Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | CIBER INC | |
Entity Central Index Key | 918581 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 78,787,867 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | ||
Consulting services | $191,054 | $204,981 |
Other revenue | 10,951 | 13,030 |
Total revenues | 202,005 | 218,011 |
OPERATING EXPENSES | ||
Cost of consulting services | 143,795 | 153,851 |
Cost of other revenue | 6,495 | 7,589 |
Selling, general and administrative | 45,718 | 49,640 |
Restructuring charges (credit) | 61 | -102 |
Total operating expenses | 196,069 | 210,978 |
OPERATING INCOME FROM CONTINUING OPERATIONS | 5,936 | 7,033 |
Interest expense | -314 | -362 |
Other expense, net | -153 | -70 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 5,469 | 6,601 |
Income tax expense | 1,251 | 2,535 |
INCOME FROM CONTINUING OPERATIONS | 4,218 | 4,066 |
Loss from discontinued operations, net of income tax | -42 | -142 |
CONSOLIDATED NET INCOME | 4,176 | 3,924 |
Net income attributable to noncontrolling interests | 2 | 5 |
NET EARNING ATTRIBUTABLE TO CIBER, INC. | $4,174 | $3,919 |
Basic and diluted earnings per share attributable to Ciber, Inc.: | ||
Basic and diluted earnings (loss) per share attributable to Ciber, Inc. (in dollars per share) | $0.05 | $0.05 |
Weighted average shares outstanding: | ||
Basic (in shares) | 78,727 | 76,452 |
Diluted (in shares) | 79,537 | 77,472 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Consolidated net income | $4,176 | $3,924 |
Foreign currency translation adjustments | -13,077 | 908 |
Comprehensive income (loss) | -8,901 | 4,832 |
Comprehensive income attributable to noncontrolling interests | 2 | 5 |
Comprehensive income (loss) attributable to Ciber, Inc. | ($8,903) | $4,827 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $16,715 | $45,858 |
Accounts receivable, net of allowances of $2,487 and $2,842, respectively | 171,397 | 173,450 |
Prepaid expenses and other current assets | 27,979 | 26,714 |
Total current assets | 216,091 | 246,022 |
Property and equipment, net of accumulated depreciation of $45,091 and $46,871, respectively | 13,140 | 14,115 |
Goodwill | 256,137 | 267,587 |
Other assets | 7,412 | 7,559 |
TOTAL ASSETS | 492,780 | 535,283 |
Current liabilities: | ||
Current portion of long-term debt | 751 | 0 |
Accounts payable | 23,272 | 32,926 |
Accrued compensation and related liabilities | 34,248 | 59,012 |
Deferred revenue | 17,528 | 17,475 |
Income taxes payable | 277 | 573 |
Other accrued expenses and liabilities | 43,445 | 50,932 |
Total current liabilities | 119,521 | 160,918 |
Long-term debt | 18,050 | 11,402 |
Deferred income taxes | 29,147 | 28,422 |
Other long-term liabilities | 7,835 | 8,465 |
Total liabilities | 174,553 | 209,207 |
Commitments and contingencies | ||
Ciber, Inc. shareholders' equity: | ||
Preferred stock, $0.01 par value, 1,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value, 100,000 shares authorized, 78,879 and 78,728 shares issued, respectively | 789 | 787 |
Treasury stock, at cost, 32 and 32 shares, respectively | -133 | -117 |
Additional paid-in capital | 362,472 | 360,419 |
Accumulated deficit | -15,161 | -18,348 |
Accumulated other comprehensive loss | -30,320 | -17,243 |
Total Ciber, Inc. shareholders' equity | 317,647 | 325,498 |
Noncontrolling interests | 580 | 578 |
Total equity | 318,227 | 326,076 |
TOTAL LIABILITIES AND EQUITY | $492,780 | $535,283 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $2,487 | $2,842 |
Property and equipment, accumulated depreciation | $45,091 | $46,871 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 78,879,000 | 78,728,000 |
Treasury stock, shares | 32,000 | 32,000 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Total Ciber, Inc. Shareholders' Equity | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Thousands, unless otherwise specified | ||||||||
BALANCES at Dec. 31, 2014 | $326,076 | $325,498 | $787 | ($117) | $360,419 | ($18,348) | ($17,243) | $578 |
BALANCES (in shares) at Dec. 31, 2014 | 78,728 | -32 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Consolidated net income | 4,176 | 4,174 | 4,174 | 2 | ||||
Foreign currency translation | -13,077 | -13,077 | -13,077 | |||||
Shares issued under employee share plans, net (in shares) | 151 | 194 | ||||||
Shares issued under employee share plans, net | 58 | 58 | 2 | 746 | 297 | -987 | ||
Share-based compensation | 1,756 | 1,756 | 1,756 | |||||
Purchase of treasury stock (in shares) | -194 | |||||||
Purchase of treasury stock | -762 | -762 | -762 | |||||
BALANCES at Mar. 31, 2015 | $318,227 | $317,647 | $789 | ($133) | $362,472 | ($15,161) | ($30,320) | $580 |
BALANCES (in shares) at Mar. 31, 2015 | 78,879 | -32 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Consolidated net income | $4,176 | $3,924 |
Adjustments to reconcile consolidated net income to net cash used in operating activities: | ||
Loss from discontinued operations | 42 | 142 |
Depreciation | 1,357 | 1,357 |
Deferred income tax expense | 1,313 | 1,351 |
Recovery of doubtful receivables | -149 | -149 |
Share-based compensation expense | 1,756 | 1,868 |
Amortization of debt costs | 143 | 143 |
Other, net | 2,728 | 96 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -5,429 | 1,901 |
Other current and long-term assets | -3,507 | -1,512 |
Accounts payable | -8,553 | -9,444 |
Accrued compensation and related liabilities | -23,231 | -20,216 |
Other current and long-term liabilities | -4,032 | -10,292 |
Income taxes payable/refundable | -191 | 320 |
Cash used in operating activities b continuing operations | -33,577 | -30,511 |
Cash used in operating activities b discontinued operations | -127 | -316 |
Cash used in operating activities | -33,704 | -30,827 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment, net | -1,215 | -2,124 |
Cash used in investing activities b continuing operations | -1,215 | -2,124 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings on long-term debt | 91,341 | 81,890 |
Payments on long-term debt | -83,563 | -71,313 |
Employee stock purchases and options exercised | 456 | 3,399 |
Purchase of shares for employee tax withholdings | -398 | -626 |
Purchase of treasury stock | -762 | 0 |
Cash provided by financing activities b continuing operations | 7,074 | 13,350 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1,298 | 615 |
Net decrease in cash and cash equivalents | -29,143 | -18,986 |
Cash and cash equivalents, beginning of period | 45,858 | 44,483 |
Cash and cash equivalents, end of period | $16,715 | $25,497 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited interim consolidated financial statements of Ciber, Inc. and its subsidiaries (together, “Ciber,” “the Company,” “we,” “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. These consolidated financial statements should therefore be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2014, included in our Annual Report on Form 10-K filed with the SEC. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP and include all adjustments of a normal, recurring nature that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for an interim period are not necessarily indicative of the results of operations for a full fiscal year. | |
Recent Accounting Pronouncements — In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This update raises the threshold for disposals to qualify as discontinued operations, and allows companies to have significant continuing involvement and continuing cash flows with the discontinued operation. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within that year and is applied prospectively. We adopted this standard as of January 1, 2015, and it did not have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The core principle of the standard is when an entity transfers goods or services to customers, it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The update outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, and for interim periods within that year, and allows for both retrospective and prospective methods of adoption. We are currently evaluating the impact of implementing this guidance on our consolidated financial statements, as well as which transition method we intend to use. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. We do not anticipate that this guidance will materially impact our consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" ("ASU 2015-01"). This ASU eliminates from U.S. GAAP the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. We do not anticipate that this guidance will materially impact our consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not anticipate that this guidance will materially impact our consolidated financial statements. | |
PSU Grant — On January 26, 2015, we granted 79,761 Performance Based Restricted Share Units ("PSUs") to our executives. The performance conditions include both an internal performance condition and an external market-based condition. We have valued the external market based condition using a Monte Carlo approach. Probability of reaching the internal performance condition is assessed quarterly and the associated expense is adjusted based on the target expected to be achieved. There is the potential for 239,283 shares of common stock to vest if maximum performance targets are achieved. | |
Fair Value — The carrying value of the outstanding borrowings under the ABL Facility, as defined in Note 3, approximates its fair value as (1) it is based on a variable rate that changes based on market conditions and (2) the margin applied to the variable rate is based on Ciber's credit risk, which has not changed since entering into the facility in May 2012. If Ciber's credit risk were to change, we would estimate the fair value of our borrowings using a discounted cash flow analysis based on current rates expected to be available from the lender for similar types of debt. The inputs used to establish the fair value of the ABL Facility are considered to be Level 2 inputs, which include inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Restructuring liabilities for office closures are initially recorded at estimated fair value utilizing Level 3 assumptions, including an estimate of sublease income which is subject to adjustment in future periods if assumptions change. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings (Loss) Per Share | Earnings Per Share | |||||||
Our computation of earnings per share — basic and diluted is as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands, except per share amounts) | ||||||||
Numerator: | ||||||||
Net income from continuing operations | $ | 4,218 | $ | 4,066 | ||||
Net income attributable to noncontrolling interests | 2 | 5 | ||||||
Net income attributable to Ciber, Inc. from continuing operations | 4,216 | 4,061 | ||||||
Loss from discontinued operations, net of income tax | (42 | ) | (142 | ) | ||||
Net income attributable to Ciber, Inc. | $ | 4,174 | $ | 3,919 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding | 78,727 | 76,452 | ||||||
Dilutive effect of employee stock plans | 810 | 1,020 | ||||||
Diluted weighted average shares outstanding | 79,537 | 77,472 | ||||||
Basic and diluted earnings per share attributable to Ciber, Inc. — Continuing Operations | $ | 0.05 | $ | 0.05 | ||||
Anti-dilutive securities omitted from the calculation | 2,768 | 2,468 | ||||||
Dilutive securities, including stock options and restricted stock units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when we report a net loss attributable to Ciber, Inc. from continuing operations, or when stock options have an exercise price that is greater than the average market price of Ciber common stock during the period. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings |
We have an asset-based revolving line of credit of up to $60 million (the “ABL Facility”) with Wells Fargo Bank, N.A. The maximum amount available for borrowing at any time under such line of credit is determined according to a borrowing base valuation of eligible account receivables, which was $53.5 million at March 31, 2015. The ABL Facility provides for borrowings in the United States, the Netherlands, the United Kingdom and Germany and matures on May 7, 2017. As of March 31, 2015, we had $18.8 million outstanding under the ABL Facility. We expect our borrowings to fluctuate based on our working capital needs. Our obligations under the ABL Facility are guaranteed by us and are secured by substantially all of our U.S., Netherlands, United Kingdom, and German assets. Under the ABL Facility, Wells Fargo will have dominion over the cash receipts related to any U.K., Dutch and German borrowings. At March 31, 2015, we had $0.8 million of foreign borrowings that were subject to the bank's dominion and are classified as a current liability on our balance sheet. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Financial Instruments | Financial Instruments | ||||||||
We are exposed to certain risks related to our ongoing business operations. From time to time, we may choose to use derivative instruments to manage certain risks related to foreign currency exchange rates and interest rates. | |||||||||
During the first quarter of 2015, we entered into various foreign currency forwards related to intercompany transactions denominated in a foreign currency. These forwards allow us to manage our foreign currency exposure with respect to the Euro, the Indian Rupee, the Pound Sterling, the Norwegian Krone, the Swedish Krona, and the Australian Dollar. The duration of these contracts generally ranges from one to three months and we are generally entering into new contracts on a monthly basis. We have not elected hedge accounting for these derivatives. During the first quarter of 2015 and 2014, respectively, we had a net gain on our foreign currency forward contracts of approximately $2.5 million and $0.3 million, respectively, which is included in "other expense, net" on the Consolidated Statement of Operations. Each forward is recognized as either an asset or liability on our Consolidated Balance Sheets at fair value and is presented in either "prepaid expenses and other current assets" or "other accrued expenses and liabilities," as applicable. All cash flows associated with these forward instruments are classified as operating cash flows in our Consolidated Statement of Cash Flows. | |||||||||
The following table summarizes our outstanding foreign currency forward contracts at March 31, 2015: | |||||||||
Currency Purchased Forward | Currency Sold Forward | Maturity Date | |||||||
NOK | 26,500,000 | EUR | 3,055,918 | 4/30/15 | |||||
NOK | 14,000,000 | EUR | 1,612,272 | 4/7/15 | |||||
USD | 8,700,000 | EUR | 8,097,543 | 4/30/15 | |||||
USD | 6,000,000 | EUR | 5,584,512 | 4/30/15 | |||||
GBP | 1,200,000 | EUR | 1,657,688 | 4/30/15 | |||||
AUD | 2,000,000 | EUR | 1,417,033 | 4/30/15 | |||||
EUR | 1,800,000 | SEK | 16,690,140 | 4/30/15 | |||||
INR | 339,530,400 | USD | 5,400,000 | 4/30/15 | |||||
INR | 112,188,960 | USD | 1,800,000 | 4/15/15 | |||||
INR | 68,056,700 | EUR | 1,000,000 | 4/30/15 | |||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
Current period U.S. and foreign income before income taxes as well as income tax expense were as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Income from continuing operations before income taxes: | ||||||||
U.S. | $ | 1,268 | $ | 2,048 | ||||
Foreign | 4,201 | 4,553 | ||||||
Total | $ | 5,469 | $ | 6,601 | ||||
Income tax expense: | ||||||||
U.S. | $ | 674 | $ | 1,026 | ||||
Foreign | 577 | 1,509 | ||||||
Total | $ | 1,251 | $ | 2,535 | ||||
Due to our history of domestic losses, we have a full valuation allowance for all U.S. net deferred tax assets, including our net operating loss and tax credit carryforwards. As a result, we cannot record any tax benefits for additional U.S. incurred losses and any U.S. income is offset by a reduction in valuation allowance. Irrespective of our income or loss levels, we continue to record U.S. deferred tax expense related to tax-basis goodwill amortization. | ||||||||
The effective rate on our foreign tax expense varies with the mix of income and losses across multiple tax jurisdictions with most statutory tax rates varying from 21% to 34%. The foreign tax expense was lower than the normal effective rate | ||||||||
primarily as a result of the current mix of income and losses across jurisdictions, with a significant portion of income being earned in jurisdictions where it is offset by the utilization of loss carryforwards that have a full valuation allowance recorded against them. |
Restructuring_Charges
Restructuring Charges | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Restructuring Charges | Restructuring Charges | |||||||||||
On July 25, 2014, we approved a restructuring plan focused on the implementation of a go-to-market model, realigning the organization and improving our near and offshore delivery mix ("the 2014 Plan"). The 2014 Plan commenced in the third quarter of 2014 and we expect it to be completed in the third quarter of 2015. We expect the 2014 Plan to impact approximately 280 people. We estimate the total amount of the restructuring charges for the 2014 Plan will be approximately $27 million, substantially all of which will be settled in cash. The total estimated restructuring expenses include approximately $20 million related to employee severance and related benefits and approximately $7 million related to professional fees, office closures and other expenses. | ||||||||||||
The changes in our 2014 Plan restructuring liabilities, which are primarily recorded in other accrued expenses, during the three months ended March 31, 2015, are as follows: | ||||||||||||
Employee Severance and Termination | Professional Fees, Office Closures and Other | Total | ||||||||||
(In thousands) | ||||||||||||
Restructuring liability, as of January 1, 2015 | $ | 15,152 | $ | 1,200 | $ | 16,352 | ||||||
Restructuring charge | 25 | — | 25 | |||||||||
Cash paid | (4,192 | ) | (1,200 | ) | (5,392 | ) | ||||||
Foreign exchange rate changes | (627 | ) | — | (627 | ) | |||||||
Restructuring liability, as of March 31, 2015 | $ | 10,358 | $ | — | $ | 10,358 | ||||||
Restructuring charges by segment are as follows: | ||||||||||||
Three Months Ended March 31, 2015 | Plan to Date | Total Anticipated Charges | ||||||||||
(In thousands) | ||||||||||||
North America | $ | — | $ | 1,011 | $ | 1,011 | ||||||
International | — | 17,831 | 18,400 | |||||||||
Other | 25 | 339 | 339 | |||||||||
Corporate | — | 5,311 | 7,189 | |||||||||
Total | $ | 25 | $ | 24,492 | $ | 26,939 | ||||||
On November 5, 2012, we approved a company restructuring plan ("the 2012 Plan"). In the third quarter of 2013, all restructuring actions associated with this plan were completed. Although we have completed all activities associated with the 2012 Plan, our lease-related office closure costs are subject to estimate and as such our actual restructuring charges may differ from our current estimates. In the second and fourth quarters of 2014, as well as the first quarter of 2015, we incurred additional charges related to adjusting our sublease estimates. | ||||||||||||
The changes in our restructuring liabilities for the 2012 Plan, which are recorded in other accrued expenses, during the three months ended March 31, 2015, are as follows: | ||||||||||||
Office Closures | ||||||||||||
(in thousands) | ||||||||||||
Restructuring liability, as of January 1, 2015 | $ | 1,694 | ||||||||||
Restructuring charges | 36 | |||||||||||
Cash paid | (403 | ) | ||||||||||
Foreign exchange rate changes | (17 | ) | ||||||||||
Restructuring liability, as of March 31, 2015 | $ | 1,310 | ||||||||||
Restructuring charges by segment are as follows: | ||||||||||||
Three Months Ended March 31, 2015 | Plan to Date (1) | |||||||||||
(In thousands) | ||||||||||||
North America | $ | 1 | $ | 1,703 | ||||||||
International | — | 8,851 | ||||||||||
Corporate (2) | 35 | 3,431 | ||||||||||
Total | $ | 36 | $ | 13,985 | ||||||||
(1) Our restructuring charges, particularly lease-related office closure costs, are subject to estimate. If we are unable to find tenants for vacated offices or sub-lease terms are different from our assumptions, our actual restructuring charges will differ from our current estimates. | ||||||||||||
(2) Corporate restructuring charges include costs for administrative facility consolidation. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The following presents financial information about our reportable segments: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Revenues: | ||||||||
International | $ | 96,687 | $ | 114,981 | ||||
North America | 105,567 | 103,478 | ||||||
Other | 788 | 654 | ||||||
Inter-segment | (1,037 | ) | (1,102 | ) | ||||
Total revenues | $ | 202,005 | $ | 218,011 | ||||
Operating income from continuing operations: | ||||||||
International | $ | 6,413 | $ | 6,824 | ||||
North America | 9,996 | 8,472 | ||||||
Other | 76 | 137 | ||||||
Corporate expenses | (10,488 | ) | (8,502 | ) | ||||
Operating income from continuing operations before restructuring charges | 5,997 | 6,931 | ||||||
Restructuring credit (charges) | (61 | ) | 102 | |||||
Total operating income from continuing operations | $ | 5,936 | $ | 7,033 | ||||
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
We are subject to various claims and litigation that arise in the ordinary course of business. The litigation process is inherently uncertain. Therefore, the outcome of such matters is not predictable. | |
As previously reported, we are engaged in legal proceedings in Germany in connection with our acquisition of a controlling interest in Novasoft AG (now known as Ciber AG) in 2004. In August 2006, we completed a buy-out of the remaining minority shareholders of Novasoft. Certain of those former minority shareholders challenged the adequacy of the buy-out consideration by initiating a review by the district court in Mannheim, Germany. The court made a determination in 2013 which is now under appeal by the plaintiffs. Based on information known to us, we have established a reserve that we believe represents a probable estimate of the loss. We are unable to predict the outcome of this matter. | |
As previously reported, a lawsuit titled CamSoft Data Systems, Inc. v. Southern Electronics, et al., was filed initially in October 2009 in Louisiana state court against numerous defendants, including Ciber. The lawsuit was subsequently removed to federal court in the Middle District of Louisiana and the complaint was amended to include additional defendants and causes of action including antitrust claims, civil RICO claims, unfair trade practices, trade secret, fraud, unjust enrichment, and conspiracy claims. The suit involves many of the same parties involved in related litigation in the state court in New Orleans, which was concluded in 2009 when Ciber settled the New Orleans suit with the plaintiffs, Active Solutions and Southern Electronics, who were CamSoft's former alleged joint venturers and are now co-defendants in the current lawsuit. Ciber is vigorously defending the allegations. Proceedings in the federal appellate courts concluded in January 2015 with the matter remanded back to state court. Based on information known to us, we have established a reserve that we believe represents a probable estimate of the loss. We are unable to predict the outcome of this litigation. | |
As previously reported, in February 2012, a purported verified shareholder derivative lawsuit, Seni v. Peterschmidt. et al., was filed in the United States District Court for the District of Colorado against several of our current and former officers and our then-current board of directors. This complaint generally alleged that the various defendants breached their fiduciary duties of good faith, fair dealing, loyalty, due care, reasonable inquiry, oversight, and supervision by approving the issuance of allegedly false statements that misrepresented material information about the finances and operations of the Company. On March 22, 2013, the Court dismissed this complaint with leave to amend. On April 26, 2013, plaintiff filed an amended complaint that largely made the same claims as the original complaint. In February 2014, the Court dismissed the amended complaint with leave to amend. Plaintiff filed a second amended complaint and defendants filed a motion to dismiss the second amended complaint in March 2014. In November 2014, a federal magistrate judge recommended that the defendants’ motion to dismiss be granted. In February 2015, the court issued a final judgment in favor of all defendants. | |
In March 2012, a shareholder, Valerie Denny, made a litigation demand on the board of directors to investigate certain allegations and bring suit against the directors and certain current and former executive officers of the Company. In response, the board of directors formed an Independent Committee to investigate the claims. In December 2012, after the Independent Committee completed its investigation, it reported its findings to the board of directors. Based upon the Independent Committee’s findings that Denny’s claims were without merit, the board of directors formally refused the demand. In February 2014, Denny filed a purported verified shareholder derivative lawsuit, Denny v. Peterschmidt, et al., in Colorado State court, Arapahoe County, against certain current and former officers and directors. This complaint generally made the same allegations as set out in Denny’s March 2012 demand. The Complaint alleged that between December 15, 2010, and August 3, 2011, the defendants committed breaches of fiduciary duty that caused losses to Ciber's reputation and goodwill. The defendants were alleged to have breached their fiduciary duties by disseminating inaccurate and incomplete information about Ciber's financial results and business prospects, failing to maintain internal controls, and failing to properly oversee and manage the Company. Denny also made claims of unjust enrichment and insider trading. In March 2014, Defendants filed a motion to stay the action pending resolution of the federal derivative action (Seni v. Peterschmidt), as well as motions to dismiss the action, and an answer to the complaint. In March 2015, the plaintiff voluntarily dismissed all claims. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). This update raises the threshold for disposals to qualify as discontinued operations, and allows companies to have significant continuing involvement and continuing cash flows with the discontinued operation. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within that year and is applied prospectively. We adopted this standard as of January 1, 2015, and it did not have a material impact on the Company's consolidated financial statements. |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The core principle of the standard is when an entity transfers goods or services to customers, it will recognize revenue in an amount that reflects the consideration the entity expects to be entitled to for those goods or services. The update outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, and for interim periods within that year, and allows for both retrospective and prospective methods of adoption. We are currently evaluating the impact of implementing this guidance on our consolidated financial statements, as well as which transition method we intend to use. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. We do not anticipate that this guidance will materially impact our consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" ("ASU 2015-01"). This ASU eliminates from U.S. GAAP the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. We do not anticipate that this guidance will materially impact our consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We do not anticipate that this guidance will materially impact our consolidated financial statements. | |
PSU Grant — On January 26, 2015, we granted 79,761 Performance Based Restricted Share Units ("PSUs") to our executives. The performance conditions include both an internal performance condition and an external market-based condition. We have valued the external market based condition using a Monte Carlo approach. Probability of reaching the internal performance condition is assessed quarterly and the associated expense is adjusted based on the target expected to be achieved. There is the potential for 239,283 shares of common stock to vest if maximum performance targets are achieved. | |
Fair Value | Fair Value — The carrying value of the outstanding borrowings under the ABL Facility, as defined in Note 3, approximates its fair value as (1) it is based on a variable rate that changes based on market conditions and (2) the margin applied to the variable rate is based on Ciber's credit risk, which has not changed since entering into the facility in May 2012. If Ciber's credit risk were to change, we would estimate the fair value of our borrowings using a discounted cash flow analysis based on current rates expected to be available from the lender for similar types of debt. The inputs used to establish the fair value of the ABL Facility are considered to be Level 2 inputs, which include inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Restructuring liabilities for office closures are initially recorded at estimated fair value utilizing Level 3 assumptions, including an estimate of sublease income which is subject to adjustment in future periods if assumptions change. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of computation of earnings (loss) per share - basic and diluted | Our computation of earnings per share — basic and diluted is as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands, except per share amounts) | ||||||||
Numerator: | ||||||||
Net income from continuing operations | $ | 4,218 | $ | 4,066 | ||||
Net income attributable to noncontrolling interests | 2 | 5 | ||||||
Net income attributable to Ciber, Inc. from continuing operations | 4,216 | 4,061 | ||||||
Loss from discontinued operations, net of income tax | (42 | ) | (142 | ) | ||||
Net income attributable to Ciber, Inc. | $ | 4,174 | $ | 3,919 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding | 78,727 | 76,452 | ||||||
Dilutive effect of employee stock plans | 810 | 1,020 | ||||||
Diluted weighted average shares outstanding | 79,537 | 77,472 | ||||||
Basic and diluted earnings per share attributable to Ciber, Inc. — Continuing Operations | $ | 0.05 | $ | 0.05 | ||||
Anti-dilutive securities omitted from the calculation | 2,768 | 2,468 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Schedule of Derivative Instruments | The following table summarizes our outstanding foreign currency forward contracts at March 31, 2015: | ||||||||
Currency Purchased Forward | Currency Sold Forward | Maturity Date | |||||||
NOK | 26,500,000 | EUR | 3,055,918 | 4/30/15 | |||||
NOK | 14,000,000 | EUR | 1,612,272 | 4/7/15 | |||||
USD | 8,700,000 | EUR | 8,097,543 | 4/30/15 | |||||
USD | 6,000,000 | EUR | 5,584,512 | 4/30/15 | |||||
GBP | 1,200,000 | EUR | 1,657,688 | 4/30/15 | |||||
AUD | 2,000,000 | EUR | 1,417,033 | 4/30/15 | |||||
EUR | 1,800,000 | SEK | 16,690,140 | 4/30/15 | |||||
INR | 339,530,400 | USD | 5,400,000 | 4/30/15 | |||||
INR | 112,188,960 | USD | 1,800,000 | 4/15/15 | |||||
INR | 68,056,700 | EUR | 1,000,000 | 4/30/15 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of U.S. and foreign income (loss) before income taxes as well as income tax expense (benefit) | Current period U.S. and foreign income before income taxes as well as income tax expense were as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Income from continuing operations before income taxes: | ||||||||
U.S. | $ | 1,268 | $ | 2,048 | ||||
Foreign | 4,201 | 4,553 | ||||||
Total | $ | 5,469 | $ | 6,601 | ||||
Income tax expense: | ||||||||
U.S. | $ | 674 | $ | 1,026 | ||||
Foreign | 577 | 1,509 | ||||||
Total | $ | 1,251 | $ | 2,535 | ||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
2014 Plan | ||||||||||||
Restructuring Charges | ||||||||||||
Schedule of changes in the restructuring liabilities, which are recorded in other accrued expenses | The changes in our 2014 Plan restructuring liabilities, which are primarily recorded in other accrued expenses, during the three months ended March 31, 2015, are as follows: | |||||||||||
Employee Severance and Termination | Professional Fees, Office Closures and Other | Total | ||||||||||
(In thousands) | ||||||||||||
Restructuring liability, as of January 1, 2015 | $ | 15,152 | $ | 1,200 | $ | 16,352 | ||||||
Restructuring charge | 25 | — | 25 | |||||||||
Cash paid | (4,192 | ) | (1,200 | ) | (5,392 | ) | ||||||
Foreign exchange rate changes | (627 | ) | — | (627 | ) | |||||||
Restructuring liability, as of March 31, 2015 | $ | 10,358 | $ | — | $ | 10,358 | ||||||
Schedule of restructuring charges by segment | Restructuring charges by segment are as follows: | |||||||||||
Three Months Ended March 31, 2015 | Plan to Date | Total Anticipated Charges | ||||||||||
(In thousands) | ||||||||||||
North America | $ | — | $ | 1,011 | $ | 1,011 | ||||||
International | — | 17,831 | 18,400 | |||||||||
Other | 25 | 339 | 339 | |||||||||
Corporate | — | 5,311 | 7,189 | |||||||||
Total | $ | 25 | $ | 24,492 | $ | 26,939 | ||||||
2012 Plan | ||||||||||||
Restructuring Charges | ||||||||||||
Schedule of changes in the restructuring liabilities, which are recorded in other accrued expenses | The changes in our restructuring liabilities for the 2012 Plan, which are recorded in other accrued expenses, during the three months ended March 31, 2015, are as follows: | |||||||||||
Office Closures | ||||||||||||
(in thousands) | ||||||||||||
Restructuring liability, as of January 1, 2015 | $ | 1,694 | ||||||||||
Restructuring charges | 36 | |||||||||||
Cash paid | (403 | ) | ||||||||||
Foreign exchange rate changes | (17 | ) | ||||||||||
Restructuring liability, as of March 31, 2015 | $ | 1,310 | ||||||||||
Schedule of restructuring charges by segment | Restructuring charges by segment are as follows: | |||||||||||
Three Months Ended March 31, 2015 | Plan to Date (1) | |||||||||||
(In thousands) | ||||||||||||
North America | $ | 1 | $ | 1,703 | ||||||||
International | — | 8,851 | ||||||||||
Corporate (2) | 35 | 3,431 | ||||||||||
Total | $ | 36 | $ | 13,985 | ||||||||
(1) Our restructuring charges, particularly lease-related office closure costs, are subject to estimate. If we are unable to find tenants for vacated offices or sub-lease terms are different from our assumptions, our actual restructuring charges will differ from our current estimates. | ||||||||||||
(2) Corporate restructuring charges include costs for administrative facility consolidation. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of financial information about reportable segments | The following presents financial information about our reportable segments: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Revenues: | ||||||||
International | $ | 96,687 | $ | 114,981 | ||||
North America | 105,567 | 103,478 | ||||||
Other | 788 | 654 | ||||||
Inter-segment | (1,037 | ) | (1,102 | ) | ||||
Total revenues | $ | 202,005 | $ | 218,011 | ||||
Operating income from continuing operations: | ||||||||
International | $ | 6,413 | $ | 6,824 | ||||
North America | 9,996 | 8,472 | ||||||
Other | 76 | 137 | ||||||
Corporate expenses | (10,488 | ) | (8,502 | ) | ||||
Operating income from continuing operations before restructuring charges | 5,997 | 6,931 | ||||||
Restructuring credit (charges) | (61 | ) | 102 | |||||
Total operating income from continuing operations | $ | 5,936 | $ | 7,033 | ||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (Performance Shares [Member]) | 0 Months Ended | 3 Months Ended |
Jan. 26, 2015 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance Based Restricted Share Units | 79,761 | |
Common Class A [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Vesting Potential | 239,283 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income (Loss) Attributable to Parent [Abstract] | ||
Net income from continuing operations | $4,218 | $4,066 |
Net income attributable to noncontrolling interests | 2 | 5 |
Net income attributable to Ciber, Inc. from continuing operations | 4,216 | 4,061 |
Loss from discontinued operations, net of income tax | -42 | -142 |
NET EARNING ATTRIBUTABLE TO CIBER, INC. | $4,174 | $3,919 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Basic weighted average shares outstanding (in shares) | 78,727 | 76,452 |
Dilutive effect of employee stock plans (in shares) | 810 | 1,020 |
Diluted weighted average shares outstanding (in shares) | 79,537 | 77,472 |
Basic and diluted earnings (loss) per share attributable to Ciber, Inc. (in dollars per share) | $0.05 | $0.05 |
Anti-dilutive securities omitted from the calculation (in shares) | 2,768 | 2,468 |
Borrowings_Details
Borrowings (Details) (USD $) | Mar. 31, 2015 |
Borrowings | |
Foreign borrowings that were subject to the bank's dominion | $800,000 |
Revolving credit facilities | |
Borrowings | |
Maximum borrowing capacity | 60,000,000 |
Current borrowing base | 53,500,000 |
Amount outstanding | $18,800,000 |
Financial_Instruments_Details
Financial Instruments (Details) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |
EUR/NOK [Member] | EUR/NOK [Member] | EUR/NOK 2 [Member] | EUR/NOK 2 [Member] | EUR/USD 1 [Member] | EUR/USD 1 [Member] | EUR/USD 2 [Member] | EUR/USD 2 [Member] | EUR/GBP [Member] | EUR/GBP [Member] | EUR/AUD [Member] | EUR/AUD [Member] | SEK/EUR [Member] | SEK/EUR [Member] | USD/INR [Member] | USD/INR [Member] | EUR/INR2 [Member] | EUR/INR2 [Member] | EUR/INR [Member] | EUR/INR [Member] | |||
Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |||
Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | Short [Member] | Long [Member] | |||
EUR (€) | NOK | EUR (€) | NOK | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | GBP (£) | EUR (€) | AUD | SEK | EUR (€) | USD ($) | INR | USD ($) | INR | EUR (€) | INR | |||
Derivative [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $2,500,000 | $300,000 | ||||||||||||||||||||
Derivative, Notional Amount | € 3,055,918 | 26,500,000 | € 1,612,272 | 14,000,000 | € 8,097,543 | $8,700,000 | € 5,584,512 | $6,000,000 | € 1,657,688 | £ 1,200,000 | € 1,417,033 | 2,000,000 | 16,690,140 | € 1,800,000 | $5,400,000 | 339,530,400 | $1,800,000 | 112,188,960 | € 1,000,000 | 68,056,700 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income from continuing operations before income taxes: | ||
U.S. | $1,268 | $2,048 |
Foreign | 4,201 | 4,553 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 5,469 | 6,601 |
Income tax expense: | ||
U.S. | 674 | 1,026 |
Foreign | 577 | 1,509 |
Total | $1,251 | $2,535 |
Minimum | ||
Income Taxes | ||
Statutory rate on foreign tax expense | 21.00% | |
Maximum | ||
Income Taxes | ||
Statutory rate on foreign tax expense | 34.00% |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | $61 | ($102) | |
2014 Plan | |||
Restructuring Charges | |||
Expected number of employees to be impacted by the restructuring | 280 | ||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring liability, as of January 1, 2015 | 16,352 | ||
Restructuring credit | 25 | ||
Expected restructuring charges | 26,939 | ||
Cash paid | -5,392 | ||
Foreign exchange rate changes | -627 | ||
Restructuring liability, as of March 31, 2015 | 10,358 | ||
Restructuring charges, incurred to date | 24,492 | ||
2014 Plan | North America | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 0 | ||
Expected restructuring charges | 1,011 | ||
Restructuring charges, incurred to date | 1,011 | ||
2014 Plan | International | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 0 | ||
Expected restructuring charges | 18,400 | ||
Restructuring charges, incurred to date | 17,831 | ||
2014 Plan | Other | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 25 | ||
Expected restructuring charges | 339 | ||
Restructuring charges, incurred to date | 339 | ||
2014 Plan | Corporate | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 0 | ||
Expected restructuring charges | 7,189 | ||
Restructuring charges, incurred to date | 5,311 | ||
2014 Plan | Employee Severance [Member] | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring liability, as of January 1, 2015 | 15,152 | ||
Restructuring credit | 25 | ||
Expected restructuring charges | 20,000 | ||
Cash paid | -4,192 | ||
Foreign exchange rate changes | -627 | ||
Restructuring liability, as of March 31, 2015 | 10,358 | ||
2014 Plan | Office Closures | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring liability, as of January 1, 2015 | 1,200 | ||
Restructuring credit | 0 | ||
Expected restructuring charges | 7,000 | ||
Cash paid | -1,200 | ||
Foreign exchange rate changes | 0 | ||
Restructuring liability, as of March 31, 2015 | 0 | ||
2012 Plan | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 36 | ||
Restructuring charges, incurred to date | 13,985 | [1] | |
2012 Plan | North America | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 1 | ||
Restructuring charges, incurred to date | 1,703 | [1] | |
2012 Plan | International | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 0 | ||
Restructuring charges, incurred to date | 8,851 | [1] | |
2012 Plan | Corporate | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring credit | 35 | [2] | |
Restructuring charges, incurred to date | 3,431 | [1],[2] | |
2012 Plan | Facility Closing [Member] | |||
Changes in restructuring liabilities, recorded in other accrued expenses | |||
Restructuring liability, as of January 1, 2015 | 1,694 | ||
Restructuring credit | 36 | ||
Cash paid | -403 | ||
Foreign exchange rate changes | -17 | ||
Restructuring liability, as of March 31, 2015 | $1,310 | ||
[1] | Our restructuring charges, particularly lease-related office closure costs, are subject to estimate. If we are unable to find tenants for vacated offices or sub-lease terms are different from our assumptions, our actual restructuring charges will differ from our current estimates. | ||
[2] | Corporate restructuring charges include costs for administrative facility consolidation. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Information | ||
Total revenues | $202,005 | $218,011 |
Restructuring credit (charges) | -61 | 102 |
OPERATING INCOME FROM CONTINUING OPERATIONS | 5,936 | 7,033 |
Operating segment | International | ||
Segment Information | ||
Total revenues | 96,687 | 114,981 |
Operating income from continuing operations before restructuring charges | 6,413 | 6,824 |
Operating segment | North America | ||
Segment Information | ||
Total revenues | 105,567 | 103,478 |
Operating income from continuing operations before restructuring charges | 9,996 | 8,472 |
Operating segment | Other | ||
Segment Information | ||
Total revenues | 788 | 654 |
Operating income from continuing operations before restructuring charges | 76 | 137 |
Inter-segment | ||
Segment Information | ||
Total revenues | -1,037 | -1,102 |
Corporate expenses | ||
Segment Information | ||
Operating income from continuing operations before restructuring charges | -10,488 | -8,502 |
Segment reconciling items | ||
Segment Information | ||
Operating income from continuing operations before restructuring charges | 5,997 | 6,931 |
Restructuring credit (charges) | ($61) | $102 |