecognized tax benefits (0.3 ) (0.4 ) Stock-based compensation 0.9 0.6 Foreign, state, and provincial tax rate differential (0.2 ) 2.6 Change in valuation allowance (0.1 ) (0.9 ) Contingent acquisition consideration 1.2 1.0 Other 0.5 0.4 Effective income tax rate 29.3 % 39.7 % Earnings before income tax by jurisdiction comprise the following: 2018 2017 Canada $ 21,627 $ 21,814 United States 40,097 33,597 Foreign 120,110 100,570 Total $ 181,834 $ 155,981 Income tax expense (recovery) comprises the following: 2018 2017 Current Canada $ 5,134 $ 4,031 United States 1,768 3,235 Foreign 40,221 36,310 47,123 43,576 Deferred Canada 1,689 3,185 United States 10,732 20,657 Foreign (6,284 ) (5,511 ) 6,137 18,331 Total $ 53,260 $ 61,907 The deferred income tax expense for the United States for the year ended December 31, 2017 $11,678. The significant components of deferred income tax are as follows: 2018 2017 Loss carry-forwards and other credits $ 19,056 $ 37,869 Expenses not currently deductible 31,508 34,265 Revenue not currently taxable (8,416 ) (15,227 ) Stock-based compensation 157 525 Investments 10,628 11,290 Provision for doubtful accounts 4,871 4,221 Financing fees (83 ) 162 Net unrealized foreign exchange losses 126 (634 ) Depreciation and amortization (42,257 ) (32,035 ) Less: valuation allowance (8,945 ) (11,079 ) Net deferred income tax asset $ 6,645 $ 29,357 As at December 31, 2018, not $6,645 The Company has pre-tax NOL carry-forward balances as follows: Pre-tax loss carry forward Pre-tax losses not recognized Pre-tax losses recognized 2018 2017 2018 2017 2018 2017 Canada $ 16,249 $ 30,904 $ 27 $ 24 $ 16,222 $ 30,880 United States 1,315 47,720 921 915 394 46,805 Foreign 39,147 50,512 27,363 30,705 11,784 19,807 The Company has pre-tax capital loss carry-forwards as follows: Pre-tax loss carry forward Pre-tax losses not recognized Pre-tax losses recognized 2018 2017 2018 2017 2018 2017 Canada $ 2,208 $ 1,881 $ 1,869 $ 1,567 $ 339 $ 314 United States 1,698 1,671 1,698 1,671 - - Foreign 6,285 7,139 6,285 7,139 - - These amounts above are available to reduce future, federal, state, and provincial income taxes in their respective jurisdictions. NOL carry-forward balances attributable to Canada begin to expire in 2033. 2028. 2019. may Cumulative unremitted foreign earnings of the US subsidiaries is nil 2017 nil $89,461 December 31, 2018 ( 2017 $42,709 not not A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows: 2018 2017 Balance, January 1 $ 1,858 $ 2,292 Gross increases for tax positions of prior periods 6 18 Amount recognized on acquisitions 289 - Reduction for lapses in applicable statutes of limitations (560 ) (628 ) Foreign currency translation (133 ) 176 Balance, December 31 $ 1,460 $ 1,858 Of the $1,460 2017 $1,858 $1,460 2017 $1,858 December 31, 2018, $6 2017 $18 $173 2018 2017 $155 December 31, 2018, $190 2017 $213 Within the next twelve $130 may The Company files tax returns in Canada, United States and multiple foreign jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for four seven three five four The Company does not may may |
Note 15 - Pension Plan
Note 15 - Pension Plan | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 15. Pension plan The Company has a defined benefit pension plan (the “Plan”), which was assumed in connection with a business acquired during 2016. December 31, 2016, no The following table details the net periodic pension cost of the Plan: 2018 2017 Gross employer service cost $ 1,237 $ 1,501 Plan participant contributions (246 ) (308 ) Interest cost on service cost 22 27 Employer's service cost 1,013 1,220 Interest cost 744 701 Expected net return on plan assets (689 ) (640 ) Other costs 171 166 Total employer's pension expense $ 1,239 $ 1,447 The following tables provide reconciliations of projected benefit obligations and plan assets (the net of which represent the Company’s funded status), as well as the funded status, of the Plan. Change in benefit obligation: 2018 2017 Projected benefit obligation - January 1 $ 42,368 $ 36,659 Current service cost 1,014 1,220 Plan participant / third party contributions 246 308 Interest cost 744 701 Benefits paid (601 ) (495 ) Individual settlements 84 - Curtailment - (125 ) Foreign exchange (2,038 ) 5,204 Expected projected benefit obligation, December 31 41,817 43,472 Actuarial gain, net of foreign exchange (2,842 ) (1,105 ) Projected benefit obligation - December 31 $ 38,975 $ 42,367 Change in plan assets: 2018 2017 Fair value of plan assets - January 1 $ 38,813 $ 33,016 Expected net return on plan assets 689 640 Contributions Employer 634 609 Plan participants 246 308 Benefits paid (601 ) (495 ) Individual settlements 84 - Other costs (171 ) (72 ) Foreign exchange (1,853 ) 4,658 Expected fair value of plan assets - December 31 37,841 38,664 Actuarial (gain)/loss, net of foreign exchange (664 ) 149 Fair value of plan assets - December 31 $ 37,177 $ 38,813 Defined benefit pension plan amounts recorded in the consolidated balance sheet are shown in the table below: December 31, December 31, Present value of accumulated benefit obligation $ (37,925 ) $ (40,142 ) Effect of future compensation increases (1,049 ) (2,226 ) Present value of projected benefit obligation (38,974 ) (42,368 ) Fair value of plan assets 37,177 38,813 Net liability for pension benefits $ (1,797 ) $ (3,555 ) The following table details the amount recognized in other comprehensive income: 2018 2017 Actuarial gain on remeasurement of projected benefit obligation $ (2,931 ) $ (1,038 ) Actuarial (gain)/loss on remeasurement of fair value of assets 685 (234 ) Actuarial gain on curtailment of benefits from reorganization - (125 ) Total gain recognized in other comprehensive income $ (2,246 ) $ (1,397 ) The assumptions used in developing the projected benefit obligation are as follows: 2018 2017 Discount rate used in determining present values 1.9 % 1.8 % Annual increase in future compensation levels 1.8 % 2.0 % The assumptions used in determining net periodic cost are as follows: 2018 2017 Discount rate used in determining present values 1.9 % 1.8 % Annual increase in future compensation levels 1.8 % 2.0 % Expected long-term rate of return on assets 1.9 % 1.8 % The discount rate assumption used for the Plan was derived from the expected yield of Euro-denominated “AA” rated corporate bonds with durations consistent with the liabilities of the Plan. The expected long-term rate of return on assets is based on the current level of return expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio. For the year ended December 31, 2018 $4 2017 $781 $689 2017 $640 $685 2017 $140 Plan assets measured at fair value and cash are presented in the following table with the overall allocation of assets. December 31, Fair value measurements 2018 Level 1 Level 2 Level 3 Equity type investments $ 3,146 $ 3,146 $ - $ - Fixed interest type investments: Government bonds 33,022 33,022 - - Cash 92 92 - - Other 918 - - 918 Total $ 37,178 $ 36,260 $ - $ 918 The Plan’s assets are invested with a third The Company expects the following pension benefit payments over the next 10 Year ended December 31 2019 $ 658 2020 686 2021 721 2022 792 2023 859 2024 - 2028 5,286 |
Note 16 - Net Earnings Per Comm
Note 16 - Net Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Net earnings per common share The following table reconciles the denominator used to calculate earnings per common share: 2018 2017 Shares issued and outstanding at beginning of period 38,934,161 38,648,461 Weighted average number of shares: Issued during the period 221,293 181,523 Weighted average number of shares used in computing basic earnings per share 39,155,454 38,829,984 Assumed exercise of stock options acquired under the Treasury Stock Method 639,161 477,870 Number of shares used in computing diluted earnings per share 39,794,615 39,307,854 |
Note 17 - Other Supplemental In
Note 17 - Other Supplemental Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 17. Other supplemental information 2018 2017 Cash payments made during the year Income tax, net of refunds $ 42,153 $ 43,374 Interest 20,404 11,168 Non-cash financing activities Increases (Decreases) in capital lease obligations $ (522 ) $ 123 Dividends declared but not paid 1,961 1,947 Other expenses Rent expense $ 74,183 $ 65,982 |
Note 18 - Financial Instruments
Note 18 - Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 18. Financial instruments Concentration of credit risk The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable, unbilled revenues, other receivables and advisor loans receivable. 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 receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across 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 US dollars. A significant portion of revenue is generated by the Company’s Euro, Canadian dollar, Australian dollar and UK pound sterling currency operations. The Company’s head office expenses are incurred primarily in Canadian dollars which are 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 US dollars. In particular, the amount of cash, working capital, goodwill and intangibles 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 utilizes an interest rate risk management strategy that may In April 2017, $100,000 1.897% January 18, 2022. December 2018, $100,000 2.7205% April 30, 2023. 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, 2018: Carrying value at Fair value measurements December 31, 2018 Level 1 Level 2 Level 3 Assets Interest rate swap asset $ 926 $ - $ 926 $ - Investments Equity securities and funds $ 2,835 $ 2,835 $ - $ - Fixed income and bond funds $ 4,101 $ 185 $ 3,916 $ - Liabilities Contingent consideration liability $ 93,865 $ - $ - $ 93,865 There were no December 31, 2018 2017. The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 3% 9.1%, 6.1% 3.8% 8.7% 2% $4,800. 2018 2017 Balance, January 1 $ 50,300 $ 32,266 Amounts recognized on acquisitions 61,525 21,477 Fair value adjustments (note 4) 1,675 1,054 Resolved and settled in cash (18,757 ) (6,169 ) Other (877 ) 1,672 Balance, December 31 $ 93,865 $ 50,300 Less: current portion $ 17,122 $ 18,657 Non-current portion $ 76,743 $ 31,643 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 carrying value of the pension liability is presented as the projected benefit obligation net of the fair value of the plan assets (note 15 3 2018 2017 Carrying Fair Carrying Fair Other receivables $ 12,088 $ 12,088 $ 10,136 $ 10,136 Advisor loans receivable (non-current) 46,661 46,661 44,978 44,978 Long-term debt (non-current) 670,289 670,289 247,467 247,467 Other receivables include notes receivable from non-controlling interests and non-current income tax recoverable. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19. Commitments and contingencies (a) Lease commitments Minimum operating lease payments are as follows: Year ended December 31 2019 $ 86,376 2020 76,169 2021 62,171 2022 51,011 2023 38,103 Thereafter 97,631 $ 411,461 (b) Purchase commitments Minimum contractual purchase commitments are as follows: Year ended December 31 2019 $ 11,063 2020 6,600 2021 1,467 2022 1,179 2023 491 $ 20,800 (c) 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 |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. Related party transactions The Company has entered into office space rental arrangements and property management contracts with minority shareholders of certain 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, 2018 $420 2017 $356 December 31, 2018 $585 2017 $635 10 one three As at December 31, 2018, $6,465 December 31, 2017 - $8,093 nil 4.0%. 2026, |
Note 21 - Revenue From Contract
Note 21 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 21. Revenue from contracts with customers Disaggregated revenue Colliers has disaggregated its revenue from contracts with customers by type of service and region as presented in the following table. Americas EMEA Asia Investment Corporate Consolidated 2018 Lease brokerage $ 648,815 $ 139,685 $ 115,447 $ - $ - $ 903,947 Sales brokerage 441,934 168,796 170,154 - - 780,884 Property management 228,550 84,861 135,921 - - 449,332 Valuation and advisory 148,721 112,180 62,133 - - 323,034 Project management 109,699 107,149 32,230 - - 249,078 Investment management - - - 74,978 - 74,978 Other 18,465 10,567 12,475 1,043 1,624 44,174 Total Revenue $ 1,596,184 $ 623,238 $ 528,360 $ 76,021 $ 1,624 $ 2,825,427 2017 (note 23) Lease brokerage $ 549,721 $ 116,171 $ 103,334 $ - $ - $ 769,226 Sales brokerage 402,801 137,959 182,690 - - 723,450 Property management 208,880 43,440 126,424 - - 378,744 Valuation and advisory 131,250 98,094 56,945 - - 286,289 Project management 99,849 110,817 17,093 - - 227,759 Investment management - - - 12,647 - 12,647 Other 16,912 8,466 9,717 7 1,983 37,085 Total Revenue $ 1,409,413 $ 514,947 $ 496,203 $ 12,654 $ 1,983 $ 2,435,200 Contract balances The Company had contract assets totaling $110,432 $99,468 2017 $111,841 $104,737 December 31, 2018, The Company had contract liabilities (all current) totaling $39,635 2017 $35,423 December 31, 2018 $23,526 2017 $25,857 not |
Note 22 - Segmented Information
Note 22 - Segmented Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. Segmented information Operating segments Colliers identified four Included in segment total assets at December 31, 2018 $4,311 2017 $3,171 $1,820 2017 $2,242 $7 2017 $7 $430 2017 $336 $1,200 2017 nil 2018 Americas EMEA Asia Investment Corporate Consolidated Revenues $ 1,596,184 $ 623,238 $ 528,360 $ 76,021 $ 1,624 $ 2,825,427 Depreciation and amortization 30,391 25,435 6,320 13,791 2,793 78,730 Operating earnings (loss) 105,490 53,862 66,240 12,326 (36,520 ) 201,398 Other income, net 1,281 Interest expense, net (20,845 ) Income tax expense (53,260 ) Net earnings $ 128,574 Total assets $ 846,919 $ 602,964 $ 228,490 $ 693,040 $ (13,833 ) $ 2,357,580 Total additions to long-lived assets 61,814 161,823 10,669 649,898 3,743 887,947 2017 (note 23) Americas EMEA Asia Investment Corporate Consolidated Revenues $ 1,409,413 $ 514,947 $ 496,203 $ 12,654 $ 1,983 $ 2,435,200 Depreciation and amortization 28,799 16,595 5,914 29 1,655 52,992 Operating earnings (loss) 87,955 45,626 55,066 2,263 (23,534 ) 167,376 Other income, net 500 Interest expense, net (11,895 ) Income tax expense (61,907 ) Net earnings $ 94,074 Total assets $ 759,827 $ 497,122 $ 221,415 $ 33,360 $ (4,164 ) $ 1,507,560 Total additions to long-lived assets 138,914 28,682 9,876 91 5,092 182,655 Geographic information Revenues in each geographic region are reported by customer locations. 2018 2017 United States Revenues $ 1,243,019 $ 1,046,248 Total long-lived assets 943,164 281,588 Euro currency countries Revenues $ 360,115 $ 262,115 Total long-lived assets 265,867 191,934 Canada Revenues $ 358,035 $ 306,533 Total long-lived assets 65,781 61,158 Australia Revenues $ 238,537 $ 253,260 Total long-lived assets 47,886 50,843 United Kingdom Revenues $ 172,820 $ 169,700 Total long-lived assets 68,732 75,745 Other Revenues $ 452,901 $ 397,344 Total long-lived assets 87,877 60,797 Consolidated Revenues $ 2,825,427 $ 2,435,200 Total long-lived assets 1,479,307 722,065 |
Note 23 - Impact of Recently Is
Note 23 - Impact of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 23. Impact of recently issued accounting standards Recently adopted accounting guidance Revenue from contracts with customers Beginning in May 2014, No. 2014 09, Revenue from Contracts with Customers No. 606 606” January 1, 2018 (a) Accounting for lease brokerage revenues Under previous GAAP, lease brokerage revenues were deferred until the related contingency (e.g. tenant occupancy) was resolved. Under ASC 606, (b) Accounting for reimbursable expenses related to the Company’s property management activities Under previous GAAP, reimbursable expenses contemplated both performance and payment risk when evaluating whether a principal or agent relationship existed between the Company and its customers. Under ASC 606, third December 31, 2017 $146,269 $146,269 no (c) Presentation of contract balances The Company has revised the presentation of certain amounts in the balance sheet to reflect the adoption of ASC 606, Adoption of the standard using the full retrospective method resulted in a restatement of certain previously reported results. These include the recognition of additional revenue and an increase in income tax expense, along with increasing contract balances and accrued expenses. The Company’s previously reported results for the year ended December 31, 2017 (in thousands of US dollars, except per share amounts) Year ended December 31, 2017 As Lease Principal Restated Statement of earnings Revenues $ 2,275,362 $ 13,569 $ 146,269 $ 2,435,200 Cost of revenues 1,427,281 12,315 146,269 1,585,865 Selling, general and administrative expenses 613,335 705 - 614,040 Income tax 63,300 (1,393 ) - 61,907 Non-controlling interest share of earnings 20,236 83 - 20,319 Non-controlling interest redemption increment 22,583 (190 ) - 22,393 Net earnings attributable to Company 49,313 2,049 - 51,362 Diluted net earnings per common share 1.25 0.05 - 1.31 (in thousands of US dollars) As at December 31, 2017 As Lease Principal Restated Balance sheet Accounts receivable, net of allowance $ 383,385 $ (843 ) $ - $ 382,542 Contract assets, current - 104,737 - 104,737 Unbilled revenues 41,370 (41,370 ) - - Contract assets, non-current - 7,104 - 7,104 Deferred income tax asset, net 52,394 (3,993 ) - 48,401 Accounts payable and accrued expenses 252,904 (25,817 ) - 227,087 Accrued compensation 365,709 53,926 - 419,635 Contract liabilities - 35,423 - 35,423 Unearned revenues 11,919 (11,919 ) - - Deferred income tax liability, net 18,579 465 - 19,044 Deficit (128,411 ) 12,922 - (115,489 ) Accumulated other comprehensive loss (43,354 ) 197 - (43,157 ) Non-controlling interests 4,019 438 - 4,457 Recently issued accounting guidance, not The FASB has issued two February 2016, No. 2016 02, Leases not December 31, 2017. July 2018, No. 2018 11, Codification Improvements to Topic 842, 2016 02 January 1, 2019, 2018 11. In June 2016, No. 2016 13, Financial Instruments – Credit Losses December 15, 2019 not December 15, 2018. In January 2017, No. 2017 04, Intangibles – Goodwill and Other: Simplifying the Accounting for Goodwill Impairment 2 not December 15, 2019, In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 December 15, 2018, not In February 2018, 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 December 15, 2019, In August 2018, 2018 15, Intangibles – Goodwill and Other – Internal-Use software (Subtopic 350 40 December 15, 2019, |
Note 24 - Subsequent Event
Note 24 - Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24. Subsequent event In January 2019, $15,876. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 judgments used to determine the timing and amount of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions, recoverability of deferred income tax assets 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 |
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 |
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 Buildings 20 40 Vehicles 3 5 Furniture and equipment 3 10 Computer equipment and software 3 5 Leasehold improvements term of the lease to a maximum of 10 |
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 not, may not |
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 three Level 1 Level 2 Level 3 no |
Deferred Charges, Policy [Policy Text Block] | Financing fees Financing fees related to the Revolving Credit Facility are recorded as an asset and amortized to interest expense using the effective interest method. Financing fees related to the Senior Notes are recorded as a reduction of the debt amount and are 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 Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not Customer lists and relationships straight-line over 4 20 Investment management contracts straight-line over 5 15 Trademarks and trade names straight-line over 2 10 Management contracts and other straight-line over life of contract ranging from 2 10 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 Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has four first not not no not two first 3 second 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 The Company generates revenue from contracts with customers through its provision of commercial real estate services. These services consist of sales brokerage and lease brokerage operations, outsourcing and advisory services and investment management services. (a) Real estate brokerage operations Brokerage revenue includes commissions from sales brokerage and lease brokerage services. Sales brokerage services include purchases and sales, debt placement, equity capital raising, market value opinions, acquisition advisory and transaction management. The Company provides these services with respect to substantially all types of commercial real estate. Lease brokerage includes landlord and tenant representation services. Landlord representation provides real estate owners with services to strategically position properties and to secure appropriate tenants. Tenant representation focuses on assisting businesses to assess their occupancy requirements and evaluating and negotiating leases and lease renewals. (b) Outsourcing and advisory services Outsourcing and advisory services consist of project management, property management as well as valuation and advisory services. Project management services include design and construction management, move management and workplace solutions consulting. Project management engagements range from single project contracts with a duration of less than one may third one three 30 120 Valuation and advisory services consist of helping customers determine market values for various types of real estate properties. Such services may may may (c) Investment management services Investment management revenues include consideration for services in the form of asset management advisory and administration fees, transaction fees and incentive fees (carried interest). The performance obligation is to manage client’s invested capital for a specified period of time and is delivered over time. Revenue recognition and unearned revenues Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of services, which are capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. (a) Nature of services The Company has determined that control of sales brokerage services rendered transfer to a customer when a sale and purchase agreement becomes unconditional and lease brokerage services rendered transfer to a customer when a lease between the landlord and the tenant is executed. At these points in time the customer has received substantially all of the benefit of the services provided by the Company. The transaction price is typically associated with the underlying asset involved in the transaction, most commonly a percentage of the sales price or the aggregate rental payments over the term of the lease which are generally known when revenue is recognized. Outsourcing and advisory services including those provided in relation to property management and project management transfer to the customer over time as the services are performed and revenue from providing these services is recognized in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognized based upon the actual labor hours spent relative to the total expected labor hours or the project costs incurred relative to the total project costs. For some projects certain obligations that are representative of the work completed may For other advisory services, including valuation and appraisal review, the customer is unable to benefit from the services until the work is substantially complete, revenue is recognized upon delivery of materials to the customer because this faithfully represents when the service has been rendered. For most fixed fee consulting assignments, revenue is recognized based upon the actual service provided to the end of the reporting period as a proportion of the total services to be provided and customers are invoiced on a monthly basis and consideration is payable when invoiced. Investment management advisory and administration fees are recognized as the services are performed over time and are primarily based on agreed-upon percentages of assets under management or committed capital. Revenue recognition for transactional performance obligations are recognized at a point in time when the performance obligation has been met. The Company receives investment management advisory incentive fees (carried interest) from certain investment funds. These incentive fees are dependent upon exceeding specified performance thresholds on a relative or absolute basis, depending on the product. Incentive fees are recognized when it is determined that significant reversal is considered no (b) Significant judgments The Company’s contracts with customers may may not Brokerage commission arrangement may may may not Outsourcing and advisory arrangements may In providing project management or property management services, the Company may not In some cases, the Company may may Investment management fee arrangements are unique to each contract and evaluated on an individual basis to determine the timing of revenue recognition and significant judgment is involved in making such determination. At each reporting period, the Company considers various factors in estimating revenue to be recognized. Incentive fees have a broad range of possible amounts and the determination of these amount is based upon the market value for managed assets which is highly susceptible to factors outside of the Company’s influence. As a result, incentive fee revenue is generally constrained until significant reversal is considered no Certain constrained brokerage fees, outsourcing and advisory fees and investment management fees may may Contract balances Timing of revenue recognition may may not one not The Company generally does not one one Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 90 not one may not one not not Contract liabilities represent advance payments associated with our performance obligations that have not Remaining performance obligations Remaining performance obligations represent the aggregate transaction prices for contracts where the Company’s performance obligations have not one |
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 adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method. Long-term incentive plans Under these plans, certain subsidiary employees are compensated if the earnings before interest, income tax and amortization of the subsidiary increases. Awards under these plans generally have a term of up to ten five ten |
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 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. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension plan The Company’s defined benefit pension plan obligation is remeasured annually as of December 31 The benefit obligation and related funded status are determined using assumptions as of the end of each year. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate as at the measurement date. Pension expense for the pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, and other costs. Actuarial gains and losses related to the change in the over-funded or under-funded status of the pension plan are recognized in other comprehensive income. |
Business Combinations Policy [Policy Text Block] | Business combinations All business combinations are accounted for using the acquisition 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 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Finland Harrison Other Aggregate Current assets, excluding cash $ 4,734 $ 16,948 $ 31,623 $ 53,305 Non-current assets 2,581 4,678 3,616 10,875 Current liabilities (9,421 ) (14,544 ) (27,853 ) (51,818 ) Long-term liabilities (6,072 ) - (15,608 ) (21,680 ) $ (8,178 ) $ 7,082 $ (8,222 ) $ (9,318 ) Cash consideration, net of cash acquired of $23,777 $ (57,287 ) $ (447,513 ) $ (81,442 ) $ (586,242 ) Acquisition date fair value of contingent consideration - (40,889 ) (19,212 ) (60,101 ) Total purchase consideration $ (57,287 ) $ (488,402 ) $ (100,654 ) $ (646,343 ) Acquired intangible assets $ 26,841 $ 278,600 $ 69,495 $ 374,936 Acquired goodwill $ 38,624 $ 366,350 $ 60,708 $ 465,682 Redeemable non-controlling interest $ - $ 163,630 $ 21,327 $ 184,957 Northern Other Aggregate Current assets, excluding cash $ 8,503 $ 5,420 $ 13,923 Non-current assets 2,268 1,117 3,385 Current liabilities (38,481 ) (10,463 ) (48,944 ) Long-term liabilities (10,600 ) (3,084 ) (13,684 ) $ (38,310 ) $ (7,010 ) $ (45,320 ) Cash consideration, net of cash acquired of $41,989 $ (22,696 ) $ (35,978 ) $ (58,674 ) Acquisition date fair value of contingent consideration (10,412 ) (9,135 ) (19,547 ) Total purchase consideration $ (33,108 ) $ (45,113 ) $ (78,221 ) Acquired intangible assets $ 28,800 $ 32,428 $ 61,228 Acquired goodwill $ 42,618 $ 35,953 $ 78,571 Redeemable non-controlling interest $ - $ 16,258 $ 16,258 Revenues Net earnings Actual from acquired entities for 2018 $ 196,480 $ 10,879 Supplemental pro forma for 2018 (unaudited) 2,934,211 139,297 Supplemental pro forma for 2017 (unaudited) 2,738,081 118,078 |
Note 4 - Acquisition-related _2
Note 4 - Acquisition-related Items (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Acquisition Related Expenses [Table Text Block] | <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0pt 0 0pt 30pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Transaction costs</td> <td style="width: 1%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,747</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,247</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Contingent consideration fair value adjustments</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,675</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,054</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Contingent consideration compensation expense</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,553</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,626</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,975</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,927</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0pt 0 0pt 30pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Transaction costs</td> <td style="width: 1%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,747</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,247</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Contingent consideration fair value adjustments</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,675</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,054</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Contingent consideration compensation expense</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,553</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,626</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,975</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,927</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div> |
Note 5 - Other Income (Tables)
Note 5 - Other Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2018 2017 (Gain) Loss on investments $ (168 ) $ 309 Equity earnings from non-consolidated investments (1,321 ) (923 ) Other 208 114 $ (1,281 ) $ (500 ) |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, December 31, Advisor loans receivable $ 46,661 $ 44,978 Equity method investments 3,968 2,812 Cost accounted investments 3,800 2,944 Financing fees, net of accumulated amortization of $2,567 (December 31, 2017 - $1,672) 4,230 2,953 Interest rate swap asset 926 751 Other 1,128 1,058 $ 60,713 $ 55,496 |
Note 7 - Fixed Assets (Tables)
Note 7 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2018 Cost Accumulated depreciation Net Buildings $ 2,548 $ 1,042 $ 1,506 Vehicles 2,173 1,297 876 Furniture and equipment 55,952 37,751 18,201 Computer equipment and software 114,136 82,120 32,016 Leasehold improvements 76,939 36,056 40,883 $ 251,748 $ 158,265 $ 93,483 December 31, 2017 Cost Accumulated Net Buildings $ 2,425 $ 906 $ 1,519 Vehicles 1,952 1,093 859 Furniture and equipment 52,912 35,825 17,087 Computer equipment and software 106,500 77,822 28,678 Leasehold improvements 69,848 34,092 35,756 $ 233,637 $ 149,738 $ 83,899 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2018 Gross Accumulated Net Customer lists and relationships $ 290,667 $ 95,011 $ 195,656 Investment management contracts 270,600 12,145 258,455 Franchise rights 5,175 4,141 1,034 Trademarks and trade names: Indefinite life 23,841 - 23,841 Finite life 12,851 2,853 9,998 Management contracts and other 16,533 7,907 8,626 Brokerage backlog 480 160 320 $ 620,147 $ 122,217 $ 497,930 December 31, 2017 Gross Accumulated Net Customer lists and relationships $ 219,986 $ 74,897 $ 145,089 Franchise rights 5,703 4,156 1,547 Trademarks and trade names: Indefinite life 24,121 - 24,121 Finite life 2,776 1,865 911 Management contracts and other 17,733 6,572 11,161 Brokerage backlog 310 103 207 $ 270,629 $ 87,593 $ 183,036 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amount Estimated Customer lists and relationships $ 90,668 9.9 Investment management contracts 270,600 12.9 Trademarks and trade names - finite life 11,632 10.9 Brokerage backlog 4,722 0.5 $ 377,622 12.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 $ 56,903 2020 53,419 2021 51,366 2022 50,690 2023 48,127 |
Note 9 - Goodwill (Tables)
Note 9 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Americas EMEA Asia Investment Consolidated Balance, December 31, 2016 $ 126,417 $ 165,110 $ 44,446 $ 12,033 $ 348,006 Goodwill acquired during the year 62,938 13,672 1,961 - 78,571 Other items 1,175 - - - 1,175 Foreign exchange 48 22,397 3,259 1,674 27,378 Balance, December 31, 2017 190,578 201,179 49,666 13,707 455,130 Goodwill acquired during the year 18,014 79,364 1,954 366,350 465,682 Goodwill disposed during the year - (12,557 ) - - (12,557 ) Other items 44 - - - 44 Foreign exchange (837 ) (14,234 ) (4,689 ) (645 ) (20,405 ) Balance, December 31, 2018 207,799 253,752 46,931 379,412 887,894 Goodwill 234,070 257,064 46,931 379,412 917,477 Accumulated impairment loss (26,271 ) (3,312 ) - - (29,583 ) $ 207,799 $ 253,752 $ 46,931 $ 379,412 $ 887,894 |
Note 10 - Long-term Debt (Table
Note 10 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, December 31, Revolving Credit Facility $ 430,167 $ 246,411 Senior Notes 239,577 - Capital leases maturing at various dates through 2021 1,470 1,991 Other long-term debt maturing at various dates up to 2021 910 1,491 672,123 249,893 Less: current portion 1,834 2,426 Long-term debt - non-current $ 670,289 $ 247,467 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 1,834 2020 348 2021 198 2022 - 2023 and thereafter 669,743 |
Note 11 - Redeemable Non-cont_2
Note 11 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2017 2018 (note 23) Balance, January 1 $ 145,489 $ 134,803 RNCI share of earnings 20,491 16,687 RNCI redemption increment 7,709 22,393 Distributions paid to RNCI (16,396 ) (12,870 ) Purchases of interests from RNCI, net 1,111 (31,782 ) RNCI recognized on business acquisitions 184,957 16,258 Balance, December 31 $ 343,361 $ 145,489 |
Note 12 - Capital Stock (Tables
Note 12 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
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, 2017 37,608,467 406,611 1,325,694 373 38,934,161 406,984 Balance, December 31, 2018 37,887,442 415,432 1,325,694 373 39,213,136 415,805 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted Weighted average Aggregate Shares issuable under options - December 31, 2016 1,602,850 $ 30.31 Granted 450,000 46.21 Exercised (285,700 ) 19.74 Forfeited (13,875 ) 40.10 Shares issuable under options - December 31, 2017 1,753,275 $ 36.03 Granted 470,000 67.32 Exercised (278,975 ) 26.60 Forfeited (46,875 ) 39.66 Shares issuable under options - December 31, 2018 1,897,425 $ 45.08 2.5 $ 24,676 Options exercisable - End of year 746,125 $ 35.60 1.6 $ 14,495 |
Stock Options Exercised [Table Text Block] | 2018 2017 Number of options exercised 278,975 285,700 Aggregate fair value $ 17,823 $ 14,213 Intrinsic value 10,403 8,572 Amount of cash received 7,420 5,641 Tax benefit recognized $ 73 $ 102 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2018 2017 Risk free rate 2.2 % 1.5 % Expected life in years 4.75 4.75 Expected volatility 29.7 % 28.9 % Dividend yield 0.1 % 0.2 % Weighted average fair value per option granted $ 19.41 $ 12.36 |
Note 14 - Income Tax (Tables)
Note 14 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 Combined statutory rate 26.5 % 26.5 % Nondeductible expenses 2.5 2.1 Tax effect of flow through entities (1.4 ) (1.1 ) Impact of changes in foreign exchange rates 0.2 0.5 Adjustments to tax liabilities for prior periods 0.2 0.9 Effect of changes in enacted US federal tax rate - 7.5 Effect of changes in enacted tax rate in other jurisdictions (0.7 ) - Changes in liability for unrecognized tax benefits (0.3 ) (0.4 ) Stock-based compensation 0.9 0.6 Foreign, state, and provincial tax rate differential (0.2 ) 2.6 Change in valuation allowance (0.1 ) (0.9 ) Contingent acquisition consideration 1.2 1.0 Other 0.5 0.4 Effective income tax rate 29.3 % 39.7 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2018 2017 Canada $ 21,627 $ 21,814 United States 40,097 33,597 Foreign 120,110 100,570 Total $ 181,834 $ 155,981 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 Current Canada $ 5,134 $ 4,031 United States 1,768 3,235 Foreign 40,221 36,310 47,123 43,576 Deferred Canada 1,689 3,185 United States 10,732 20,657 Foreign (6,284 ) (5,511 ) 6,137 18,331 Total $ 53,260 $ 61,907 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 Loss carry-forwards and other credits $ 19,056 $ 37,869 Expenses not currently deductible 31,508 34,265 Revenue not currently taxable (8,416 ) (15,227 ) Stock-based compensation 157 525 Investments 10,628 11,290 Provision for doubtful accounts 4,871 4,221 Financing fees (83 ) 162 Net unrealized foreign exchange losses 126 (634 ) Depreciation and amortization (42,257 ) (32,035 ) Less: valuation allowance (8,945 ) (11,079 ) Net deferred income tax asset $ 6,645 $ 29,357 |
Summary of Operating Loss Carryforwards [Table Text Block] | Pre-tax loss carry forward Pre-tax losses not recognized Pre-tax losses recognized 2018 2017 2018 2017 2018 2017 Canada $ 16,249 $ 30,904 $ 27 $ 24 $ 16,222 $ 30,880 United States 1,315 47,720 921 915 394 46,805 Foreign 39,147 50,512 27,363 30,705 11,784 19,807 Pre-tax loss carry forward Pre-tax losses not recognized Pre-tax losses recognized 2018 2017 2018 2017 2018 2017 Canada $ 2,208 $ 1,881 $ 1,869 $ 1,567 $ 339 $ 314 United States 1,698 1,671 1,698 1,671 - - Foreign 6,285 7,139 6,285 7,139 - - |
Summary of Income Tax Contingencies [Table Text Block] | 2018 2017 Balance, January 1 $ 1,858 $ 2,292 Gross increases for tax positions of prior periods 6 18 Amount recognized on acquisitions 289 - Reduction for lapses in applicable statutes of limitations (560 ) (628 ) Foreign currency translation (133 ) 176 Balance, December 31 $ 1,460 $ 1,858 |
Note 15 - Pension Plan (Tables)
Note 15 - Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | 2018 2017 Gross employer service cost $ 1,237 $ 1,501 Plan participant contributions (246 ) (308 ) Interest cost on service cost 22 27 Employer's service cost 1,013 1,220 Interest cost 744 701 Expected net return on plan assets (689 ) (640 ) Other costs 171 166 Total employer's pension expense $ 1,239 $ 1,447 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | Change in benefit obligation: 2018 2017 Projected benefit obligation - January 1 $ 42,368 $ 36,659 Current service cost 1,014 1,220 Plan participant / third party contributions 246 308 Interest cost 744 701 Benefits paid (601 ) (495 ) Individual settlements 84 - Curtailment - (125 ) Foreign exchange (2,038 ) 5,204 Expected projected benefit obligation, December 31 41,817 43,472 Actuarial gain, net of foreign exchange (2,842 ) (1,105 ) Projected benefit obligation - December 31 $ 38,975 $ 42,367 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in plan assets: 2018 2017 Fair value of plan assets - January 1 $ 38,813 $ 33,016 Expected net return on plan assets 689 640 Contributions Employer 634 609 Plan participants 246 308 Benefits paid (601 ) (495 ) Individual settlements 84 - Other costs (171 ) (72 ) Foreign exchange (1,853 ) 4,658 Expected fair value of plan assets - December 31 37,841 38,664 Actuarial (gain)/loss, net of foreign exchange (664 ) 149 Fair value of plan assets - December 31 $ 37,177 $ 38,813 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, December 31, Present value of accumulated benefit obligation $ (37,925 ) $ (40,142 ) Effect of future compensation increases (1,049 ) (2,226 ) Present value of projected benefit obligation (38,974 ) (42,368 ) Fair value of plan assets 37,177 38,813 Net liability for pension benefits $ (1,797 ) $ (3,555 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2018 2017 Actuarial gain on remeasurement of projected benefit obligation $ (2,931 ) $ (1,038 ) Actuarial (gain)/loss on remeasurement of fair value of assets 685 (234 ) Actuarial gain on curtailment of benefits from reorganization - (125 ) Total gain recognized in other comprehensive income $ (2,246 ) $ (1,397 ) |
Schedule of Assumptions Used [Table Text Block] | 2018 2017 Discount rate used in determining present values 1.9 % 1.8 % Annual increase in future compensation levels 1.8 % 2.0 % 2018 2017 Discount rate used in determining present values 1.9 % 1.8 % Annual increase in future compensation levels 1.8 % 2.0 % Expected long-term rate of return on assets 1.9 % 1.8 % |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, Fair value measurements 2018 Level 1 Level 2 Level 3 Equity type investments $ 3,146 $ 3,146 $ - $ - Fixed interest type investments: Government bonds 33,022 33,022 - - Cash 92 92 - - Other 918 - - 918 Total $ 37,178 $ 36,260 $ - $ 918 |
Schedule of Expected Benefit Payments [Table Text Block] | Year ended December 31 2019 $ 658 2020 686 2021 721 2022 792 2023 859 2024 - 2028 5,286 |
Note 16 - Net Earnings Per Co_2
Note 16 - Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2018 2017 Shares issued and outstanding at beginning of period 38,934,161 38,648,461 Weighted average number of shares: Issued during the period 221,293 181,523 Weighted average number of shares used in computing basic earnings per share 39,155,454 38,829,984 Assumed exercise of stock options acquired under the Treasury Stock Method 639,161 477,870 Number of shares used in computing diluted earnings per share 39,794,615 39,307,854 |
Note 17 - Other Supplemental _2
Note 17 - Other Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Supplement Information [Table Text Block] | 2018 2017 Cash payments made during the year Income tax, net of refunds $ 42,153 $ 43,374 Interest 20,404 11,168 Non-cash financing activities Increases (Decreases) in capital lease obligations $ (522 ) $ 123 Dividends declared but not paid 1,961 1,947 Other expenses Rent expense $ 74,183 $ 65,982 |
Note 18 - Financial Instrumen_2
Note 18 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at Fair value measurements December 31, 2018 Level 1 Level 2 Level 3 Assets Interest rate swap asset $ 926 $ - $ 926 $ - Investments Equity securities and funds $ 2,835 $ 2,835 $ - $ - Fixed income and bond funds $ 4,101 $ 185 $ 3,916 $ - Liabilities Contingent consideration liability $ 93,865 $ - $ - $ 93,865 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | 2018 2017 Balance, January 1 $ 50,300 $ 32,266 Amounts recognized on acquisitions 61,525 21,477 Fair value adjustments (note 4) 1,675 1,054 Resolved and settled in cash (18,757 ) (6,169 ) Other (877 ) 1,672 Balance, December 31 $ 93,865 $ 50,300 Less: current portion $ 17,122 $ 18,657 Non-current portion $ 76,743 $ 31,643 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2018 2017 Carrying Fair Carrying Fair Other receivables $ 12,088 $ 12,088 $ 10,136 $ 10,136 Advisor loans receivable (non-current) 46,661 46,661 44,978 44,978 Long-term debt (non-current) 670,289 670,289 247,467 247,467 |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ended December 31 2019 $ 86,376 2020 76,169 2021 62,171 2022 51,011 2023 38,103 Thereafter 97,631 $ 411,461 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Year ended December 31 2019 $ 11,063 2020 6,600 2021 1,467 2022 1,179 2023 491 $ 20,800 |
Note 21 - Revenue From Contra_2
Note 21 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Americas EMEA Asia Investment Corporate Consolidated 2018 Lease brokerage $ 648,815 $ 139,685 $ 115,447 $ - $ - $ 903,947 Sales brokerage 441,934 168,796 170,154 - - 780,884 Property management 228,550 84,861 135,921 - - 449,332 Valuation and advisory 148,721 112,180 62,133 - - 323,034 Project management 109,699 107,149 32,230 - - 249,078 Investment management - - - 74,978 - 74,978 Other 18,465 10,567 12,475 1,043 1,624 44,174 Total Revenue $ 1,596,184 $ 623,238 $ 528,360 $ 76,021 $ 1,624 $ 2,825,427 2017 (note 23) Lease brokerage $ 549,721 $ 116,171 $ 103,334 $ - $ - $ 769,226 Sales brokerage 402,801 137,959 182,690 - - 723,450 Property management 208,880 43,440 126,424 - - 378,744 Valuation and advisory 131,250 98,094 56,945 - - 286,289 Project management 99,849 110,817 17,093 - - 227,759 Investment management - - - 12,647 - 12,647 Other 16,912 8,466 9,717 7 1,983 37,085 Total Revenue $ 1,409,413 $ 514,947 $ 496,203 $ 12,654 $ 1,983 $ 2,435,200 |
Note 22 - Segmented Informati_2
Note 22 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2018 Americas EMEA Asia Investment Corporate Consolidated Revenues $ 1,596,184 $ 623,238 $ 528,360 $ 76,021 $ 1,624 $ 2,825,427 Depreciation and amortization 30,391 25,435 6,320 13,791 2,793 78,730 Operating earnings (loss) 105,490 53,862 66,240 12,326 (36,520 ) 201,398 Other income, net 1,281 Interest expense, net (20,845 ) Income tax expense (53,260 ) Net earnings $ 128,574 Total assets $ 846,919 $ 602,964 $ 228,490 $ 693,040 $ (13,833 ) $ 2,357,580 Total additions to long-lived assets 61,814 161,823 10,669 649,898 3,743 887,947 2017 (note 23) Americas EMEA Asia Investment Corporate Consolidated Revenues $ 1,409,413 $ 514,947 $ 496,203 $ 12,654 $ 1,983 $ 2,435,200 Depreciation and amortization 28,799 16,595 5,914 29 1,655 52,992 Operating earnings (loss) 87,955 45,626 55,066 2,263 (23,534 ) 167,376 Other income, net 500 Interest expense, net (11,895 ) Income tax expense (61,907 ) Net earnings $ 94,074 Total assets $ 759,827 $ 497,122 $ 221,415 $ 33,360 $ (4,164 ) $ 1,507,560 Total additions to long-lived assets 138,914 28,682 9,876 91 5,092 182,655 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2018 2017 United States Revenues $ 1,243,019 $ 1,046,248 Total long-lived assets 943,164 281,588 Euro currency countries Revenues $ 360,115 $ 262,115 Total long-lived assets 265,867 191,934 Canada Revenues $ 358,035 $ 306,533 Total long-lived assets 65,781 61,158 Australia Revenues $ 238,537 $ 253,260 Total long-lived assets 47,886 50,843 United Kingdom Revenues $ 172,820 $ 169,700 Total long-lived assets 68,732 75,745 Other Revenues $ 452,901 $ 397,344 Total long-lived assets 87,877 60,797 Consolidated Revenues $ 2,825,427 $ 2,435,200 Total long-lived assets 1,479,307 722,065 |
Note 23 - Impact of Recently _2
Note 23 - Impact of Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | (in thousands of US dollars, except per share amounts) Year ended December 31, 2017 As Lease Principal Restated Statement of earnings Revenues $ 2,275,362 $ 13,569 $ 146,269 $ 2,435,200 Cost of revenues 1,427,281 12,315 146,269 1,585,865 Selling, general and administrative expenses 613,335 705 - 614,040 Income tax 63,300 (1,393 ) - 61,907 Non-controlling interest share of earnings 20,236 83 - 20,319 Non-controlling interest redemption increment 22,583 (190 ) - 22,393 Net earnings attributable to Company 49,313 2,049 - 51,362 Diluted net earnings per common share 1.25 0.05 - 1.31 (in thousands of US dollars) As at December 31, 2017 As Lease Principal Restated Balance sheet Accounts receivable, net of allowance $ 383,385 $ (843 ) $ - $ 382,542 Contract assets, current - 104,737 - 104,737 Unbilled revenues 41,370 (41,370 ) - - Contract assets, non-current - 7,104 - 7,104 Deferred income tax asset, net 52,394 (3,993 ) - 48,401 Accounts payable and accrued expenses 252,904 (25,817 ) - 227,087 Accrued compensation 365,709 53,926 - 419,635 Contract liabilities - 35,423 - 35,423 Unearned revenues 11,919 (11,919 ) - - Deferred income tax liability, net 18,579 465 - 19,044 Deficit (128,411 ) 12,922 - (115,489 ) Accumulated other comprehensive loss (43,354 ) 197 - (43,157 ) Non-controlling interests 4,019 438 - 4,457 |
Note 1 - Description of the B_2
Note 1 - Description of the Business (Details Textual) | Dec. 31, 2018 |
Number of Countries in which Entity Operates | 35 |
Number of Geographic Regions in which Entity Operates | 4 |
Colliers and Its Affiliates and Franchisees [Member] | |
Number of Countries in which Entity Operates | 68 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Incentive Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Minimum [Member] | Long-term Incentive Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Minimum [Member] | Customer Lists and Relationships [Member] | |
Finite-Lived Intangible Asset, Useful Life | 4 years |
Minimum [Member] | Investment Management Contracts [Member] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Minimum [Member] | Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Minimum [Member] | Management Contracts and Other [Member] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Maximum [Member] | Long-term Incentive Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years |
Maximum [Member] | Customer Lists and Relationships [Member] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Maximum [Member] | Investment Management Contracts [Member] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Maximum [Member] | Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | Management Contracts and Other [Member] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) $ in Thousands | Jul. 05, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of Businesses Acquired | 12 | 10 | |
Business Combination, Acquisition Related Costs | $ 11,747 | $ 6,247 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 379,486 | 17,531 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 196,480 | ||
Finland Residential Property Management Business [Member] | |||
Disposal Group, Including Discontinued Operation, Assets, Total | 17,713 | ||
Gain (Loss) on Disposition of Business | 98 | ||
Harrison Street Real Estate Capital [Member] | |||
Number of Businesses Acquired | 1 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 61,465 | ||
Acquisitions after December 31, 2008 [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | 93,865 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 175,870 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 206,906 | ||
Contingent Consideration Paid | 19,946 | $ 11,187 | |
Acquisitions after December 31, 2008 [Member] | Contingent Consideration, Compensation Element [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | 15,161 | ||
Finland Residential Property Management Business [Member] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 45,364 | ||
Other Acquisitions [Member] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 89,651 | ||
Americas [Member] | |||
Number of Businesses Acquired | 5 | ||
EMEA [Member] | |||
Number of Businesses Acquired | 4 | ||
Asia Pacific [Member] | |||
Number of Businesses Acquired | 2 |
Note 3 - Acquisitions - Acquisi
Note 3 - Acquisitions - Acquisitions Details (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets, excluding cash | $ 53,305 | |
Non-current assets | 10,875 | $ 3,385 |
Current liabilities | (51,818) | (48,944) |
Long-term liabilities | (21,680) | (13,684) |
Net identifiable assets acquired | (9,318) | (45,320) |
Cash consideration, net of cash acquired of $23,777 | (586,242) | (58,674) |
Acquisition date fair value of contingent consideration | (60,101) | (19,547) |
Total purchase consideration | (646,343) | (78,221) |
Acquired intangible assets | (374,936) | (61,228) |
Acquired goodwill | 465,682 | 78,571 |
Redeemable non-controlling interest | 184,957 | |
Current assets, excluding cash | 13,923 | |
Acquired intangible assets | 374,936 | 61,228 |
Redeemable non-controlling interest | 16,258 | |
Actual from acquired entities for 2018, Revenues | 196,480 | |
Actual from acquired entities for 2018, Net earnings from continuing operations | 10,879 | |
Supplemental pro forma revenues (unaudited), Revenues | 2,934,211 | 2,738,081 |
Supplemental pro forma net earnings (unaudited), Net earnings from continuing operations | 139,297 | 118,078 |
Finland Residential Property Management Business [Member] | ||
Current assets, excluding cash | 4,734 | |
Non-current assets | 2,581 | |
Current liabilities | (9,421) | |
Long-term liabilities | (6,072) | |
Net identifiable assets acquired | (8,178) | |
Cash consideration, net of cash acquired of $23,777 | (57,287) | |
Acquisition date fair value of contingent consideration | ||
Total purchase consideration | (57,287) | |
Acquired intangible assets | (26,841) | |
Acquired goodwill | 38,624 | |
Redeemable non-controlling interest | ||
Acquired intangible assets | 26,841 | |
Actual from acquired entities for 2018, Revenues | 45,364 | |
Harrison Street Real Estate Capital [Member] | ||
Current assets, excluding cash | 16,948 | |
Non-current assets | 4,678 | |
Current liabilities | (14,544) | |
Long-term liabilities | ||
Net identifiable assets acquired | 7,082 | |
Cash consideration, net of cash acquired of $23,777 | (447,513) | |
Acquisition date fair value of contingent consideration | (40,889) | |
Total purchase consideration | (488,402) | |
Acquired intangible assets | (278,600) | |
Acquired goodwill | 366,350 | |
Redeemable non-controlling interest | 163,630 | |
Acquired intangible assets | 278,600 | |
Actual from acquired entities for 2018, Revenues | 61,465 | |
Other Acquisitions [Member] | ||
Current assets, excluding cash | 31,623 | |
Non-current assets | 3,616 | 1,117 |
Current liabilities | (27,853) | (10,463) |
Long-term liabilities | (15,608) | (3,084) |
Net identifiable assets acquired | (8,222) | (7,010) |
Cash consideration, net of cash acquired of $23,777 | (81,442) | (35,978) |
Acquisition date fair value of contingent consideration | (19,212) | (9,135) |
Total purchase consideration | (100,654) | (45,113) |
Acquired intangible assets | (69,495) | (32,428) |
Acquired goodwill | 60,708 | 35,953 |
Redeemable non-controlling interest | 21,327 | |
Current assets, excluding cash | 5,420 | |
Acquired intangible assets | 69,495 | 32,428 |
Redeemable non-controlling interest | 16,258 | |
Actual from acquired entities for 2018, Revenues | $ 89,651 | |
Northern California & Nevada [Member] | ||
Non-current assets | 2,268 | |
Current liabilities | (38,481) | |
Long-term liabilities | (10,600) | |
Net identifiable assets acquired | (38,310) | |
Cash consideration, net of cash acquired of $23,777 | (22,696) | |
Acquisition date fair value of contingent consideration | (10,412) | |
Total purchase consideration | (33,108) | |
Acquired intangible assets | (28,800) | |
Acquired goodwill | 42,618 | |
Current assets, excluding cash | 8,503 | |
Acquired intangible assets | 28,800 | |
Redeemable non-controlling interest |
Note 3 - Acquisitions - Acqui_2
Note 3 - Acquisitions - Acquisitions Details (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash consideration, net of cash acquired | $ 23,777,000 | $ 41,889,000 |
Note 4 - Acquisition-related _3
Note 4 - Acquisition-related Items - Composition of Acquisition-related Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Transaction costs | $ 11,747 | $ 6,247 |
Contingent consideration fair value adjustments | 1,675 | 1,054 |
Contingent consideration compensation expense | 8,553 | 7,626 |
Acquisition-related expense | $ 21,975 | $ 14,927 |
Note 5 - Other Income, Net - Co
Note 5 - Other Income, Net - Components of Other (Income) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
(Gain) Loss on investments | $ (168) | $ 309 |
Equity earnings from non-consolidated investments | (1,321) | (923) |
Other | 208 | 114 |
Other income, net | $ (1,281) | $ (500) |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cost Method Investments, Fair Value Disclosure | $ 1,932 | $ 1,192 |
Note 6 - Other Assets - Compone
Note 6 - Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Advisor loans receivable | $ 46,661 | $ 44,978 |
Equity method investments | 3,968 | 2,812 |
Cost accounted investments | 3,800 | 2,944 |
Financing fees, net of accumulated amortization of $2,567 (December 31, 2017 - $1,672) | 4,230 | 2,953 |
Interest rate swap asset | 926 | 751 |
Other | 1,128 | 1,058 |
Other assets | $ 60,713 | $ 55,496 |
Note 6 - Other Assets - Compo_2
Note 6 - Other Assets - Components of Other Assets (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing fees, accumulatd amortization | $ 2,567 | $ 1,672 |
Note 7 - Fixed Assets (Details
Note 7 - Fixed Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leased Assets, Gross, Total | $ 6,555 | $ 5,812 |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 1,468 | $ 1,913 |
Note 7 - Fixed Assets - Compone
Note 7 - Fixed Assets - Components of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cost | $ 251,748 | $ 233,637 |
Accumulated depreciation | 158,265 | 149,738 |
Fixed assets (note 7) | 93,483 | 83,899 |
Building [Member] | ||
Cost | 2,548 | 2,425 |
Accumulated depreciation | 1,042 | 906 |
Fixed assets (note 7) | 1,506 | 1,519 |
Vehicles [Member] | ||
Cost | 2,173 | 1,952 |
Accumulated depreciation | 1,297 | 1,093 |
Fixed assets (note 7) | 876 | 859 |
Furniture and Fixtures [Member] | ||
Cost | 55,952 | 52,912 |
Accumulated depreciation | 37,751 | 35,825 |
Fixed assets (note 7) | 18,201 | 17,087 |
Computer Equipment [Member] | ||
Cost | 114,136 | 106,500 |
Accumulated depreciation | 82,120 | 77,822 |
Fixed assets (note 7) | 32,016 | 28,678 |
Leasehold Improvements [Member] | ||
Cost | 76,939 | 69,848 |
Accumulated depreciation | 36,056 | 34,092 |
Fixed assets (note 7) | $ 40,883 | $ 35,756 |
Note 8 - Intangible Assets - Co
Note 8 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross carrying amount | $ 620,147 | $ 270,629 |
Accumulated amortization | 122,217 | 87,593 |
Net | 497,930 | 183,036 |
Trademark and Trade Names [Member] | ||
Indefinite life | 23,841 | 24,121 |
Indefinite life | 23,841 | 24,121 |
Customer Lists and Relationships [Member] | ||
Gross carrying amount | 290,667 | 219,986 |
Accumulated amortization | 95,011 | 74,897 |
Net | 195,656 | 145,089 |
Investment Management Contracts [Member] | ||
Gross carrying amount | 270,600 | |
Accumulated amortization | 12,145 | |
Net | 258,455 | |
Franchise Rights [Member] | ||
Gross carrying amount | 5,175 | 5,703 |
Accumulated amortization | 4,141 | 4,156 |
Net | 1,034 | 1,547 |
Trademarks and Trade Names [Member] | ||
Gross carrying amount | 12,851 | 2,776 |
Accumulated amortization | 2,853 | 1,865 |
Net | 9,998 | 911 |
Management Contracts and Other [Member] | ||
Gross carrying amount | 16,533 | 17,733 |
Accumulated amortization | 7,907 | 6,572 |
Net | 8,626 | 11,161 |
Brokerage Backlog [Member] | ||
Gross carrying amount | 480 | 310 |
Accumulated amortization | 160 | 103 |
Net | $ 320 | $ 207 |
Note 8 - Intangible Assets - Ac
Note 8 - Intangible Assets - Acquired Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Amount | $ 377,622 |
Estimated weighted average amortization period (Year) | 12 years |
Customer Lists and Relationships [Member] | |
Amount | $ 90,668 |
Estimated weighted average amortization period (Year) | 9 years 328 days |
Investment Management Contracts [Member] | |
Amount | $ 270,600 |
Estimated weighted average amortization period (Year) | 12 years 328 days |
Trademarks and Trade Names [Member] | |
Amount | $ 11,632 |
Estimated weighted average amortization period (Year) | 10 years 328 days |
Brokerage Backlog [Member] | |
Amount | $ 4,722 |
Estimated weighted average amortization period (Year) | 182 days |
Note 8 - Intangible Assets - Es
Note 8 - Intangible Assets - Estimated Annual Amortization Expense for Recorded Intangible Assets (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 56,903 |
2,020 | 53,419 |
2,021 | 51,366 |
2,022 | 50,690 |
2,023 | $ 48,127 |
Note 9 - Goodwill (Details Text
Note 9 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 9 - Goodwill - Components
Note 9 - Goodwill - Components of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Balance | $ 455,130 | $ 348,006 | |
Acquired goodwill | 465,682 | 78,571 | |
Other items | 44 | 1,175 | |
Foreign exchange | (20,405) | 27,378 | |
Goodwill disposed during the year | (12,557) | ||
Balance | 887,894 | 455,130 | |
Goodwill | $ 917,477 | ||
Accumulated impairment loss | (29,583) | ||
Goodwill (note 9) | 887,894 | 455,130 | 887,894 |
Investment Management [Member] | |||
Balance | 13,707 | 12,033 | |
Acquired goodwill | 366,350 | ||
Other items | |||
Foreign exchange | (645) | 1,674 | |
Goodwill disposed during the year | |||
Balance | 379,412 | 13,707 | |
Goodwill | 379,412 | ||
Accumulated impairment loss | |||
Goodwill (note 9) | 13,707 | 12,033 | 379,412 |
Americas [Member] | |||
Balance | 190,578 | 126,417 | |
Acquired goodwill | 18,014 | 62,938 | |
Other items | 44 | 1,175 | |
Foreign exchange | (837) | 48 | |
Goodwill disposed during the year | |||
Balance | 207,799 | 190,578 | |
Goodwill | 234,070 | ||
Accumulated impairment loss | (26,271) | ||
Goodwill (note 9) | 190,578 | 126,417 | 207,799 |
EMEA [Member] | |||
Balance | 201,179 | 165,110 | |
Acquired goodwill | 79,364 | 13,672 | |
Other items | |||
Foreign exchange | (14,234) | 22,397 | |
Goodwill disposed during the year | (12,557) | ||
Balance | 253,752 | 201,179 | |
Goodwill | 257,064 | ||
Accumulated impairment loss | (3,312) | ||
Goodwill (note 9) | 201,179 | 165,110 | 253,752 |
Asia Pacific [Member] | |||
Balance | 49,666 | 44,446 | |
Acquired goodwill | 1,954 | 1,961 | |
Other items | |||
Foreign exchange | (4,689) | 3,259 | |
Goodwill disposed during the year | |||
Balance | 46,931 | 49,666 | |
Goodwill | 46,931 | ||
Accumulated impairment loss | |||
Goodwill (note 9) | $ 49,666 | $ 44,446 | $ 46,931 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) $ in Thousands, € in Millions | May 17, 2018EUR (€) | Apr. 19, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Letters of Credit Outstanding, Amount | $ 7,624 | $ 10,307 | ||
Long Term Debt [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.30% | 3.10% | ||
Senior Unsecured Notes [Member] | ||||
Debt Instrument, Term | 10 years | |||
Debt Instrument, Face Amount | € | € 210 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.23% | |||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||
Debt Instrument, Term | 5 years | |||
Debt, Weighted Average Interest Rate | 3.00% | 2.90% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 562,386 | |||
Line of Credit Facility, Additional Borrowing Capacity | $ 250,000 | |||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% |
Note 10 - Long-term Debt - Long
Note 10 - Long-term Debt - Long-term Debt and Convertible Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revolving Credit Facility | $ 430,167 | $ 246,411 |
Senior Notes | 239,577 | |
Capital leases maturing at various dates through 2021 | 1,470 | 1,991 |
Other long-term debt maturing at various dates up to 2021 | 910 | 1,491 |
Long-term debt | 672,123 | 249,893 |
Long-term debt - current (note 10) | 1,834 | 2,426 |
Long-term debt - non-current (note 10) | $ 670,289 | $ 247,467 |
Note 10 - Long-term Debt - Prin
Note 10 - Long-term Debt - Principal Repayments on Long-term Debt (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 1,834 |
2,020 | 348 |
2,021 | 198 |
2,022 | |
2023 and thereafter | $ 669,743 |
Note 11 - Redeemable Non-cont_3
Note 11 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 343,361 | $ 145,489 |
Subordinate Non-controlling Interest Shares | 5,400,000 | |
Redemption Amount [Member] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 316,012 | $ 129,087 |
Note 11 - Redeemable Non-cont_4
Note 11 - Redeemable Non-controlling Interests - Reconciliation of the Beginning and Ending NCI Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 145,489 | $ 134,803 |
RNCI share of earnings | 20,319 | |
Non-controlling interest redemption increment (note 11) | 7,709 | 22,393 |
Distributions paid to RNCI | (18,871) | (20,797) |
Balance | 343,361 | 145,489 |
Non-controlling Interest Share of Earnings [Member] | ||
RNCI share of earnings | 20,491 | 16,687 |
Non-controlling Interest Redemption Increment [Member] | ||
Non-controlling interest redemption increment (note 11) | 7,709 | 22,393 |
Non-controlling Interest Distributions Paid to NCI [Member] | ||
Distributions paid to RNCI | (16,396) | (12,870) |
Non-controlling Interest Purchase of Interests from NCI Net [Member] | ||
Purchases of interests from RNCI, net | 1,111 | (31,782) |
Non-controlling Interest Recognized on Business Acquisitions [Member] | ||
RNCI recognized on business acquisitions | $ 184,957 | $ 16,258 |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2004$ / shares | Dec. 31, 2018$ / shares$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2018USD ($) | |
Common Stock, Dividends, Per Share, Declared | $ 0.10 | $ 0.10 | ||
Share Price | $ 75.29 | |||
Contingent Liabiilty upon Sale of Control | $ | $ 209,589 | |||
Subordinate Voting Shares Conversion Rate [Member] | ||||
Payment Formula Base Price, Second Payment | $ 6.472 | |||
Chief Executive Officer [Member] | ||||
Percentage Payment of Shares Outstanding, First Payment | 5.00% | |||
Payment Formula Base Price, First Payment | $ 3.324 | |||
Percentage Payment of Shares Outstanding, Second Payment | 5.00% | |||
Subordinate Voting Shares [Member] | ||||
Number of Votes for Subordinate Voting Shares | 1 | |||
Multiple Voting Shares [Member] | ||||
Number of Votes for Multiple Voting Shares | 20 |
Note 12 - Capital Stock - Capit
Note 12 - Capital Stock - Capital Stock Issued and Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Shares, Number (in shares) | 39,213,136 | 38,934,161 |
Capital Shares, Amount | $ 415,805 | $ 406,984 |
Subordinate Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 37,887,442 | 37,608,467 |
Capital Shares, Amount | $ 415,432 | $ 406,611 |
Multiple Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 1,325,694 | 1,325,694 |
Capital Shares, Amount | $ 373 | $ 373 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allocated Share-based Compensation Expense, Total | $ 6,394 | $ 4,425 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 45.08 | $ 36.03 | $ 30.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 24,676 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 6,419 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 4,427 | $ 3,422 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 29.02 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 67.85 | ||
Employee Stock Option [Member] | |||
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 | 1,621.5 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation Stock - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares issuable under options (in shares) | 1,753,275 | 1,602,850 |
Shares issuable under options (in dollars per share) | $ 36.03 | $ 30.31 |
Granted, Number of options (in shares) | 470,000 | 450,000 |
Granted, Weighted average exercise price (in dollars per share) | $ 67.32 | $ 46.21 |
Exercised, Number of options (in shares) | (278,975) | (285,700) |
Exercised, Weighted average exercise price (in dollars per share) | $ 26.60 | $ 19.74 |
Forfeited, Number of options (in shares) | (46,875) | (13,875) |
Forfeited, Weighted average exercise price (in dollars per share) | $ 39.66 | $ 40.10 |
Shares issuable under options (in shares) | 1,897,425 | 1,753,275 |
Shares issuable under options (in dollars per share) | $ 45.08 | $ 36.03 |
Shares issuable under options (Year) | 2 years 182 days | |
Shares issuable under options, aggregate intrinsic value | $ 24,676 | |
Options exercisable - End of year, Number of options (in shares) | 746,125 | |
Options exercisable - End of year, Weighted average exercise price (in dollars per share) | $ 35.60 | |
Options exercisable - End of year, Weighted average remaining contractual life (Year) | 1 year 219 days | |
Options exercisable - End of year, Aggregate intrinsic value | $ 14,495 |
Note 13 - Stock-based Compens_5
Note 13 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Number of options exercised (in shares) | 278,975 | 285,700 |
Aggregate fair value | $ 7,421 | $ 5,640 |
Employee Stock Option [Member] | ||
Number of options exercised (in shares) | 278,975 | 285,700 |
Aggregate fair value | $ 17,823 | $ 14,213 |
Intrinsic value | 10,403 | 8,572 |
Amount of cash received | 7,420 | 5,641 |
Tax benefit recognized | $ 73 | $ 102 |
Note 13 - Stock-based Compens_6
Note 13 - Stock-based Compensation - Fair Value of Each Option Grant Assumptions Used (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Risk free rate | 2.20% | 1.50% |
Expected life in years (Year) | 4 years 273 days | 4 years 273 days |
Expected volatility | 29.70% | 28.90% |
Dividend yield | 0.10% | 0.20% |
Weighted average fair value per option granted (in dollars per share) | $ 19.41 | $ 12.36 |
Note 14 - Income Tax (Details T
Note 14 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 11,678 | ||
Deferred Tax Assets, Net, Total | $ 6,645 | 29,357 | |
Undistributed Earnings of Foreign Subsidiaries | 89,461 | 42,709 | |
Unrecognized Tax Benefits, Ending Balance | 1,460 | 1,858 | $ 2,292 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,460 | 1,858 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 6 | 18 | |
Recovery of Income Tax Interest and Penalties | 173 | 155 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 190 | 213 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 130 | ||
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Minimum [Member] | |||
Income Tax Return Examination Period | 4 years | ||
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Maximum [Member] | |||
Income Tax Return Examination Period | 7 years | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Return Examination Period | 3 years | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax Return Examination Period | 5 years | ||
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | |||
Income Tax Return Examination Period | 4 years | ||
UNITED STATES | |||
Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 |
Note 14 - Income Tax - Effectiv
Note 14 - Income Tax - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Combined statutory rate | 26.50% | 26.50% |
Nondeductible expenses | 2.50% | 2.10% |
Tax effect of flow through entities | (1.40%) | (1.10%) |
Impact of changes in foreign exchange rates | 0.20% | 0.50% |
Adjustments to tax liabilities for prior periods | 0.20% | 0.90% |
Effect of changes in enacted US federal tax rate | 7.50% | |
Effect of changes in enacted tax rate in other jurisdictions | (0.70%) | |
Changes in liability for unrecognized tax benefits | (0.30%) | (0.40%) |
Stock-based compensation | 0.90% | 0.60% |
Foreign, state, and provincial tax rate differential | (0.20%) | 2.60% |
Change in valuation allowance | (0.10%) | (0.90%) |
Contingent acquisition consideration | 1.20% | 1.00% |
Other | 0.50% | 0.40% |
Effective income tax rate | 29.30% | 39.70% |
Note 14 - Income Tax - Earnings
Note 14 - Income Tax - Earnings Before Income Tax by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Before Income Tax by Jurisdiction | $ 181,834 | $ 155,981 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Earnings Before Income Tax by Jurisdiction | 21,627 | 21,814 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Earnings Before Income Tax by Jurisdiction | 40,097 | 33,597 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Earnings Before Income Tax by Jurisdiction | $ 120,110 | $ 100,570 |
Note 14 - Income Tax - Provisio
Note 14 - Income Tax - Provision for (Recovery of) Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current | $ 47,123 | $ 43,576 |
Deferred | 6,137 | 18,331 |
Total | 53,260 | 61,907 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Current, Canada | 5,134 | 4,031 |
Deferred, Canda | 1,689 | 3,185 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Current, United States and Other Foreign | 1,768 | 3,235 |
Deferred, United States and Other Foreign | 10,732 | 20,657 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Current, United States and Other Foreign | 40,221 | 36,310 |
Deferred, United States and Other Foreign | $ (6,284) | $ (5,511) |
Note 14 - Income Tax - Deferred
Note 14 - Income Tax - Deferred Income Tax Components (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loss carry-forwards and other credits | $ 19,056 | $ 37,869 |
Expenses not currently deductible | 31,508 | 34,265 |
Revenue not currently taxable | (8,416) | (15,227) |
Stock-based compensation | 157 | 525 |
Investments | 10,628 | 11,290 |
Provision for doubtful accounts | 4,871 | 4,221 |
Financing fees | (83) | 162 |
Net unrealized foreign exchange losses | 126 | (634) |
Depreciation and amortization | (42,257) | (32,035) |
Less: valuation allowance | (8,945) | (11,079) |
Net deferred income tax asset | $ 6,645 | $ 29,357 |
Note 14 - Income Tax - Gross Op
Note 14 - Income Tax - Gross Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Gross net operating loss carry forward | $ 16,249 | $ 30,904 |
Gross net operating loss not recognized | 27 | 24 |
Net operating loss carry foward | 16,222 | 30,880 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 2,208 | 1,881 |
Gross capital loss not recognized | 1,869 | 1,567 |
Net capital loss carry forward | 339 | 314 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Gross net operating loss carry forward | 1,315 | 47,720 |
Gross net operating loss not recognized | 921 | 915 |
Net operating loss carry foward | 394 | 46,805 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 1,698 | 1,671 |
Gross capital loss not recognized | 1,698 | 1,671 |
Net capital loss carry forward | ||
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Gross net operating loss carry forward | 39,147 | 50,512 |
Gross net operating loss not recognized | 27,363 | 30,705 |
Net operating loss carry foward | 11,784 | 19,807 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 6,285 | 7,139 |
Gross capital loss not recognized | 6,285 | 7,139 |
Net capital loss carry forward |
Note 14 - Income Tax - Unrecogn
Note 14 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 1,858 | $ 2,292 |
Gross increases for tax positions of prior periods | 6 | 18 |
Amount recognized on acquisitions | 289 | |
Reduction for lapses in applicable statutes of limitations | (560) | (628) |
Foreign currency translation | (133) | 176 |
Balance | $ 1,460 | $ 1,858 |
Note 15 - Pension Plan (Details
Note 15 - Pension Plan (Details Textual) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | $ 4 | $ 781 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 689 | 640 |
Defined Benefit Plan, Actuarial Gain on Plan Assets | $ 685 | $ 140 |
Note 15 - Pension Plan - Net Pe
Note 15 - Pension Plan - Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Gross employer service cost | $ 1,237 | $ 1,501 |
Plan participant contributions | (246) | (308) |
Interest cost on service cost | 22 | 27 |
Employer's service cost | 1,013 | 1,220 |
Interest cost | 744 | 701 |
Expected net return on plan assets | (689) | (640) |
Other costs | 171 | 166 |
Total employer's pension expense | $ 1,239 | $ 1,447 |
Note 15 - Pension Plan - Change
Note 15 - Pension Plan - Changes in Benefit Obligations (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Projected benefit obligation | $ 42,368 | $ 36,659 |
Current service cost | 1,013 | 1,220 |
Plan participant / third party contributions | 246 | 308 |
Interest cost | 744 | 701 |
Benefits paid | (601) | (495) |
Individual settlements | 84 | |
Curtailment | (125) | |
Foreign exchange | (2,038) | 5,204 |
Expected projected benefit obligation, December 31 | 41,817 | 43,472 |
Actuarial gain, net of foreign exchange | (2,842) | (1,105) |
Projected benefit obligation | $ 38,975 | $ 42,368 |
Note 15 - Pension Plan - Chan_2
Note 15 - Pension Plan - Changes in Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value of plan assets | $ 38,813 | $ 33,016 |
Expected net return on plan assets | 689 | 640 |
Employer | 634 | 609 |
Plan participants | 246 | 308 |
Benefits paid | (601) | (495) |
Individual settlements | 84 | |
Other costs | (171) | (72) |
Foreign exchange | (1,853) | 4,658 |
Expected fair value of plan assets - December 31 | 37,841 | 38,664 |
Actuarial (gain)/loss, net of foreign exchange | (664) | 149 |
Fair value of plan assets | $ 37,177 | $ 38,813 |
Note 15 - Pension Plan - Amount
Note 15 - Pension Plan - Amounts Recognized in Balance Sheet (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Present value of accumulated benefit obligation | $ (37,925) | $ (40,142) | |
Effect of future compensation increases | (1,049) | (2,226) | |
Present value of projected benefit obligation | (38,975) | (42,368) | $ (36,659) |
Fair value of plan assets | 37,177 | 38,813 | $ 33,016 |
Net liability for pension benefits | $ (1,797) | $ (3,555) |
Note 15 - Pension Plan - Amou_2
Note 15 - Pension Plan - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total gain recognized in other comprehensive income | $ (1,638) | $ (1,125) |
Pension Plan [Member] | ||
Actuarial gain on remeasurement of projected benefit obligation | (2,931) | (1,038) |
Actuarial (gain)/loss on remeasurement of fair value of assets | 685 | (234) |
Actuarial gain on curtailment of benefits from reorganization | (125) | |
Total gain recognized in other comprehensive income | $ (2,246) | $ (1,397) |
Note 15 - Pension Plan - Assump
Note 15 - Pension Plan - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Discount rate used in determining present values | 1.90% | 1.80% |
Annual increase in future compensation levels | 1.80% | 2.00% |
Discount rate used in determining present values | 1.90% | 1.80% |
Annual increase in future compensation levels | 1.80% | 2.00% |
Expected long-term rate of return on assets | 1.90% | 1.80% |
Note 15 - Pension Plan - Assets
Note 15 - Pension Plan - Assets Measured at Fair Value (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair value of plan assets | $ 37,177 | $ 38,813 | $ 33,016 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 36,260 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 918 | ||
Equity Funds [Member] | |||
Fair value of plan assets | 3,146 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 3,146 | ||
US Government Agencies Debt Securities [Member] | |||
Fair value of plan assets | 33,022 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 33,022 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Cash [Member] | |||
Fair value of plan assets | 92 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 92 | ||
Other Plan Assets[Member] | |||
Fair value of plan assets | 918 | ||
Other Plan Assets[Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | $ 918 |
Note 15 - Pension Plan - Expect
Note 15 - Pension Plan - Expected Future Payments of Pension Benefit (Details) - Pension Plan [Member] $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 658 |
2,020 | 686 |
2,021 | 721 |
2,022 | 792 |
2,023 | 859 |
2024 - 2028 | $ 5,286 |
Note 16 - Net Earnings Per Co_3
Note 16 - Net Earnings Per Common Share - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares issued and outstanding at beginning of period (in shares) | 38,934,161 | 38,648,461 |
Weighted average number of shares: Issued during the period (in shares) | 221,293 | 181,523 |
Weighted average number of shares used in computing basic earnings per share (in shares) | 39,155,454 | 38,829,984 |
Assumed exercise of stock options acquired under the Treasury Stock Method (in shares) | 639,161 | 477,870 |
Number of shares used in computing diluted earnings per share (in shares) | 39,794,615 | 39,307,854 |
Note 17 - Other Supplemental _3
Note 17 - Other Supplemental Information - Summary of Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax, net of refunds | $ 42,153 | $ 43,374 |
Interest | 20,404 | 11,168 |
Increases (Decreases) in capital lease obligations | (522) | 123 |
Dividends declared but not paid | 1,961 | 1,947 |
Rent expense | $ 74,183 | $ 65,982 |
Note 18 - Financial Instrumen_3
Note 18 - Financial Instruments (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Apr. 30, 2017 |
Contingent Consideration Liability [Member] | ||
Fair Value Inputs, Weighted Average Discount Rate Increase | 2.00% | |
Reduction in Fair Value of Contingent Consideration Liability | $ 4.8 | |
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.03 | |
Measurement Inputs, Contingent Consideration, Data Point Concentration | 3.80% | |
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.091 | |
Measurement Inputs, Contingent Consideration, Data Point Concentration | 8.70% | |
Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.061 | |
Interest Rate Swap [Member] | ||
Derivative Asset, Notional Amount | $ 100 | $ 100 |
Derivative, Fixed Interest Rate | 2.7205% | 1.897% |
Note 18 - Financial Instrumen_4
Note 18 - Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Interest rate swap asset | $ 926 | $ 751 | |
Fair Value, Inputs, Level 3 [Member] | |||
Contingent consideration liability | 93,865 | $ 50,300 | $ 32,266 |
Fair Value, Measurements, Recurring [Member] | |||
Interest rate swap asset | 926 | ||
Contingent consideration liability | 93,865 | ||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |||
Marketable securities | 2,835 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Income Securities [Member] | |||
Marketable securities | 4,101 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Interest rate swap asset | |||
Contingent consideration liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Marketable securities | 2,835 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||
Marketable securities | 185 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Interest rate swap asset | 926 | ||
Contingent consideration liability | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Marketable securities | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Marketable securities | 3,916 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Interest rate swap asset | |||
Contingent consideration liability | 93,865 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Marketable securities | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities [Member] | |||
Marketable securities |
Note 18 - Financial Instrumen_5
Note 18 - Financial Instruments - Change in Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value adjustments (note 4) | $ (4,365) | $ (6,487) |
Less: current portion | 17,122 | 18,657 |
Non-current portion | 76,743 | 31,643 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 50,300 | 32,266 |
Amounts recognized on acquisitions | 61,525 | 21,477 |
Fair value adjustments (note 4) | 1,675 | 1,054 |
Resolved and settled in cash | (18,757) | (6,169) |
Other | (877) | 1,672 |
Balance | 93,865 | 50,300 |
Less: current portion | 17,122 | 18,657 |
Non-current portion | $ 76,743 | $ 31,643 |
Note 18 - Financial Instrumen_6
Note 18 - Financial Instruments - Estimated of Fair Values for Other Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other receivables | $ 12,088 | $ 10,136 |
Other receivables, fair value | 12,088 | 10,136 |
Advisor loans receivable | 46,661 | 44,978 |
Advisor loans receivable (non-current) | 46,661 | 44,978 |
Long-term debt - non-current (note 10) | 670,289 | 247,467 |
Long-term debt, fair value | $ 670,289 | $ 247,467 |
Note 19 - Commitments and Con_3
Note 19 - Commitments and Contingencies - Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 86,376 |
2,020 | 76,169 |
2,021 | 62,171 |
2,022 | 51,011 |
2,023 | 38,103 |
Thereafter | 97,631 |
Total minimum operating lease payments | $ 411,461 |
Note 19 - Commitments and Con_4
Note 19 - Commitments and Contingencies - Minimum Contractual Purchase Commitments Obligation Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 11,063 |
2,020 | 6,600 |
2,021 | 1,467 |
2,022 | 1,179 |
2,023 | 491 |
Total minimum contractual purchase commitments | $ 20,800 |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 74,183 | $ 65,982 |
Revenue from Related Parties | 585 | 635 |
Minority Shareholders of Subsidiaries [Member] | ||
Operating Leases, Rent Expense, Total | $ 420 | 356 |
Lessee, Operating Lease, Term of Contract | 10 years | |
Minority Shareholders of Subsidiaries [Member] | Minimum [Member] | ||
Property Management Contract Term | 1 year | |
Minority Shareholders of Subsidiaries [Member] | Maximum [Member] | ||
Property Management Contract Term | 3 years | |
Non-controlling Shareholders [Member] | ||
Due from Related Parties, Total | $ 6,465 | $ 8,093 |
Non-controlling Shareholders [Member] | Minimum [Member] | ||
Related Party Transaction, Rate | 0.00% | |
Non-controlling Shareholders [Member] | Maximum [Member] | ||
Related Party Transaction, Rate | 4.00% |
Note 21 - Revenue From Contra_3
Note 21 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contract with Customer, Asset, Net, Total | $ 110,432 | $ 111,841 |
Contract with Customer, Asset, Net, Current, Total | 99,468 | 104,737 |
Contract with Customer, Liability, Current | 39,635 | 35,423 |
Contract with Customer, Liability, Revenue Recognized | $ 23,526 | $ 25,857 |
Note 21 - Revenue From Contra_4
Note 21 - Revenue From Contracts With Customers - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 2,825,427 | $ 2,435,200 |
Americas Segment [Member] | ||
Revenues | 1,596,184 | 1,409,413 |
EMEA Segment [Member] | ||
Revenues | 623,238 | 514,947 |
Asia Pacific Segment [Member] | ||
Revenues | 528,360 | 496,203 |
Investment Management [Member] | ||
Revenues | 76,021 | 12,654 |
Corporate Segment [Member] | ||
Revenues | 1,624 | 1,983 |
Lease Brokerage [Member] | ||
Revenues | 903,947 | 769,226 |
Lease Brokerage [Member] | Americas Segment [Member] | ||
Revenues | 648,815 | 549,721 |
Lease Brokerage [Member] | EMEA Segment [Member] | ||
Revenues | 139,685 | 116,171 |
Lease Brokerage [Member] | Asia Pacific Segment [Member] | ||
Revenues | 115,447 | 103,334 |
Lease Brokerage [Member] | Investment Management [Member] | ||
Revenues | 0 | 0 |
Lease Brokerage [Member] | Corporate Segment [Member] | ||
Revenues | 0 | |
Sales Brokerage [Member] | ||
Revenues | 780,884 | 723,450 |
Sales Brokerage [Member] | Americas Segment [Member] | ||
Revenues | 441,934 | 402,801 |
Sales Brokerage [Member] | EMEA Segment [Member] | ||
Revenues | 168,796 | 137,959 |
Sales Brokerage [Member] | Asia Pacific Segment [Member] | ||
Revenues | 170,154 | 182,690 |
Sales Brokerage [Member] | Investment Management [Member] | ||
Revenues | 0 | 0 |
Sales Brokerage [Member] | Corporate Segment [Member] | ||
Revenues | 0 | |
Property Management [Member] | ||
Revenues | 449,332 | 378,744 |
Property Management [Member] | Americas Segment [Member] | ||
Revenues | 228,550 | 208,880 |
Property Management [Member] | EMEA Segment [Member] | ||
Revenues | 84,861 | 43,440 |
Property Management [Member] | Asia Pacific Segment [Member] | ||
Revenues | 135,921 | 126,424 |
Property Management [Member] | Investment Management [Member] | ||
Revenues | 0 | 0 |
Property Management [Member] | Corporate Segment [Member] | ||
Revenues | 0 | |
Valuation and Advisory [Member] | ||
Revenues | 323,034 | 286,289 |
Valuation and Advisory [Member] | Americas Segment [Member] | ||
Revenues | 148,721 | 131,250 |
Valuation and Advisory [Member] | EMEA Segment [Member] | ||
Revenues | 112,180 | 98,094 |
Valuation and Advisory [Member] | Asia Pacific Segment [Member] | ||
Revenues | 62,133 | 56,945 |
Valuation and Advisory [Member] | Investment Management [Member] | ||
Revenues | 0 | 0 |
Valuation and Advisory [Member] | Corporate Segment [Member] | ||
Revenues | 0 | |
Project Management [Member] | ||
Revenues | 249,078 | 227,759 |
Project Management [Member] | Americas Segment [Member] | ||
Revenues | 109,699 | 99,849 |
Project Management [Member] | EMEA Segment [Member] | ||
Revenues | 107,149 | 110,817 |
Project Management [Member] | Asia Pacific Segment [Member] | ||
Revenues | 32,230 | 17,093 |
Project Management [Member] | Investment Management [Member] | ||
Revenues | 0 | 0 |
Project Management [Member] | Corporate Segment [Member] | ||
Revenues | 0 | 0 |
Investment Management Revenue [Member] | ||
Revenues | 74,978 | 12,647 |
Investment Management Revenue [Member] | Americas Segment [Member] | ||
Revenues | 0 | 0 |
Investment Management Revenue [Member] | EMEA Segment [Member] | ||
Revenues | 0 | 0 |
Investment Management Revenue [Member] | Asia Pacific Segment [Member] | ||
Revenues | 0 | 0 |
Investment Management Revenue [Member] | Investment Management [Member] | ||
Revenues | 74,978 | 12,647 |
Investment Management Revenue [Member] | Corporate Segment [Member] | ||
Revenues | 0 | 0 |
Other Revenue [Member] | ||
Revenues | 44,174 | 37,085 |
Other Revenue [Member] | Americas Segment [Member] | ||
Revenues | 18,465 | 16,912 |
Other Revenue [Member] | EMEA Segment [Member] | ||
Revenues | 10,567 | 8,466 |
Other Revenue [Member] | Asia Pacific Segment [Member] | ||
Revenues | 12,475 | 9,717 |
Other Revenue [Member] | Investment Management [Member] | ||
Revenues | 1,043 | 7 |
Other Revenue [Member] | Corporate Segment [Member] | ||
Revenues | $ 1,624 | $ 1,983 |
Note 22 - Segmented Informati_3
Note 22 - Segmented Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Operating Segments | 4 | |
Americas Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 4,311 | $ 3,171 |
EMEA Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 1,820 | 2,242 |
Asia Pacific Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 7 | 7 |
Investment Management [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 430 | 336 |
Corporate Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 1,200 | $ 0 |
Note 22 - Segmented Informati_4
Note 22 - Segmented Information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,825,427 | $ 2,435,200 |
Depreciation and amortization | 78,730 | 52,992 |
Operating earnings (loss) | 201,398 | 167,376 |
Other income, net | 1,281 | 500 |
Interest expense, net | (20,845) | (11,895) |
Income tax expense | (53,260) | (61,907) |
Net earnings | 128,574 | 94,074 |
Total assets | 2,357,580 | 1,507,560 |
Total additions to long-lived assets | 887,947 | 182,655 |
Americas Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 1,596,184 | 1,409,413 |
EMEA Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 623,238 | 514,947 |
Asia Pacific Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 528,360 | 496,203 |
Investment Management [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 76,021 | 12,654 |
Operating Segments [Member] | Americas Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 1,596,184 | 1,409,413 |
Depreciation and amortization | 30,391 | 28,799 |
Operating earnings (loss) | 105,490 | 87,955 |
Other income, net | ||
Interest expense, net | ||
Income tax expense | ||
Net earnings | ||
Total assets | 846,919 | 759,827 |
Total additions to long-lived assets | 61,814 | 138,914 |
Operating Segments [Member] | EMEA Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 623,238 | 514,947 |
Depreciation and amortization | 25,435 | 16,595 |
Operating earnings (loss) | 53,862 | 45,626 |
Other income, net | ||
Interest expense, net | ||
Income tax expense | ||
Net earnings | ||
Total assets | 602,964 | 497,122 |
Total additions to long-lived assets | 161,823 | 28,682 |
Operating Segments [Member] | Asia Pacific Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 528,360 | 496,203 |
Depreciation and amortization | 6,320 | 5,914 |
Operating earnings (loss) | 66,240 | 55,066 |
Other income, net | ||
Interest expense, net | ||
Income tax expense | ||
Net earnings | ||
Total assets | 228,490 | 221,415 |
Total additions to long-lived assets | 10,669 | 9,876 |
Operating Segments [Member] | Investment Management [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 76,021 | 12,654 |
Depreciation and amortization | 13,791 | 29 |
Operating earnings (loss) | 12,326 | 2,263 |
Other income, net | ||
Interest expense, net | ||
Income tax expense | ||
Net earnings | ||
Total assets | 693,040 | 33,360 |
Total additions to long-lived assets | 649,898 | 91 |
Corporate, Non-Segment [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 1,624 | 1,983 |
Depreciation and amortization | 2,793 | 1,655 |
Operating earnings (loss) | (36,520) | (23,534) |
Other income, net | ||
Interest expense, net | ||
Income tax expense | ||
Net earnings | ||
Total assets | (13,833) | (4,164) |
Total additions to long-lived assets | $ 3,743 | $ 5,092 |
Note 22 - Segment Information -
Note 22 - Segment Information - Revenues and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,825,427 | $ 2,435,200 |
Total long-lived assets | 1,479,307 | 722,065 |
UNITED STATES | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 1,243,019 | 1,046,248 |
Total long-lived assets | 943,164 | 281,588 |
CANADA | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 360,115 | 262,115 |
Total long-lived assets | 265,867 | 191,934 |
Euro Currency Countries [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 358,035 | 306,533 |
Total long-lived assets | 65,781 | 61,158 |
AUSTRALIA | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 238,537 | 253,260 |
Total long-lived assets | 47,886 | 50,843 |
UNITED KINGDOM | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 172,820 | 169,700 |
Total long-lived assets | 68,732 | 75,745 |
Other Geographic Locations [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 452,901 | 397,344 |
Total long-lived assets | $ 87,877 | $ 60,797 |
Note 23 - Impact of Recently _3
Note 23 - Impact of Recently Issued Accounting Standards (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,825,427,000 | $ 2,435,200,000 |
Cost of Services, Excluding Depreciation, Depletion, and Amortization | $ 1,817,526,000 | 1,585,865,000 |
Accounting Standards Update 2014-09 [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 146,269 | |
Cost of Services, Excluding Depreciation, Depletion, and Amortization | $ 146,269 |
Note 23 - Impact of Recently _4
Note 23 - Impact of Recently Issued Accounting Standards - Restatement Adjustment (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 2,825,427 | $ 2,435,200 |
Cost of revenues | 1,817,526 | 1,585,865 |
Selling, general and administrative expenses | 705,798 | 614,040 |
Income tax | 53,260 | 61,907 |
Non-controlling interest share of earnings | 20,319 | |
Non-controlling interest redemption increment | 7,709 | 22,393 |
Net earnings attributable to Company | $ 97,658 | $ 51,362 |
Diluted net earnings per common share (in dollars per share) | $ 2.45 | $ 1.31 |
Accounts receivable, net of allowance | $ 455,232 | $ 382,542 |
Contract assets, current | 99,468 | 104,737 |
Unbilled revenues | ||
Contract assets, non-current | 10,964 | 7,104 |
Deferred income tax asset, net | 34,195 | 48,401 |
Accounts payable and accrued expenses | 240,513 | 227,087 |
Accrued compensation | 469,563 | 419,635 |
Contract liabilities | 39,635 | 35,423 |
Unearned revenues | ||
Deferred income tax liability, net | 27,550 | 19,044 |
Deficit | (21,751) | (115,489) |
Accumulated other comprehensive loss | (61,218) | (43,157) |
Non-controlling interests | $ 4,420 | 4,457 |
Previously Reported [Member] | ||
Revenues | 2,275,362 | |
Cost of revenues | 1,427,281 | |
Selling, general and administrative expenses | 613,335 | |
Income tax | 63,300 | |
Non-controlling interest share of earnings | 20,236 | |
Non-controlling interest redemption increment | 22,583 | |
Net earnings attributable to Company | $ 49,313 | |
Diluted net earnings per common share (in dollars per share) | $ 1.25 | |
Accounts receivable, net of allowance | $ 383,385 | |
Contract assets, current | ||
Unbilled revenues | 41,370 | |
Contract assets, non-current | ||
Deferred income tax asset, net | 52,394 | |
Accounts payable and accrued expenses | 252,904 | |
Accrued compensation | 365,709 | |
Contract liabilities | ||
Unearned revenues | 11,919 | |
Deferred income tax liability, net | 18,579 | |
Deficit | (128,411) | |
Accumulated other comprehensive loss | (43,354) | |
Non-controlling interests | 4,019 | |
Lease Brokerage Revenue Adjustment [Member] | ||
Revenues | 13,569 | |
Cost of revenues | 12,315 | |
Selling, general and administrative expenses | 705 | |
Income tax | (1,393) | |
Non-controlling interest share of earnings | 83 | |
Non-controlling interest redemption increment | (190) | |
Net earnings attributable to Company | $ 2,049 | |
Diluted net earnings per common share (in dollars per share) | $ 0.05 | |
Accounts receivable, net of allowance | $ (843) | |
Contract assets, current | 104,737 | |
Unbilled revenues | (41,370) | |
Contract assets, non-current | 7,104 | |
Deferred income tax asset, net | (3,993) | |
Accounts payable and accrued expenses | (25,817) | |
Accrued compensation | 53,926 | |
Contract liabilities | 35,423 | |
Unearned revenues | (11,919) | |
Deferred income tax liability, net | 465 | |
Deficit | 12,922 | |
Accumulated other comprehensive loss | 197 | |
Non-controlling interests | 438 | |
Principal Versus Agent Adjustment [Member] | ||
Revenues | 146,269 | |
Cost of revenues | 146,269 | |
Selling, general and administrative expenses | ||
Income tax | ||
Non-controlling interest share of earnings | ||
Non-controlling interest redemption increment | ||
Net earnings attributable to Company | ||
Diluted net earnings per common share (in dollars per share) | ||
Accounts receivable, net of allowance | ||
Contract assets, current | ||
Unbilled revenues | ||
Contract assets, non-current | ||
Deferred income tax asset, net | ||
Accounts payable and accrued expenses | ||
Accrued compensation | ||
Contract liabilities | ||
Unearned revenues | ||
Deferred income tax liability, net | ||
Deficit | ||
Accumulated other comprehensive loss | ||
Non-controlling interests |
Note 24 - Subsequent Event (Det
Note 24 - Subsequent Event (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combination, Consideration Transferred, Total | $ 646,343 | $ 78,221 | |
Subsequent Event [Member] | Real Estate Services Firm [Member] | |||
Business Combination, Consideration Transferred, Total | $ 15,876 |