Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ACIW | |
Entity Registrant Name | ACI WORLDWIDE, INC. | |
Entity Central Index Key | 935,036 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 118,042,377 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 99,744 | $ 75,753 |
Receivables, net of allowances of $4,215 and $3,873, respectively | 183,482 | 268,162 |
Recoverable income taxes | 6,749 | 4,614 |
Prepaid expenses | 29,806 | 25,884 |
Other current assets | 21,086 | 33,578 |
Total current assets | 340,867 | 407,991 |
Noncurrent assets | ||
Property and equipment, net | 77,979 | 78,950 |
Software, net | 175,708 | 185,496 |
Goodwill | 913,014 | 909,691 |
Intangible assets, net | 200,496 | 203,634 |
Deferred income taxes, net | 85,440 | 77,479 |
Other noncurrent assets | 37,302 | 39,054 |
TOTAL ASSETS | 1,830,806 | 1,902,295 |
Current liabilities | ||
Accounts payable | 35,980 | 42,873 |
Employee compensation | 35,763 | 47,804 |
Current portion of long-term debt | 17,701 | 90,323 |
Deferred revenue | 109,990 | 105,191 |
Income taxes payable | 10,982 | 11,334 |
Other current liabilities | 54,153 | 78,841 |
Total current liabilities | 264,569 | 376,366 |
Noncurrent liabilities | ||
Deferred revenue | 55,402 | 49,863 |
Long-term debt | 679,133 | 653,595 |
Deferred income taxes, net | 25,091 | 26,349 |
Other noncurrent liabilities | 36,338 | 41,205 |
Total liabilities | 1,060,533 | 1,147,378 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity | ||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2017 and December 31, 2016 | ||
Common stock; $0.005 par value; 280,000,000 shares authorized; 140,525,055 shares issued at March 31, 2017 and December 31, 2016 | 702 | 702 |
Additional paid-in capital | 604,362 | 600,344 |
Retained earnings | 544,123 | 545,731 |
Treasury stock, at cost, 22,485,639 and 23,188,258 shares at March 31, 2017 and December 31, 2016, respectively | (290,865) | (297,760) |
Accumulated other comprehensive loss | (88,049) | (94,100) |
Total stockholders' equity | 770,273 | 754,917 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,830,806 | $ 1,902,295 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 4,215 | $ 3,873 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 140,525,055 | 140,525,055 |
Treasury stock, shares | 22,485,639 | 23,188,258 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Revenues | |||
Software as a service and platform as a service | $ 99,447 | $ 111,736 | |
License | 59,381 | 37,423 | |
Maintenance | 54,471 | 57,331 | |
Services | 18,163 | 19,576 | |
Total revenues | 231,462 | 226,066 | |
Operating expenses | |||
Cost of revenue | [1] | 108,543 | 118,434 |
Research and development | 37,285 | 43,604 | |
Selling and marketing | 27,137 | 29,992 | |
General and administrative | 32,503 | 26,068 | |
Gain on sale of CFS assets | 0 | (151,952) | |
Depreciation and amortization | 22,371 | 23,208 | |
Total operating expenses | 227,839 | 89,354 | |
Operating income | 3,623 | 136,712 | |
Other income (expense) | |||
Interest expense | (10,160) | (10,414) | |
Interest income | 106 | 150 | |
Other | 649 | (334) | |
Total other income (expense) | (9,405) | (10,598) | |
Income (loss) before income taxes | (5,782) | 126,114 | |
Income tax expense (benefit) | (4,174) | 36,970 | |
Net income (loss) | $ (1,608) | $ 89,144 | |
Earnings (loss) per common share | |||
Basic | $ (0.01) | $ 0.75 | |
Diluted | $ (0.01) | $ 0.74 | |
Weighted average common shares outstanding | |||
Basic | 116,610 | 118,679 | |
Diluted | 116,610 | 119,938 | |
[1] | The cost of revenue excludes charges for depreciation but includes amortization of purchased and developed software for resale. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (1,608) | $ 89,144 |
Other comprehensive income: | ||
Foreign currency translation adjustments | 6,051 | 6,115 |
Total other comprehensive income | 6,051 | 6,115 |
Comprehensive income | $ 4,443 | $ 95,259 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,608) | $ 89,144 |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation | 6,274 | 5,488 |
Amortization | 19,364 | 21,024 |
Amortization of deferred debt issuance costs | 1,734 | 1,578 |
Deferred income taxes | (5,919) | 19,596 |
Stock-based compensation expense | 6,297 | 9,711 |
Gain on sale of CFS assets | 0 | (151,952) |
Other | 538 | (398) |
Changes in operating assets and liabilities, net of impact of acquisitions: | ||
Receivables | 84,033 | 34,588 |
Accounts payable | (3,689) | (12,880) |
Accrued employee compensation | (12,421) | 3,036 |
Current income taxes | (3,339) | 17,424 |
Deferred revenue | 9,049 | 8,542 |
Other current and noncurrent assets and liabilities | (14,627) | (6,378) |
Net cash flows from operating activities | 85,686 | 38,523 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,566) | (7,138) |
Purchases of software and distribution rights | (5,839) | (8,766) |
Proceeds from sale of CFS assets | 200,000 | |
Other | (7,000) | |
Net cash flows from investing activities | (12,405) | 177,096 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 693 | 731 |
Proceeds from exercises of stock options | 7,035 | 237 |
Repurchase of restricted stock for tax withholdings | (3,155) | (40) |
Repurchases of common stock | (52,449) | |
Proceeds from revolving credit facility | 12,000 | |
Repayment of revolving credit facility | (100,000) | (143,000) |
Proceeds from term portion of credit agreement | 415,000 | |
Repayment of term portion of credit agreement | (370,477) | (23,823) |
Payment of debt issuance costs | (5,340) | |
Payments on other debt and capital leases | (4,629) | (6,270) |
Net cash flows from financing activities | (48,873) | (224,614) |
Effect of exchange rate fluctuations on cash | (417) | 1,125 |
Net increase (decrease) in cash and cash equivalents | 23,991 | (7,870) |
Cash and cash equivalents, beginning of period | 75,753 | 102,239 |
Cash and cash equivalents, end of period | 99,744 | 94,369 |
Supplemental cash flow information | ||
Income taxes paid (received), net | 6,919 | (2,645) |
Interest paid | $ 13,421 | $ 14,040 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Condensed Consolidated Financial Statements | 1. Condensed Consolidated Financial Statements The unaudited condensed consolidated financial statements include the accounts of ACI Worldwide, Inc. and its wholly-owned The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Receivables, net Receivables represent amounts billed and amounts earned that are to be billed in the near future. Included in accrued receivables are services, software as a service (“SaaS”) and platform as a service (“Platform”) revenues earned in the current period but billed in a subsequent period as well as license revenues that are determined to be fixed and determinable but billed in future periods. (in thousands) March 31, 2017 December 31, 2016 Billed Receivables $ 165,002 $ 250,116 Allowance for doubtful accounts (4,215 ) (3,873 ) Billed, net 160,787 246,243 Accrued Receivables 22,695 21,919 Receivables, net $ 183,482 $ 268,162 Other Current Assets and Other Current Liabilities (in thousands) March 31, 2017 December 31, 2016 Settlement deposits $ 7,226 $ 10,496 Settlement receivables 3,883 14,327 Other 9,977 8,755 Total other current assets $ 21,086 $ 33,578 (in thousands) March 31, 2017 December 31, 2016 Settlement payables $ 10,932 $ 24,016 Accrued interest 2,429 7,356 Vendor financed licenses 5,637 9,213 Royalties payable 6,885 7,197 Other 28,270 31,059 Total other current liabilities $ 54,153 $ 78,841 Individuals and businesses settle their obligations to the Company’s various clients, primarily utility and other public sector clients, using credit or debit cards or via ACH payments. The Company creates a receivable for the amount due from the credit or debit card company and an offsetting payable to the client. Once confirmation is received that the funds have been received, the Company settles the obligation to the client. Due to timing, in some instances, the Company may receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its clients by the end of the day resulting in a settlement deposit on the Company’s books. Off Balance Sheet Accounts The Company also enters into agreements with certain clients to process payment funds on their behalf. When an automated clearing house or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, the settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of March 31, 2017 and December 31, 2016 were $254.7 million and $270.0 million, respectively. Fair Value The fair value of the Company’s Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s Senior Notes was $308.3 million and $309.8 million at March 31, 2017 and December 31, 2016, respectively. The fair values of cash and cash equivalents approximate the carrying values due to the short period of time to maturity (Level 2 of the fair value hierarchy). Goodwill Changes in the carrying amount of goodwill attributable to each reporting unit with goodwill balances during the three months ended March 31, 2017 were as follows: (in thousands) Americas EMEA Asia/Pacific Total Gross Balance prior to December 31, 2016 $ 524,829 $ 374,130 $ 58,164 $ 957,123 Total impairment prior to December 31, 2016 (47,432 ) — — (47,432 ) Balance, December 31, 2016 477,397 374,130 58,164 909,691 Foreign currency translation adjustments 293 574 2,456 3,323 Balance, March 31, 2017 $ 477,690 $ 374,704 $ 60,620 $ 913,014 In accordance with the Accounting Standards Codification (“ASC 350”), Intangibles – Goodwill and Other, The Company evaluates goodwill at the reporting unit level, and as discussed in Note 10, Segment Information Recently Issued Accounting Standards Not Yet Effective In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers ( ) Revenue Recognition During 2016, the Company began its detailed assessment of the impact of ASC 606 and completed its initial assessment of the impact on its license, maintenance, and services revenues. This assessment continued during the three months ended March 31, 2017, with increased focus on the impact of ASC 606 on SaaS and Platform revenues, detailed review of customer contracts under ASC 606 for each revenue stream and identification of key data requirements for contract reviews. The Company has considered the data required to comply with the expanded disclosures required under the new standard and has begun the process of identifying and resolving any data gaps. While the Company continues to evaluate the method of transition and the impact of the standard on its consolidated financial statements and related disclosures, the Company cannot estimate the quantitative impact of adopting the new standard at this time. However, the Company currently believes that the most significant impacts relate to changes in the timing of recognition for software license revenues and sales commission expenses and the expanded qualitative and quantitative disclosures required under the new standard. The Company expects revenue related to maintenance, services, and SaaS and Platform to remain substantially unchanged. As it relates to software license revenues, under ASC 606 the Company expects to recognize revenue in advance of billings for software license arrangements with extended payment terms as opposed to when payments become due and payable. Additionally, the Company expects that those same software license arrangements may contain a significant financing component which could result in a change in the amount of the contract value that is allocated to software license revenue. Because the requirement to have vendor-specific objective evidence (“VSOE”) of fair value for undelivered elements is eliminated under the new standard, the Company expects the amounts allocated to software license, maintenance and services revenues for most software license arrangements to be recognized as each element is delivered or provided to the customer. Under current U.S. GAAP, when software license arrangements include post contract customer support (maintenance or “PCS”) terms that fail to achieve VSOE of fair value the Company recognizes all revenues in the arrangement ratably over a longer service period. The Company has determined that its SaaS-based and Platform-based arrangements represent a single promise to provide continuous access (i.e. a stand-ready obligation) to its software solutions and their processing capabilities in the form of a service through one of the Company’s data centers. As each day of providing access to the software solution(s) is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided, the Company has determined that its SaaS-based and Platform-based arrangements include a single performance obligation comprised of a series of distinct services. The Company’s SaaS-based The Company is assessing whether or not sales commissions will be accounted for as incremental costs of obtaining a contract under the new standard. If we determine sales commissions meet the definition of incremental costs of obtaining a contract, the costs associated with sales commissions will likely be capitalized and expense recognized as the related goods or services are transferred to the customer. The Company currently recognizes sales commission expenses as they are incurred. In February 2016, the FASB issued ASU 2016-02, Leases of ASU 2016-02 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments, 2016-15 In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory 2016-16, 2016-16 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment 2017-04, 2017-04 |
Divestiture
Divestiture | 3 Months Ended |
Mar. 31, 2017 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Divestiture | 2. Divestiture Community Financial Services On March 3, 2016, the Company completed the sale of its Community Financial Services (“CFS”) related assets and liabilities, to Fiserv, Inc. (“Fiserv”) for $200.0 million. The sale of CFS, which was not aligned with the Company’s long-term strategy, is part of the Company’s ongoing efforts to expand as a provider of software products, SaaS, and Platform solutions facilitating real-time electronic and eCommerce payments for large financial institutions, intermediaries, retailers, and billers worldwide. The sale included employee agreements and customer contracts as well as technology assets and intellectual property. For the three months ended March 31, 2016, the Company recognized a net after-tax The Company and Fiserv also entered into a Transition Services Agreement (“TSA”), whereby the Company continues to perform certain functions on Fiserv’s behalf during a migration period not to exceed 18 months from the date of the sale. The TSA is meant to reimburse the Company for direct costs incurred in order to provide such functions, which are no longer generating revenue for the Company. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt As of March 31, 2017, the Company had $409.8 million and $300.0 million outstanding under its Term Credit Facility and Senior Notes, respectively, with up to $492.5 million of unused borrowings under the Revolving Credit Facility portion of the Credit Agreement, as amended, and up to $7.5 million of unused borrowings under the Letter of Credit agreement. The amount of unused borrowings actually available varies in accordance with the terms of the agreement. Credit Agreement On February 24, 2017, the Company entered into an amended and restated credit agreement (the “Credit Agreement”), replacing the existing agreement, with a syndicate of financial institutions, as lenders, and Bank of America, N.A. (“BofA”), as Administrative Agent, providing for revolving loans, swingline loans, letters of credit, and a term loan. The Credit Agreement consists of a five-year $500.0 million senior secured revolving credit facility (the “Revolving Credit Facility”), which includes a sublimit for the issuance of standby letters of credit and a sublimit for swingline loans, and $415.0 million under the five-year senior secured term loan facility (the “Term Credit Facility” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Agreement also allows the Company to request optional incremental term loans and increases in the revolving commitment. The loans under the Credit Facility may be made to, and the letters of credit under the Revolving Credit Facility may be issued on behalf of the Company. On February 24, 2017, the Company borrowed an aggregate principal amount of $12.0 million under the Revolving Credit Facility and borrowed $415.0 million under the Term Credit Facility. Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company’s option, either (a) a base rate determined by reference to the highest of (1) the rate of interest per annum publicly announced by the Administrative Agent as its Prime Rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for a one-month In addition to paying interest on the outstanding principal under the Credit Facility, the Company is required to pay a commitment fee in respect of the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears. The Company is also required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on LIBOR rate borrowings under the Revolving Credit Facility on a per annum basis, payable quarterly in arrears, as well as customary fronting fees for the issuance of letters of credit fees and agency fees. The Company’s obligations under the Credit Facility and certain hedging arrangements and cash management arrangements entered into with lenders under the Credit Facility (or affiliates thereof) and the obligations of the subsidiary guarantors are secured by first-priority security interests in substantially all assets of the Company and any guarantor, including 100% of the capital stock of ACI Worldwide Corp. and each domestic subsidiary of the Company, each domestic subsidiary of any guarantor, and 65% of the voting capital stock of each foreign subsidiary of the Company that is directly owned by the Company or a guarantor, in each case subject to certain exclusions set forth in the credit documentation governing the Credit Facility. The Credit Agreement contains a number of covenants that, among other things and subject to certain exceptions, restrict the Company’s ability and, as applicable, the ability of its subsidiaries to: create, incur, assume or suffer to exist any additional indebtedness; create, incur, assume or suffer to exist any liens; enter into agreements and other arrangements that include negative pledge clauses; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; create restrictions on the payment of dividends or other distributions by subsidiaries; make investments, loans, advances and acquisitions; merge, consolidate or enter into any similar combination or sell assets, including equity interests of the subsidiaries; enter into sale and leaseback transactions; directly or indirectly engage in transactions with affiliates; alter in any material respect the character or conduct of the business; enter into amendments of or waivers under subordinated indebtedness, organizational documents and certain other material agreements; and hold certain assets and incur certain liabilities. The Credit Agreement also contains certain customary affirmative covenants and events of default. If an event of default, as specified in the Credit Agreement, shall occur and be continuing, the Company may be required to repay all amounts outstanding under the Credit Facility. Letter of Credit On February 29, 2016, the Company entered into a standby letter of credit (the “Letter of Credit”), under the terms of the Credit Agreement, for $25.0 million. On October 26, 2016, the Letter of Credit was renewed at $7.5 million, which expires on June 30, 2017. At any time the Company may request to close the Letter of Credit. The Letter of Credit reduces the maximum available borrowings under the Revolving Credit Facility to $492.5 million. Upon expiration of the Letter of Credit, maximum borrowing capacity will be $500.0 million. Senior Notes On August 20, 2013, the Company completed a $300.0 million offering of Senior Notes at an issue price of 100% of the principal amount in a private placement for resale to qualified institutional buyers. The Senior Notes bear an interest rate of 6.375% per annum, payable semi-annually in arrears on August 15 and February 15 of each year, commencing on February 15, 2014. Interest began accruing on August 20, 2013. The Senior Notes will mature on August 15, 2020. Maturities on long-term debt outstanding at March 31, 2017 are as follows: Fiscal year ending December 31, (in thousands) 2017 $ 15,563 2018 20,750 2019 31,125 2020 331,125 2021 41,500 Thereafter 269,750 Total $ 709,813 The Credit Agreement and Senior Notes also contain certain customary mandatory prepayment provisions. If certain events, as specified in the Credit Agreement or Senior Notes agreement, shall occur, the Company may be required to repay all or a portion of the amounts outstanding under the Credit Facility or Senior Notes. The Credit Facility will mature on February 24, 2022 and the Senior Notes will mature on August 15, 2020. The Revolving Credit Facility and Senior Notes do not amortize and the Term Credit Facility does amortize, with principal payable in consecutive quarterly installments. The Credit Agreement and Senior Notes contain certain customary affirmative covenants and negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, advances, investments, acquisitions, transactions with affiliates, change in nature of business and the sale of the assets. The Company is also required to maintain a consolidated leverage ratio at or below a specified amount and an interest coverage ratio at or above a specified amount. If an event of default, as specified in the Credit Agreement and Senior Notes agreement, shall occur and be continuing, the Company may be required to repay all amounts outstanding under the Credit Facility and Senior Notes. As of March 31, 2017, and at all times during the period, the Company was in compliance with its financial debt covenants. (in thousands) As of March 31, As of December 31, Term credit facility $ 409,813 $ 365,290 Revolving credit facility — 88,000 6.375% Senior Notes, due August 2020 300,000 300,000 Debt issuance costs (12,979 ) (9,372 ) Total debt 696,834 743,918 Less current portion of term credit facility 20,750 95,293 Less current portion of debt issuance costs (3,049 ) (4,970 ) Total long-term debt $ 679,133 $ 653,595 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 4. Stock-Based Employee Stock Purchase Plan Under the Company’s 1999 Employee Stock Purchase Plan, as amended (the “ESPP”), a total of 4,500,000 shares of the Company’s common stock have been reserved for issuance to eligible employees. Participating employees are permitted to designate up to the lesser of $25,000 or 10% of their annual base compensation for the purchase of common stock under the ESPP. Purchases under the ESPP are made one calendar month after the end of each fiscal quarter. The price for shares of common stock purchased under the ESPP is 85% of the stock’s fair market value on the last business day of the three-month participation period. Shares issued under the ESPP during the three months ended March 31, 2017 and 2016 totaled 44,685 and 50,876, respectively. Stock-Based Payments A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows: Number of Weighted- Weighted- Aggregate In-the-Money Outstanding as of December 31, 2016 6,791,375 $ 15.54 Granted 864,800 20.12 Exercised (529,697 ) 13.28 Forfeited (103,751 ) 18.12 Expired (14,783 ) 20.42 Outstanding as of March 31, 2017 7,007,944 $ 16.23 7.07 $ 36,159,173 Exercisable as of March 31, 2017 4,167,453 $ 14.45 5.78 $ 28,920,839 The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2017 and 2016 was $6.24 and $5.54, respectively. The Company issued treasury shares for the exercise of stock options during the three months ended March 31, 2017 and 2016. The total intrinsic value of stock options exercised during the three months ended March 31, 2017 and 2016 was $4.6 million and $0.2 million, respectively. The fair value of options that do not vest based on the achievement of certain market conditions granted during the three months ended March 31, 2017 and 2016 were estimated on the date of grant using the Black-Scholes option-pricing , Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Expected life (years) 5.6 5.9 Interest rate 1.9 % 1.2 % Volatility 29.4 % 29.7 % Dividend yield — — Expected volatilities are based on the Company’s historical common stock volatility derived from historical stock price data for historical periods commensurate with the options’ expected life. The expected life is the average number of years that the Company estimated that the options will be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on United States Treasury zero coupon issues with a term equal to the expected term at the date of grant of the options. The expected dividend yield is zero as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future. During the three months ended March 31, 2016, the Company granted supplemental stock options with three tranches at a grant date fair value of $7.46, $7.06, and $6.50, respectively, per share. These options vest, if at all, based upon (i) tranche one - any time after the third anniversary date if the stock has traded at 133% of the exercise price for at least 20 consecutive trading days, (ii) tranche two - any time after the fourth anniversary date if the stock has traded at 167% of the exercise price for at least 20 consecutive trading days, and (iii) tranche three - any time after the fifth anniversary date if the stock has traded at 200% of the exercise price for at least 20 consecutive trading days. The employees must also remain employed with the Company as of the anniversary date in order for the options to vest. The exercise price of the supplemental stock options is the closing market price on the date the awards were granted. In order to determine the grant date fair value of the supplemental stock options, a Monte Carlo simulation model was used. With respect to options granted that vest based on the achievement of certain market conditions, the grant date fair value of such options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2016 Expected life (years) 7.5 Interest rate 1.6 % Volatility 41.6 % Dividend yield — A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) outstanding as of March 31, 2017 and changes during the period are as follows: Nonvested LTIP Performance Shares Number of Weighted- Nonvested as of December 31, 2016 1,738,056 $ 18.45 Granted 553,549 20.12 Forfeited (51,706 ) 18.24 Nonvested as of March 31, 2017 2,239,899 $ 18.87 A summary of nonvested restricted share awards (“RSAs”) as of March 31, 2017 and changes during the period are as follows: Nonvested Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2016 172,108 $ 20.62 Granted 446,702 20.12 Forfeited (18,182 ) 22.90 Nonvested as of March 31, 2017 600,628 $ 20.18 A summary of nonvested Performance-Based Restricted Share Awards (“PBRSAs”) as of March 31, 2017 and changes during the period are as follows: Nonvested Performance-Based Restricted Share Awards Number of Performance-Based Share Awards Weighted-Average Grant Nonvested as of December 31, 2016 683,667 $ 23.25 Vested (305,136 ) 21.89 Forfeited (5,536 ) 23.21 Change in attainment for 2015 grants (13,592 ) 23.25 Nonvested as of March 31, 2017 359,403 $ 24.41 During the three months ended March 31, 2017, a total of 305,136 shares of the PBRSAs vested. The Company withheld 109,198 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. Through December 31, 2016, the Company had accrued the compensation costs assuming an attainment level of 100% for the PBRSA grants vesting based upon forecasted 2016 earnings before income taxes, interest, depreciation and amortization (“EBITDA”). During the three months ended March 31, 2017, the Company changed the expected attainment on the PBRSAs vesting in June 2017 and June 2018 from 100% to 98% based upon actual results of the related performance target. A summary of nonvested Retention Restricted Share Awards (“Retention RSAs”) as of March 31, 2017 and changes during the period are as follows: Nonvested Retention Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2016 205,540 $ 17.89 Vested (151,871 ) 17.89 Nonvested as of March 31, 2017 53,669 $ 17.89 During the three months ended March 31, 2017, a total of 151,871 shares of the Retention RSAs vested. The Company withheld 52,769 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. A summary of nonvested PAY.ON RSAs as of March 31, 2017 and changes during the period are as follows: Nonvested PAY.ON RSAs Number of Grant Date Nonvested at December 31, 2016 238,376 $ 23.60 Forfeited (119,188 ) 23.60 Nonvested at March 31, 2017 119,188 $ 23.60 During the three months ended March 31, 2017, the Company granted total shareholder return (“TSR”) awards, pursuant to the 2016 Equity and Performance Incentive Plan, to certain executive officers. TSRs are performance shares that are earned, if at all, based upon the Company’s total shareholder return as compared to a group of peer companies over a three-year performance period. The award payout can range from 0% to 200%. In order to determine the grant date fair value of the TSRs, a Monte Carlo simulation model is used. The Company recognizes compensation expense for TSRs over a three-year performance period based on the grant date fair value. The grant date fair value of the TSRs was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2017 Expected life (years) 2.9 Interest rate 1.5 % Volatility 26.5 % Dividend Yield — A summary of nonvested TSRs outstanding as of March 31, 2017 and changes during the period are as follows: Nonvested Total Shareholder Return Awards Number of Weighted- Nonvested as of December 31, 2016 — $ — Granted 233,077 24.37 Nonvested as of March 31, 2017 233,077 $ 24.37 As of March 31, 2017, there were unrecognized compensation costs of $15.1 million related to nonvested stock options, $9.8 million related to the nonvested RSAs, $25.7 million related to the LTIP performance shares, $2.2 million related to nonvested PBRSAs, $0.2 million related to nonvested Retention RSAs, and $5.2 million related to the TSR shares, which the Company expects to recognize over weighted-average periods of 2.0 years, 2.7 years, 2.3 years, 1.0 years, 0.3 years, and 2.9 years, respectively. The Company recorded stock-based compensation expenses recognized under ASC 718 for the three months ended March 31, 2017 and 2016 related to stock options, LTIP performance shares, RSAs, PBRSAs, Retention RSAs, TSR shares and the ESPP of $6.3 million and $9.7 million, respectively, with corresponding tax benefits of $2.2 million and $3.6 million, respectively. The Company recognizes compensation costs for stock option awards that vest with the passage of time with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation costs for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition. |
Software and Other Intangible A
Software and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Software and Other Intangible Assets | 5. Software and Other Intangible Assets At March 31, 2017, software net book value totaling $175.7 million, net of $194.7 million of accumulated amortization, includes the net book value of software marketed for external sale of $49.2 million. The remaining software net book value of $126.5 million is comprised of various software that has been acquired or developed for internal use. At December 31, 2016, software net book value totaled $185.5 million, net of $195.0 million of accumulated amortization. Included in this amount is software marketed for external sale of $52.3 million. The remaining software net book value of $133.2 million is comprised of various software that has been acquired or developed for internal use. Quarterly amortization of software marketed for external sale is computed using the greater of the ratio of current revenues to total estimated revenues expected to be derived from the software or the straight-line method over an estimated useful life of three to ten years. Software for resale amortization expense recorded in the three months ended March 31, 2017 and 2016 totaled $3.3 million. These software amortization expense amounts are reflected in cost of revenue in the condensed consolidated statements of operations. Quarterly amortization of software for internal use is computed using the straight-line method over an estimated useful life of three to ten years. Software for internal use includes software acquired through acquisitions that is used to provide certain of our SaaS offerings. Amortization of software for internal use of $11.3 million and $11.9 million for the three months ended March 31, 2017 and 2016, respectively, is included in depreciation and amortization in the condensed consolidated statements of operations. The carrying amount and accumulated amortization of the Company’s other intangible assets that were subject to amortization at each balance sheet date are as follows: March 31, 2017 December 31, 2016 Gross Accumulated Net Balance Gross Accumulated Net Balance Customer relationships $ 298,038 $ (101,405 ) $ 196,633 $ 295,730 $ (96,356 ) $ 199,374 Trademarks and tradenames 16,102 (12,239 ) 3,863 16,019 (11,759 ) 4,260 $ 314,140 $ (113,644 ) $ 200,496 $ 311,749 $ (108,115 ) $ 203,634 Other intangible assets amortization expense for the three months ended March 31, 2017 and 2016 totaled $4.8 million and $5.8 million, respectively. Based on capitalized software and other intangible assets at March 31, 2017, estimated amortization expense for future fiscal years is as follows: Fiscal Year Ending December 31, Software Other (in thousands) Remainder of 2017 $ 41,263 $ 14,390 2018 42,444 18,683 2019 34,426 18,148 2020 26,307 17,277 2021 18,294 16,809 2022 7,906 16,651 Thereafter 5,068 98,538 Total $ 175,708 $ 200,496 |
Corporate Restructuring and Oth
Corporate Restructuring and Other Organizational Changes | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Corporate Restructuring and Other Organizational Changes | 6. Corporate Restructuring and Other Organizational Changes The components of corporate restructuring and other reorganization activities are included in the following table: (in thousands) Facility Balance, December 31, 2016 $ 4,559 Amounts paid during the period (284 ) Foreign currency translation 38 Balance, March 31, 2017 $ 4,313 Of the $4.3 million facility closure liability, $1.0 million and $3.3 million is recorded in other current and noncurrent liabilities, respectively, in the accompanying condensed consolidated balance sheet at March 31, 2017. |
Common Stock and Treasury Stock
Common Stock and Treasury Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Common Stock and Treasury Stock | 7. Common Stock and Treasury Stock As of September 12, 2012, the Company’s Board of Directors (“the Board”) had approved a stock repurchase program authorizing the Company, from time to time as market and business conditions warrant, to acquire up to $262.1 million of its common stock. On September 13, 2012, the Board approved the repurchase of up to 7,500,000 shares of the Company’s common stock, or up to $113.0 million, in place of the remaining repurchase amounts previously authorized. In July 2013 and again in February 2014, the Board approved an additional $100.0 million for the stock repurchase program for a total of an additional $200.0 million. The Company did not repurchase any shares under the program during the three months ended March 31, 2017. Under the program to date, the Company has repurchased 40,129,393 shares for approximately $455.9 million. The maximum remaining authorized for purchase under the stock repurchase program was approximately $78.2 million as of March 31, 2017. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 8. Earnings (Loss) Per Share Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities. The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands): Three Months Ended 2017 2016 Weighted average shares outstanding: Basic weighted average shares outstanding 116,610 118,679 Add: Dilutive effect of stock options — 1,259 Diluted weighted average shares outstanding 116,610 119,938 The diluted earnings (loss) per share computation excludes 10.5 million and 5.3 million options to purchase shares, contingently issuable shares and restricted share awards during the three months ended March 31, 2017 and 2016, respectively, as their effect would be anti-dilutive. Common stock outstanding as of March 31, 2017 and December 31, 2016 was 118,039,416 and 117,336,797, respectively. |
Other
Other | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other | 9. Other Other is comprised of foreign currency transaction gains (losses) of $0.6 million and ($0.3) million for the three months ended March 31, 2017 and 2016, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information In January 2017, the Company announced a change in organizational structure to align with its strategic direction. As a result, beginning in the first quarter of 2017, the Company reports financial performance based on its new segments, ACI On Premise and ACI On Demand, and analyzes operating income as a measure of segment profitability. The Company’s chief operating decision maker (“CODM”), which is also our Chief Executive Officer, together with other senior management personnel, focus their review of consolidated financial information and the allocation of resources based upon the operating results, including revenues and operating income, for the segments ACI On Premise and ACI On Demand, separate from the Corporate operations. ACI On Premise ACI On Demand Revenue is attributed to the reportable segments based upon the product sold and mechanism for delivery to the customer. Expenses are attributed to the reportable segments in one of three methods, (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual products, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities as well as information technology and facilities related expense for which multiple segments benefit. The Company also allocates certain depreciation costs to the segments. Corporate and other consists of the corporate overhead costs that are not allocated to reportable segments. These overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity, amortization of acquisition-related intangibles, and other costs that are not considered when management evaluates segment performance. For the three-months ended March 31, 2016, Corporate and other also includes revenue and operating income from the operations and sale of CFS related assets and liabilities of $15.4 million and $152.2 million, respectively. The following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands): Three Months Ended March 31, 2017 2016 Revenues: ACI On Premise $ 131,908 $ 112,040 ACI On Demand 99,554 98,610 Corporate and other — 15,416 $ 231,462 $ 226,066 Depreciation and amortization expense: ACI On Premise $ 3,261 $ 3,915 ACI On Demand 8,388 7,422 Corporate and other 13,989 15,175 $ 25,638 $ 26,512 Stock-based compensation expense: ACI On Premise $ 1,216 $ 1,866 ACI On Demand 1,214 1,861 Corporate and other 3,867 5,984 $ 6,297 $ 9,711 Operating income (loss): ACI On Premise $ 63,918 $ 35,581 ACI On Demand (16,609 ) (8,822 ) Corporate and other (43,686 ) 109,953 $ 3,623 $ 136,712 Assets are not allocated to segments and the Company’s CODM does not evaluate operating segments using discrete asset information. The following is selected financial data for the Company’s geographical areas for the periods indicated (in thousands): Three Months Ended 2017 2016 Revenues: United States $ 135,002 $ 133,365 Other 96,460 92,701 $ 231,462 $ 226,066 March 31, December 31, Long lived assets United States $ 783,950 $ 752,442 United Kingdom 202,915 204,193 Other 417,634 460,190 $ 1,404,499 $ 1,416,825 No single customer accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2017 and 2016. No other country outside the United States accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2017 and 2016. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The effective tax rate for the three months ended March 31, 2017 was 72%. The earnings of the Company’s foreign entities for the three months ended March 31, 2017 were $8.7 million. The tax rates in the foreign jurisdictions in which the Company operates are less than the domestic tax rate. The effective tax rate for the three months ended March 31, 2017 was negatively impacted by profits in certain foreign jurisdictions taxed at lower rates and domestic losses taxed at higher rates, partially offset by losses in other foreign jurisdictions taxed at lower rates The effective tax rate for the three months ended March 31, 2016 was 29%. The earnings of the Company’s foreign entities for the three months ended March 31, 2016 were $6.9 million. The effective tax rate for the three months ended March 31, 2016 was reduced by foreign profits taxed at lower rates. The effective tax rate was also reduced by a release of $10.1 million valuation allowance previously established against foreign tax credits that are now expected to be fully utilized as a result of the sale of the Community Financial Services assets and liabilities. The Company’s effective tax rate could fluctuate significantly on a quarterly basis and could be negatively affected to the extent earnings are lower in the countries in which it operates that have a lower statutory rate or higher in the countries in which it operates that have a higher statutory rate or to the extent it has losses sustained in countries where the future utilization of losses are uncertain. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. The amount of unrecognized tax benefits for uncertain tax positions was $24.5 million as of March 31, 2017 and $24.3 million as of December 31, 2016, excluding related liabilities for interest and penalties of $1.8 million and $1.9 million as of March 31, 2017 and December 31, 2016, respectively. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $1.6 million, due to the settlement of various audits and the expiration of statutes of limitation. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Legal Proceedings On September 23, 2015, a jury verdict was returned against ACI Worldwide Corp. (“ACI Corp.”), a subsidiary of the Company, for $43.8 million in connection with counterclaims brought by Baldwin Hackett & Meeks, Inc. (“BHMI”) in the District Court of Douglas County, Nebraska. On September 21, 2012, ACI Corp. had sued BHMI for misappropriation of ACI Corp.’s trade secrets. The jury found that ACI Corp. had not met its burden of proof regarding these claims. On March 6, 2013, BHMI asserted counterclaims for breach of a non-disclosure Indemnities Under certain customer contracts, the Company indemnifies customers for certain matters including third party claims of intellectual property infringement relating to the use of our products. Our maximum potential exposure under indemnification arrangements can range from a specified dollar amount to an unlimited amount, depending on the nature of the transactions and the agreements. The Company has recorded an accrual for estimated losses for demands for indemnification that have been tendered by certain customers. The Company does not have any reason to believe that we will be required to make any material payments under these indemnity provisions in excess of the balance accrued at March 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss Activity within accumulated other comprehensive loss for the three months ended March 31, 2017, which consists of foreign currency translation adjustments, were as follows: Accumulated Balance at December 31, 2016 $ (94,100 ) Other comprehensive income 6,051 Balance at March 31, 2017 $ (88,049 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Policy Text Block Abstract | |
Receivables, net | Receivables, net Receivables represent amounts billed and amounts earned that are to be billed in the near future. Included in accrued receivables are services, software as a service (“SaaS”) and platform as a service (“Platform”) revenues earned in the current period but billed in a subsequent period as well as license revenues that are determined to be fixed and determinable but billed in future periods. (in thousands) March 31, 2017 December 31, 2016 Billed Receivables $ 165,002 $ 250,116 Allowance for doubtful accounts (4,215 ) (3,873 ) Billed, net 160,787 246,243 Accrued Receivables 22,695 21,919 Receivables, net $ 183,482 $ 268,162 |
Other Current Assets and Other Current Liabilities | Other Current Assets and Other Current Liabilities (in thousands) March 31, 2017 December 31, 2016 Settlement deposits $ 7,226 $ 10,496 Settlement receivables 3,883 14,327 Other 9,977 8,755 Total other current assets $ 21,086 $ 33,578 (in thousands) March 31, 2017 December 31, 2016 Settlement payables $ 10,932 $ 24,016 Accrued interest 2,429 7,356 Vendor financed licenses 5,637 9,213 Royalties payable 6,885 7,197 Other 28,270 31,059 Total other current liabilities $ 54,153 $ 78,841 Individuals and businesses settle their obligations to the Company’s various clients, primarily utility and other public sector clients, using credit or debit cards or via ACH payments. The Company creates a receivable for the amount due from the credit or debit card company and an offsetting payable to the client. Once confirmation is received that the funds have been received, the Company settles the obligation to the client. Due to timing, in some instances, the Company may receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its clients by the end of the day resulting in a settlement deposit on the Company’s books. |
Off Balance Sheet Accounts | Off Balance Sheet Accounts The Company also enters into agreements with certain clients to process payment funds on their behalf. When an automated clearing house or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, the settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of March 31, 2017 and December 31, 2016 were $254.7 million and $270.0 million, respectively. |
Fair Value | Fair Value The fair value of the Company’s Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s Senior Notes was $308.3 million and $309.8 million at March 31, 2017 and December 31, 2016, respectively. The fair values of cash and cash equivalents approximate the carrying values due to the short period of time to maturity (Level 2 of the fair value hierarchy). |
Goodwill | Goodwill Changes in the carrying amount of goodwill attributable to each reporting unit with goodwill balances during the three months ended March 31, 2017 were as follows: (in thousands) Americas EMEA Asia/Pacific Total Gross Balance prior to December 31, 2016 $ 524,829 $ 374,130 $ 58,164 $ 957,123 Total impairment prior to December 31, 2016 (47,432 ) — — (47,432 ) Balance, December 31, 2016 477,397 374,130 58,164 909,691 Foreign currency translation adjustments 293 574 2,456 3,323 Balance, March 31, 2017 $ 477,690 $ 374,704 $ 60,620 $ 913,014 In accordance with the Accounting Standards Codification (“ASC 350”), Intangibles – Goodwill and Other, The Company evaluates goodwill at the reporting unit level, and as discussed in Note 10, Segment Information |
Recently Issued Accounting Standards Not Yet Effective | Recently Issued Accounting Standards Not Yet Effective In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers ( ) Revenue Recognition During 2016, the Company began its detailed assessment of the impact of ASC 606 and completed its initial assessment of the impact on its license, maintenance, and services revenues. This assessment continued during the three months ended March 31, 2017, with increased focus on the impact of ASC 606 on SaaS and Platform revenues, detailed review of customer contracts under ASC 606 for each revenue stream and identification of key data requirements for contract reviews. The Company has considered the data required to comply with the expanded disclosures required under the new standard and has begun the process of identifying and resolving any data gaps. While the Company continues to evaluate the method of transition and the impact of the standard on its consolidated financial statements and related disclosures, the Company cannot estimate the quantitative impact of adopting the new standard at this time. However, the Company currently believes that the most significant impacts relate to changes in the timing of recognition for software license revenues and sales commission expenses and the expanded qualitative and quantitative disclosures required under the new standard. The Company expects revenue related to maintenance, services, and SaaS and Platform to remain substantially unchanged. As it relates to software license revenues, under ASC 606 the Company expects to recognize revenue in advance of billings for software license arrangements with extended payment terms as opposed to when payments become due and payable. Additionally, the Company expects that those same software license arrangements may contain a significant financing component which could result in a change in the amount of the contract value that is allocated to software license revenue. Because the requirement to have vendor-specific objective evidence (“VSOE”) of fair value for undelivered elements is eliminated under the new standard, the Company expects the amounts allocated to software license, maintenance and services revenues for most software license arrangements to be recognized as each element is delivered or provided to the customer. Under current U.S. GAAP, when software license arrangements include post contract customer support (maintenance or “PCS”) terms that fail to achieve VSOE of fair value the Company recognizes all revenues in the arrangement ratably over a longer service period. The Company has determined that its SaaS-based and Platform-based arrangements represent a single promise to provide continuous access (i.e. a stand-ready obligation) to its software solutions and their processing capabilities in the form of a service through one of the Company’s data centers. As each day of providing access to the software solution(s) is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided, the Company has determined that its SaaS-based and Platform-based arrangements include a single performance obligation comprised of a series of distinct services. The Company’s SaaS-based The Company is assessing whether or not sales commissions will be accounted for as incremental costs of obtaining a contract under the new standard. If we determine sales commissions meet the definition of incremental costs of obtaining a contract, the costs associated with sales commissions will likely be capitalized and expense recognized as the related goods or services are transferred to the customer. The Company currently recognizes sales commission expenses as they are incurred. In February 2016, the FASB issued ASU 2016-02, Leases of ASU 2016-02 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments, 2016-15 In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory 2016-16, 2016-16 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment 2017-04, 2017-04 |
Earnings (Loss) per share | Basic earnings (loss) per share is computed on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities. |
Segment Information | In January 2017, the Company announced a change in organizational structure to align with its strategic direction. As a result, beginning in the first quarter of 2017, the Company reports financial performance based on its new segments, ACI On Premise and ACI On Demand, and analyzes operating income as a measure of segment profitability. The Company’s chief operating decision maker (“CODM”), which is also our Chief Executive Officer, together with other senior management personnel, focus their review of consolidated financial information and the allocation of resources based upon the operating results, including revenues and operating income, for the segments ACI On Premise and ACI On Demand, separate from the Corporate operations. ACI On Premise ACI On Demand Revenue is attributed to the reportable segments based upon the product sold and mechanism for delivery to the customer. Expenses are attributed to the reportable segments in one of three methods, (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual products, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities as well as information technology and facilities related expense for which multiple segments benefit. The Company also allocates certain depreciation costs to the segments. Corporate and other consists of the corporate overhead costs that are not allocated to reportable segments. These overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity, amortization of acquisition-related intangibles, and other costs that are not considered when management evaluates segment performance. For the three-months ended March 31, 2016, Corporate and other also includes revenue and operating income from the operations and sale of CFS related assets and liabilities of $15.4 million and $152.2 million, respectively. |
Condensed Consolidated Financ21
Condensed Consolidated Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Receivables and Concentration of Credit Risk | Receivables represent amounts billed and amounts earned that are to be billed in the near future. Included in accrued receivables are services, software as a service (“SaaS”) and platform as a service (“Platform”) revenues earned in the current period but billed in a subsequent period as well as license revenues that are determined to be fixed and determinable but billed in future periods. (in thousands) March 31, 2017 December 31, 2016 Billed Receivables $ 165,002 $ 250,116 Allowance for doubtful accounts (4,215 ) (3,873 ) Billed, net 160,787 246,243 Accrued Receivables 22,695 21,919 Receivables, net $ 183,482 $ 268,162 |
Components of Other Current Assets and Other Current Liabilities | Other Current Assets and Other Current Liabilities (in thousands) March 31, 2017 December 31, 2016 Settlement deposits $ 7,226 $ 10,496 Settlement receivables 3,883 14,327 Other 9,977 8,755 Total other current assets $ 21,086 $ 33,578 (in thousands) March 31, 2017 December 31, 2016 Settlement payables $ 10,932 $ 24,016 Accrued interest 2,429 7,356 Vendor financed licenses 5,637 9,213 Royalties payable 6,885 7,197 Other 28,270 31,059 Total other current liabilities $ 54,153 $ 78,841 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill attributable to each reporting unit with goodwill balances during the three months ended March 31, 2017 were as follows: (in thousands) Americas EMEA Asia/Pacific Total Gross Balance prior to December 31, 2016 $ 524,829 $ 374,130 $ 58,164 $ 957,123 Total impairment prior to December 31, 2016 (47,432 ) — — (47,432 ) Balance, December 31, 2016 477,397 374,130 58,164 909,691 Foreign currency translation adjustments 293 574 2,456 3,323 Balance, March 31, 2017 $ 477,690 $ 374,704 $ 60,620 $ 913,014 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Maturities on Long-Term Debt Outstanding | Maturities on long-term debt outstanding at March 31, 2017 are as follows: Fiscal year ending December 31, (in thousands) 2017 $ 15,563 2018 20,750 2019 31,125 2020 331,125 2021 41,500 Thereafter 269,750 Total $ 709,813 |
Carrying Value of Debt | (in thousands) As of March 31, As of December 31, Term credit facility $ 409,813 $ 365,290 Revolving credit facility — 88,000 6.375% Senior Notes, due August 2020 300,000 300,000 Debt issuance costs (12,979 ) (9,372 ) Total debt 696,834 743,918 Less current portion of term credit facility 20,750 95,293 Less current portion of debt issuance costs (3,049 ) (4,970 ) Total long-term debt $ 679,133 $ 653,595 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Stock Options Issued Pursuant to Stock Incentive Plans | A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows: Number of Weighted- Weighted- Aggregate In-the-Money Outstanding as of December 31, 2016 6,791,375 $ 15.54 Granted 864,800 20.12 Exercised (529,697 ) 13.28 Forfeited (103,751 ) 18.12 Expired (14,783 ) 20.42 Outstanding as of March 31, 2017 7,007,944 $ 16.23 7.07 $ 36,159,173 Exercisable as of March 31, 2017 4,167,453 $ 14.45 5.78 $ 28,920,839 |
Summary of Nonvested Restricted Share Awards and Changes During Period | A summary of nonvested restricted share awards (“RSAs”) as of March 31, 2017 and changes during the period are as follows: Nonvested Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2016 172,108 $ 20.62 Granted 446,702 20.12 Forfeited (18,182 ) 22.90 Nonvested as of March 31, 2017 600,628 $ 20.18 |
Black-Scholes Option-Pricing Model [Member] | |
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions | The fair value of options that do not vest based on the achievement of certain market conditions granted during the three months ended March 31, 2017 and 2016 were estimated on the date of grant using the Black-Scholes option-pricing , Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Expected life (years) 5.6 5.9 Interest rate 1.9 % 1.2 % Volatility 29.4 % 29.7 % Dividend yield — — |
Monte Carlo Simulation [Member] | |
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions | With respect to options granted that vest based on the achievement of certain market conditions, the grant date fair value of such options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2016 Expected life (years) 7.5 Interest rate 1.6 % Volatility 41.6 % Dividend yield — |
LTIP Performance Shares [Member] | |
Summary of Nonvested Performance Share Awards and Changes During Period | A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) outstanding as of March 31, 2017 and changes during the period are as follows: Nonvested LTIP Performance Shares Number of Weighted- Nonvested as of December 31, 2016 1,738,056 $ 18.45 Granted 553,549 20.12 Forfeited (51,706 ) 18.24 Nonvested as of March 31, 2017 2,239,899 $ 18.87 |
Total Shareholder Return [Member] | Monte Carlo Simulation [Member] | |
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions | The grant date fair value of the TSRs was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2017 Expected life (years) 2.9 Interest rate 1.5 % Volatility 26.5 % Dividend Yield — |
TSR Plan [Member] | |
Summary of Nonvested Performance Share Awards and Changes During Period | A summary of nonvested TSRs outstanding as of March 31, 2017 and changes during the period are as follows: Nonvested Total Shareholder Return Awards Number of Weighted- Nonvested as of December 31, 2016 — $ — Granted 233,077 24.37 Nonvested as of March 31, 2017 233,077 $ 24.37 |
Performance-Based Restricted Share Awards [Member] | |
Summary of Nonvested Performance Share Awards and Changes During Period | A summary of nonvested Performance-Based Restricted Share Awards (“PBRSAs”) as of March 31, 2017 and changes during the period are as follows: Nonvested Performance-Based Restricted Share Awards Number of Performance-Based Share Awards Weighted-Average Grant Nonvested as of December 31, 2016 683,667 $ 23.25 Vested (305,136 ) 21.89 Forfeited (5,536 ) 23.21 Change in attainment for 2015 grants (13,592 ) 23.25 Nonvested as of March 31, 2017 359,403 $ 24.41 |
Retention RSAs [Member] | |
Summary of Nonvested Restricted Share Awards and Changes During Period | A summary of nonvested Retention Restricted Share Awards (“Retention RSAs”) as of March 31, 2017 and changes during the period are as follows: Nonvested Retention Restricted Share Awards Number of Weighted-Average Grant Nonvested as of December 31, 2016 205,540 $ 17.89 Vested (151,871 ) 17.89 Nonvested as of March 31, 2017 53,669 $ 17.89 |
Restricted share awards (RSAs) | PAY.ON | |
Summary of Nonvested Restricted Share Awards and Changes During Period | A summary of nonvested PAY.ON RSAs as of March 31, 2017 and changes during the period are as follows: Nonvested PAY.ON RSAs Number of Grant Date Nonvested at December 31, 2016 238,376 $ 23.60 Forfeited (119,188 ) 23.60 Nonvested at March 31, 2017 119,188 $ 23.60 |
Software and Other Intangible24
Software and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount and Accumulated Amortization of Other Intangible Assets | The carrying amount and accumulated amortization of the Company’s other intangible assets that were subject to amortization at each balance sheet date are as follows: March 31, 2017 December 31, 2016 Gross Accumulated Net Balance Gross Accumulated Net Balance Customer relationships $ 298,038 $ (101,405 ) $ 196,633 $ 295,730 $ (96,356 ) $ 199,374 Trademarks and tradenames 16,102 (12,239 ) 3,863 16,019 (11,759 ) 4,260 $ 314,140 $ (113,644 ) $ 200,496 $ 311,749 $ (108,115 ) $ 203,634 |
Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Software and Other Intangible Assets | Based on capitalized software and other intangible assets at March 31, 2017, estimated amortization expense for future fiscal years is as follows: Fiscal Year Ending December 31, Software Other (in thousands) Remainder of 2017 $ 41,263 $ 14,390 2018 42,444 18,683 2019 34,426 18,148 2020 26,307 17,277 2021 18,294 16,809 2022 7,906 16,651 Thereafter 5,068 98,538 Total $ 175,708 $ 200,496 |
Corporate Restructuring and O25
Corporate Restructuring and Other Organizational Changes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Components of Corporate Restructuring and Other Reorganization Activities from Recent Acquisitions | The components of corporate restructuring and other reorganization activities are included in the following table: (in thousands) Facility Balance, December 31, 2016 $ 4,559 Amounts paid during the period (284 ) Foreign currency translation 38 Balance, March 31, 2017 $ 4,313 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Average Share Amounts used to Compute Both Basic and Diluted Earnings (Loss) Per Share | The following table reconciles the average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands): Three Months Ended 2017 2016 Weighted average shares outstanding: Basic weighted average shares outstanding 116,610 118,679 Add: Dilutive effect of stock options — 1,259 Diluted weighted average shares outstanding 116,610 119,938 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Selected Segment Financial Data, Revenues and Operating Income (Loss) | The following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands): Three Months Ended March 31, 2017 2016 Revenues: ACI On Premise $ 131,908 $ 112,040 ACI On Demand 99,554 98,610 Corporate and other — 15,416 $ 231,462 $ 226,066 Depreciation and amortization expense: ACI On Premise $ 3,261 $ 3,915 ACI On Demand 8,388 7,422 Corporate and other 13,989 15,175 $ 25,638 $ 26,512 Stock-based compensation expense: ACI On Premise $ 1,216 $ 1,866 ACI On Demand 1,214 1,861 Corporate and other 3,867 5,984 $ 6,297 $ 9,711 Operating income (loss): ACI On Premise $ 63,918 $ 35,581 ACI On Demand (16,609 ) (8,822 ) Corporate and other (43,686 ) 109,953 $ 3,623 $ 136,712 |
Selected Segment Financial Data, Revenues and Long lived Assets | The following is selected financial data for the Company’s geographical areas for the periods indicated (in thousands): Three Months Ended 2017 2016 Revenues: United States $ 135,002 $ 133,365 Other 96,460 92,701 $ 231,462 $ 226,066 March 31, December 31, Long lived assets United States $ 783,950 $ 752,442 United Kingdom 202,915 204,193 Other 417,634 460,190 $ 1,404,499 $ 1,416,825 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Activity within Accumulated Other Comprehensive Loss | Activity within accumulated other comprehensive loss for the three months ended March 31, 2017, which consists of foreign currency translation adjustments, were as follows: Accumulated Balance at December 31, 2016 $ (94,100 ) Other comprehensive income 6,051 Balance at March 31, 2017 $ (88,049 ) |
Condensed Consolidated Financ29
Condensed Consolidated Financial Statements - Receivables and Concentration of Credit Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable, Net, Current [Abstract] | ||
Billed Receivables | $ 165,002 | $ 250,116 |
Allowance for doubtful accounts | (4,215) | (3,873) |
Billed, net | 160,787 | 246,243 |
Accrued Receivables | 22,695 | 21,919 |
Receivables, net | $ 183,482 | $ 268,162 |
Condensed Consolidated Financ30
Condensed Consolidated Financial Statements - Components of Other Current Assets and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Current Assets and Liabilities [Line Items] | ||
Other | $ 9,977 | $ 8,755 |
Total other current assets | 21,086 | 33,578 |
Settlement payables | 10,932 | 24,016 |
Accrued interest | 2,429 | 7,356 |
Vendor financed licenses | 5,637 | 9,213 |
Royalties payable | 6,885 | 7,197 |
Other | 28,270 | 31,059 |
Total other current liabilities | 54,153 | 78,841 |
Settlement deposits [Member] | ||
Other Current Assets and Liabilities [Line Items] | ||
Other assets settlement | 7,226 | 10,496 |
Settlement receivables [Member] | ||
Other Current Assets and Liabilities [Line Items] | ||
Other assets settlement | $ 3,883 | $ 14,327 |
Condensed Consolidated Financ31
Condensed Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Summary Of Significant Accounting Policies [Line Items] | ||
Amount of off balance sheet settlement funds | $ 254.7 | $ 270 |
Level 2 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Fair value senior note | $ 308.3 | $ 309.8 |
Condensed Consolidated Financ32
Condensed Consolidated Financial Statements - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Gross Balance prior to the end of year | $ 957,123 | |
Total impairment, beginning of period | (47,432) | |
Beginning Balance | $ 909,691 | |
Foreign currency translation adjustments | 3,323 | |
Ending Balance | 913,014 | |
Americas Segment [Member] | ||
Goodwill [Line Items] | ||
Gross Balance prior to the end of year | 524,829 | |
Total impairment, beginning of period | (47,432) | |
Beginning Balance | 477,397 | |
Foreign currency translation adjustments | 293 | |
Ending Balance | 477,690 | |
EMEA Segment [Member] | ||
Goodwill [Line Items] | ||
Gross Balance prior to the end of year | 374,130 | |
Beginning Balance | 374,130 | |
Foreign currency translation adjustments | 574 | |
Ending Balance | 374,704 | |
Asia/Pacific Segment [Member] | ||
Goodwill [Line Items] | ||
Gross Balance prior to the end of year | $ 58,164 | |
Beginning Balance | 58,164 | |
Foreign currency translation adjustments | 2,456 | |
Ending Balance | $ 60,620 |
Divestiture - Additional inform
Divestiture - Additional information (Detail) - Community Financial Services Products - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 03, 2016 | |
TSA | Maximum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Migration period | 18 months | ||
Disposal Group, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Amount of consideration related to disposal | $ 200 | ||
Net after-tax gain on the sale of assets | $ 93.7 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Feb. 24, 2017 | Oct. 26, 2016 | Aug. 20, 2013 | Mar. 31, 2017 | Feb. 29, 2016 |
Debt Instrument [Line Items] | |||||
Proceeds from revolving credit facility | $ 12,000,000 | ||||
Proceeds from term portion of credit agreement | $ 415,000,000 | ||||
Credit facility, interest rate description | The applicable margin for borrowings under the Credit Facility is, based on the calculation of the applicable consolidated total leverage ratio, between 0.25% to 1.25% with respect to base rate borrowings and between 1.25% and 2.25% with respect to LIBOR rate borrowings. Interest is due and payable monthly. The interest rate in effect at March 31, 2017 for the Credit Facility was 2.95%. | ||||
Credit facility, interest rate margin above federal fund rate | 1.00% | ||||
Credit facility, interest rate margin above one-month LIBOR rate | 1.00% | ||||
Credit facility, borrowing rate | 2.95% | ||||
Credit Facility maturity date | Feb. 24, 2022 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowings | $ 492,500,000 | ||||
Credit facilities, maximum borrowing capacity | $ 500,000,000 | ||||
Current borrowing capacity due letter of credit | 492,500,000 | ||||
Term Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility amount outstanding | 409,800,000 | ||||
Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unused borrowings | 7,500,000 | ||||
Credit facilities, maximum borrowing capacity | $ 7,500,000 | $ 25,000,000 | |||
Credit Facility maturity date | Jun. 30, 2017 | ||||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes amount outstanding | $ 300,000,000 | $ 300,000,000 | |||
Issue price percentage of senior notes of the principal amount | 100.00% | ||||
Percentage of interest rate on notes | 6.375% | ||||
Maturity date of senior notes | Aug. 15, 2020 | ||||
Credit Agreement | Minimum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate margin above base rate | 0.25% | ||||
Credit facility, interest rate margin above LIBOR rate | 1.25% | ||||
Credit Agreement | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate margin above base rate | 1.25% | ||||
Credit facility, interest rate margin above LIBOR rate | 2.25% | ||||
Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facilities, maximum borrowing capacity | $ 500,000,000 | ||||
Credit facilities, maturity | 5 years | ||||
Proceeds from revolving credit facility | $ 12,000,000 | ||||
Credit Agreement | Term Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities, maximum borrowing capacity | $ 415,000,000 | ||||
Credit facilities, maturity | 5 years | ||||
Proceeds from term portion of credit agreement | $ 415,000,000 | ||||
Parent Company and Domestic Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Percentage of capital stock pledged as collateral | 100.00% | ||||
Foreign Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Percentage of capital stock pledged as collateral | 65.00% |
Debt - Maturities on Long-Term
Debt - Maturities on Long-Term Debt Outstanding (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 15,563 |
2,018 | 20,750 |
2,019 | 31,125 |
2,020 | 331,125 |
2,021 | 41,500 |
Thereafter | 269,750 |
Total | $ 709,813 |
Debt - Carrying Value of Debt (
Debt - Carrying Value of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (12,979) | $ (9,372) |
Total debt | 696,834 | 743,918 |
Current portion of long-term debt | 17,701 | 90,323 |
Less current portion of debt issuance costs | (3,049) | (4,970) |
Total long-term debt | 679,133 | 653,595 |
6.375% Senior Notes, due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000 | 300,000 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 409,813 | 365,290 |
Current portion of long-term debt | $ 20,750 | 95,293 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 88,000 |
Debt - Carrying Value of Debt37
Debt - Carrying Value of Debt (Parenthetical) (Detail) - 6.375% Senior Notes, due August 2020 [Member] | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Percentage of interest rate on notes | 6.375% |
Maturity date of senior notes | Aug. 15, 2020 |
Stock-Based Compensation Plan38
Stock-Based Compensation Plans - Additional Information (Detail) | Dec. 31, 2016 | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)Tranche$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued under ESPP | shares | 44,685 | 50,876 | |
Incentive plan, weighted-average grant date fair value of stock options granted | $ / shares | $ 6.24 | $ 5.54 | |
Incentive plan, total intrinsic value of stock options exercised | $ 4,600,000 | $ 200,000 | |
Expected dividend yield | 0.00% | ||
Dividend paid | $ / shares | $ 0 | ||
Number of tranches | Tranche | 3 | ||
Unrecognized compensation costs | $ 200,000 | ||
Unrecognized compensation costs, weighted-average recognition periods | 3 months 18 days | ||
Stock-based compensation expenses | $ 6,297,000 | $ 9,711,000 | |
Stock-based compensation expenses tax benefits | $ 2,200,000 | $ 3,600,000 | |
Employee Stock Purchase Plan 1999 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock reserved for issuance | shares | 4,500,000 | ||
Permitted designation for purchase of common stock under ESPP | Participating employees are permitted to designate up to the lesser of $25,000 or 10% of their annual base compensation for the purchase of common stock under the ESPP. Purchases under the ESPP are made one calendar month after the end of each fiscal quarter. | ||
Employee participating annual base compensation designated for purchase of common stock, amount | $ 25,000 | ||
Employee participating annual base compensation designated for purchase of common stock, percent | 10.00% | ||
Price of common stock purchased under ESPP, percent | 85.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 15,100,000 | ||
Unrecognized compensation costs, weighted-average recognition periods | 2 years | ||
Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, non-vested grant date fair value | $ / shares | $ 7.46 | ||
Share-based compensation, trading price percentage | 133.00% | ||
Consecutive trading days | 20 days | ||
Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, non-vested grant date fair value | $ / shares | $ 7.06 | ||
Share-based compensation, trading price percentage | 167.00% | ||
Consecutive trading days | 20 days | ||
Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, non-vested grant date fair value | $ / shares | $ 6.50 | ||
Share-based compensation, trading price percentage | 200.00% | ||
Consecutive trading days | 20 days | ||
Total Shareholder Return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation awards, award payout range, minimum | 0.00% | ||
Stock based compensation awards, award payout range, maximum | 200.00% | ||
Unrecognized compensation costs | $ 5,200,000 | ||
Unrecognized compensation costs, weighted-average recognition periods | 2 years 10 months 24 days | ||
LTIP Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 25,700,000 | ||
Unrecognized compensation costs, weighted-average recognition periods | 2 years 3 months 18 days | ||
Restricted share awards (RSAs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 9,800,000 | ||
Unrecognized compensation costs, weighted-average recognition periods | 2 years 8 months 12 days | ||
Performance-Based Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock based compensation awards, shares vested | shares | 305,136 | ||
Shares withheld to pay employees' portion of minimum payroll withholding taxes | shares | 109,198 | ||
Award grants assuming percentage | 100.00% | ||
Unrecognized compensation costs | $ 2,200,000 | ||
Unrecognized compensation costs, weighted-average recognition periods | 1 year | ||
Performance-Based Restricted Share Awards [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected attainment level for the awards granted, percentage | 100.00% | ||
Performance-Based Restricted Share Awards [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected attainment level for the awards granted, percentage | 98.00% | ||
Retention RSAs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock based compensation awards, shares vested | shares | 151,871 | ||
Shares withheld to pay employees' portion of minimum payroll withholding taxes | shares | 52,769 |
Stock-Based Compensation Plan39
Stock-Based Compensation Plans - Summary of Stock Options Issued Pursuant to Stock Incentive Plans (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 6,791,375 |
Granted | shares | 864,800 |
Exercised | shares | (529,697) |
Forfeited | shares | (103,751) |
Expired | shares | (14,783) |
Outstanding, Ending Balance | shares | 7,007,944 |
Number of Shares Exercisable, Ending Balance | shares | 4,167,453 |
Weighted-Average Exercise Price | |
Beginning Balance | $ / shares | $ 15.54 |
Granted | $ / shares | 20.12 |
Exercised | $ / shares | 13.28 |
Forfeited | $ / shares | 18.12 |
Expired | $ / shares | 20.42 |
Ending Balance | $ / shares | 16.23 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 14.45 |
Weighted-Average Remaining Contractual Term (Years) | |
Weighted Average Remaining Contractual Term (Years), Outstanding as of end of period | 7 years 26 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of end of period | 5 years 9 months 11 days |
Aggregate Intrinsic Value of In-the-Money Options | |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding as of end of period | $ | $ 36,159,173 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable as of end of period | $ | $ 28,920,839 |
Stock-Based Compensation Plan40
Stock-Based Compensation Plans - Estimated Fair Value of Options Granted using Black-Scholes Option-Pricing Model with Weighted-Average Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Black-Scholes Option-Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 5 years 7 months 6 days | 5 years 10 months 24 days |
Interest rate | 1.90% | 1.20% |
Volatility | 29.40% | 29.70% |
Dividend yield | 0.00% | 0.00% |
Stock-Based Compensation Plan41
Stock-Based Compensation Plans - Estimated Fair Value of Options Granted using Monte Carlo Simulation Model with Weighted-Average Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Monte Carlo Simulation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 7 years 6 months | |
Interest rate | 1.60% | |
Volatility | 41.60% | |
Dividend yield | 0.00% |
Stock-Based Compensation Plan42
Stock-Based Compensation Plans - Summary of Nonvested LTIP Performance Based Share Awards and Changes During Period (Detail) - LTIP Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of shares at expected attainment | |
Beginning Balance | shares | 1,738,056 |
Granted | shares | 553,549 |
Forfeited | shares | (51,706) |
Ending Balance | shares | 2,239,899 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 18.45 |
Granted | $ / shares | 20.12 |
Forfeited | $ / shares | 18.24 |
Ending Balance | $ / shares | $ 18.87 |
Stock-Based Compensation Plan43
Stock-Based Compensation Plans - Summary of Nonvested Restricted Share Awards and Changes During Period (Detail) - Restricted share awards (RSAs) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 172,108 |
Granted | shares | 446,702 |
Forfeited | shares | (18,182) |
Ending Balance | shares | 600,628 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 20.62 |
Granted | $ / shares | 20.12 |
Forfeited | $ / shares | 22.90 |
Ending Balance | $ / shares | $ 20.18 |
Stock-Based Compensation Plan44
Stock-Based Compensation Plans - Summary of Nonvested Performance Based Share Awards and Changes During Period (Detail) - Performance-Based Restricted Share Awards [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 683,667 |
Vested | shares | (305,136) |
Forfeited | shares | (5,536) |
Change in attainment for 2015 grants | shares | (13,592) |
Ending Balance | shares | 359,403 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 23.25 |
Vested | $ / shares | 21.89 |
Forfeited | $ / shares | 23.21 |
Change in attainment for 2015 grants | $ / shares | 23.25 |
Ending Balance | $ / shares | $ 24.41 |
Stock-Based Compensation Plan45
Stock-Based Compensation Plans - Summary of Nonvested Retention Restricted Share Awards and Changes During Period (Detail) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Retention RSAs [Member] | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 205,540 |
Vested | shares | (151,871) |
Ending Balance | shares | 53,669 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 17.89 |
Vested | $ / shares | 17.89 |
Ending Balance | $ / shares | $ 17.89 |
PAY.ON RSAs [Member] | |
Nonvested Restricted Share Awards | |
Beginning Balance | shares | 238,376 |
Forfeited | shares | (119,188) |
Ending Balance | shares | 119,188 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 23.60 |
Forfeited | $ / shares | 23.60 |
Ending Balance | $ / shares | $ 23.60 |
Stock-Based Compensation Plan46
Stock-Based Compensation Plans - Estimated Fair Value of Options Granted Total Shareholder Return (TSRs) using Monte Carlo Simulation Model with Weighted-Average Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Monte Carlo Simulation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 7 years 6 months | |
Interest rate | 1.60% | |
Volatility | 41.60% | |
Dividend yield | 0.00% | |
Total Shareholder Return [Member] | Monte Carlo Simulation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 2 years 10 months 24 days | |
Interest rate | 1.50% | |
Volatility | 26.50% | |
Dividend yield | 0.00% |
Stock-Based Compensation Plan47
Stock-Based Compensation Plans - Summary of Nonvested Total Shareholder Return (TSRs) Outstanding and Changes During Period (Detail) - Total Shareholder Return [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of shares at expected attainment | |
Granted | shares | 233,077 |
Ending Balance | shares | 233,077 |
Weighted-Average Grant Date Fair Value | |
Granted | $ / shares | $ 24.37 |
Ending Balance | $ / shares | $ 24.37 |
Software and Other Intangible48
Software and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Software, net | $ 175,708 | $ 185,496 | |
Software, accumulated amortization | 194,700 | 195,000 | |
Other intangible assets amortization expense | 4,800 | $ 5,800 | |
Software Marketed for External Sale [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Software, net | 49,200 | 52,300 | |
Software, amortization expense | $ 3,300 | 3,300 | |
Software Marketed for External Sale [Member] | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 3 years | ||
Software Marketed for External Sale [Member] | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 10 years | ||
Software Acquired or Developed for Internal Use | |||
Finite-Lived Intangible Assets [Line Items] | |||
Software, net | $ 126,500 | $ 133,200 | |
Software, amortization expense | $ 11,300 | $ 11,900 | |
Software Acquired or Developed for Internal Use | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 3 years | ||
Software Acquired or Developed for Internal Use | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 10 years |
Software and Other Intangible49
Software and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 314,140 | $ 311,749 |
Accumulated Amortization | (113,644) | (108,115) |
Net Balance | 200,496 | 203,634 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 298,038 | 295,730 |
Accumulated Amortization | (101,405) | (96,356) |
Net Balance | 196,633 | 199,374 |
Trademarks and tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,102 | 16,019 |
Accumulated Amortization | (12,239) | (11,759) |
Net Balance | $ 3,863 | $ 4,260 |
Software and Other Intangible50
Software and Other Intangible Assets - Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Balance | $ 200,496 | $ 203,634 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2017 | 41,263 | |
2,018 | 42,444 | |
2,019 | 34,426 | |
2,020 | 26,307 | |
2,021 | 18,294 | |
2,022 | 7,906 | |
Thereafter | 5,068 | |
Net Balance | 175,708 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2017 | 14,390 | |
2,018 | 18,683 | |
2,019 | 18,148 | |
2,020 | 17,277 | |
2,021 | 16,809 | |
2,022 | 16,651 | |
Thereafter | 98,538 | |
Net Balance | $ 200,496 |
Corporate Restructuring and O51
Corporate Restructuring and Other Organizational Changes - Components of Corporate Restructuring and Other Reorganization Activities from Recent Acquisitions (Detail) - Facility Closures [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 4,559 |
Amounts paid during the period | (284) |
Foreign currency translation | 38 |
Ending balance | $ 4,313 |
Corporate Restructuring and O52
Corporate Restructuring and Other Organizational Changes - Additional Information (Detail) - Facility Closures [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 4,313 | $ 4,559 |
Other Current Liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,000 | |
Other Noncurrent Liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 3,300 |
Common Stock and Treasury Sto53
Common Stock and Treasury Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | 63 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2017 | Feb. 28, 2014 | Jul. 31, 2013 | Sep. 13, 2012 | Sep. 12, 2012 | |
Maximum stock authorized to purchase under stock repurchase program | $ 200,000,000 | $ 262,100,000 | ||||
Increase in maximum stock authorized to purchase under stock repurchase program | $ 100,000,000 | $ 100,000,000 | ||||
Repurchase of common stock, shares | 0 | 40,129,393 | ||||
Repurchase of common stock, value | $ 455,900,000 | |||||
Maximum | ||||||
Maximum stock authorized to purchase under stock repurchase program | $ 113,000,000 | |||||
Stock authorized to purchase under stock repurchase program, shares | 7,500,000 | |||||
Remaining value of shares authorized for purchase under the stock repurchase program | $ 78,200,000 | $ 78,200,000 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Average Share Amounts used to Compute Both Basic and Diluted Earnings (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average shares outstanding: | ||
Basic weighted average shares outstanding | 116,610 | 118,679 |
Add: Dilutive effect of stock options | 1,259 | |
Diluted weighted average shares outstanding | 116,610 | 119,938 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Options to purchase shares, restricted share awards, and contingently issuable shares excluded from diluted net earnings (loss) per share computation | 10,500,000 | 5,300,000 | |
Common stock outstanding | 118,039,416 | 117,336,797 |
Other - Additional Information
Other - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | ||
Foreign currency transaction gains (losses) | $ 0.6 | $ (0.3) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 231,462 | $ 226,066 |
Operating income | $ 3,623 | 136,712 |
Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues during the three months ended March 31,2017 and 2016 | No other country outside the United States accounted for more than 10% of the Company's consolidated revenues during the three months ended March 31, 2017 and 2016. | |
Customer Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues during the three months ended March 31,2017 and 2016 | No single customer accounted for more than 10% of the Company's consolidated revenues during the three months ended March 31, 2017 and 2016. | |
Corporate and Other [Member] | Community Financial Services Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 15,400 | |
Operating income | $ 152,200 |
Selected Segment Financial Data
Selected Segment Financial Data, Revenues and Operating Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 231,462 | $ 226,066 |
Depreciation and amortization expense | 25,638 | 26,512 |
Stock-based compensation expense | 6,297 | 9,711 |
Operating income (loss) | 3,623 | 136,712 |
Operating Segments [Member] | ACI On Premise [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 131,908 | 112,040 |
Depreciation and amortization expense | 3,261 | 3,915 |
Stock-based compensation expense | 1,216 | 1,866 |
Operating income (loss) | 63,918 | 35,581 |
Operating Segments [Member] | ACI On Demand [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 99,554 | 98,610 |
Depreciation and amortization expense | 8,388 | 7,422 |
Stock-based compensation expense | 1,214 | 1,861 |
Operating income (loss) | (16,609) | (8,822) |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 15,416 |
Depreciation and amortization expense | 13,989 | 15,175 |
Stock-based compensation expense | 3,867 | 5,984 |
Operating income (loss) | $ (43,686) | $ 109,953 |
Selected Segment Financial Da59
Selected Segment Financial Data, Revenues and Long lived Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Revenues | |||
Revenues | $ 231,462 | $ 226,066 | |
Long lived assets | |||
Long lived assets | 1,404,499 | $ 1,416,825 | |
United States [Member] | |||
Revenues | |||
Revenues | 135,002 | 133,365 | |
Long lived assets | |||
Long lived assets | 783,950 | 752,442 | |
United Kingdom [Member] | |||
Long lived assets | |||
Long lived assets | 202,915 | 204,193 | |
Other [Member] | |||
Revenues | |||
Revenues | 96,460 | $ 92,701 | |
Long lived assets | |||
Long lived assets | $ 417,634 | $ 460,190 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Earnings of foreign entities | $ 8.7 | $ 6.9 | |
Effective tax rates, percentage | 72.00% | 29.00% | |
Increase (decrease) in valuation allowance of deferred tax assets | $ (10.1) | ||
Unrecognized tax benefit for uncertain tax positions | $ 24.5 | $ 24.3 | |
Accrued interest and penalties related to income tax liabilities | 1.8 | $ 1.9 | |
Decrease in unrecognized tax benefits due to expiration of statutes of limitations and settlement of various audits | $ 1.6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Sep. 23, 2015 | Mar. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, name of plaintiff | Baldwin Hackett & Meeks, Inc. | |
Loss contingency, damages sought, value | $ 43.8 | |
Loss contingency, damages awarded, value | $ 43.8 | |
Attorney fees and costs | $ 2.7 |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss - Activity within Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 754,917 | |
Other comprehensive income | 6,051 | $ 6,115 |
Ending balance | 770,273 | |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (94,100) | |
Other comprehensive income | 6,051 | |
Ending balance | $ (88,049) |