x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New York | 16-0912632 | |
(State of incorporation) | (I.R.S. Employer Identification No.) | |
800 Delaware Avenue, Buffalo, New York | 14209 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (716) 882-8000 |
Large accelerated filer | ¨ | Accelerated filer | x |
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
APPLICABLE ONLY TO CORPORATE ISSUERS: | ||||
Shares outstanding at | ||||
Title of each class | July 19, 2013 | |||
Common stock, par value $.01 per share | 18,825,751 |
Section | Page | |
Part I Financial Information | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II Other Information | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||||||
Revenue | $ | 107,117 | $ | 106,705 | $ | 215,612 | $ | 210,072 | |||||||
Direct costs | 84,470 | 83,810 | 170,366 | 165,325 | |||||||||||
Selling, general and administrative expenses | 16,248 | 16,752 | 32,665 | 33,005 | |||||||||||
Operating income | 6,399 | 6,143 | 12,581 | 11,742 | |||||||||||
Interest and other income | 9 | 53 | 19 | 97 | |||||||||||
Non-taxable life insurance proceeds | — | 423 | — | 423 | |||||||||||
Interest and other expense | 115 | 92 | 234 | 186 | |||||||||||
Income before income taxes | 6,293 | 6,527 | 12,366 | 12,076 | |||||||||||
Provision for income taxes | 2,238 | 2,404 | 4,254 | 4,593 | |||||||||||
Net income | $ | 4,055 | $ | 4,123 | $ | 8,112 | $ | 7,483 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.26 | $ | 0.27 | $ | 0.53 | $ | 0.49 | |||||||
Diluted | $ | 0.24 | $ | 0.25 | $ | 0.47 | $ | 0.45 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 15,459 | 15,123 | 15,445 | 15,147 | |||||||||||
Diluted | 17,098 | 16,747 | 17,082 | 16,810 | |||||||||||
Cash dividend declared per share | $ | 0.05 | $ | — | $ | 0.10 | $ | — |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||||||
Net Income | $ | 4,055 | $ | 4,123 | $ | 8,112 | $ | 7,483 | |||||||
Foreign currency adjustment | 290 | (989 | ) | (297 | ) | (578 | ) | ||||||||
Change in pension loss, net of taxes of $18 and $28 in the 2013 and 2012 second quarters, respectively, and $36 and $58 in the first two quarters of 2013 and 2012, respectively | (9 | ) | 130 | 153 | 144 | ||||||||||
Comprehensive income | $ | 4,336 | $ | 3,264 | $ | 7,968 | $ | 7,049 |
June 28, 2013 | Dec. 31, 2012 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 33,974 | $ | 40,614 | |||
Accounts receivable, net of allowances of $866 and $862 in 2013 and 2012, respectively | 75,763 | 70,459 | |||||
Prepaid and other current assets | 2,471 | 1,450 | |||||
Deferred income taxes | 1,099 | 1,145 | |||||
Total current assets | 113,307 | 113,668 | |||||
Property, equipment and capitalized software, net | 7,537 | 6,916 | |||||
Goodwill | 37,917 | 35,678 | |||||
Deferred income taxes | 7,006 | 6,435 | |||||
Other assets | 2,842 | 2,871 | |||||
Investments | 893 | 637 | |||||
Total assets | $ | 169,502 | $ | 166,205 | |||
Liabilities and Shareholders’ Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 10,004 | $ | 10,170 | |||
Accrued compensation | 30,367 | 32,162 | |||||
Advance billings on contracts | 1,968 | 2,481 | |||||
Dividend payable | 764 | — | |||||
Other current liabilities | 3,361 | 4,747 | |||||
Income taxes payable | — | 641 | |||||
Total current liabilities | 46,464 | 50,201 | |||||
Deferred compensation benefits | 12,760 | 12,847 | |||||
Other long-term liabilities | 416 | 376 | |||||
Total liabilities | 59,640 | 63,424 | |||||
Shareholders’ Equity: | |||||||
Common stock, par value $0.01 per share, 150,000,000 shares authorized; 27,017,824 shares issued | 270 | 270 | |||||
Capital in excess of par value | 120,814 | 119,183 | |||||
Retained earnings | 106,230 | 99,644 | |||||
Less: Treasury stock of 8,192,969 and 8,276,014 shares at cost, in 2013 and 2012, respectively | (51,272 | ) | (50,302 | ) | |||
Stock Trusts of 3,363,351 shares at cost in both periods | (55,083 | ) | (55,083 | ) | |||
Other | (273 | ) | (251 | ) | |||
Accumulated other comprehensive loss | (10,824 | ) | (10,680 | ) | |||
Total shareholders’ equity | 109,862 | 102,781 | |||||
Total liabilities and shareholders’ equity | $ | 169,502 | $ | 166,205 |
For the Two Quarters Ended | |||||||
June 28, 2013 | June 29, 2012 | ||||||
Cash flow from operating activities: | |||||||
Net income | $ | 8,112 | $ | 7,483 | |||
Adjustments: | |||||||
Depreciation and amortization expense | 1,291 | 1,304 | |||||
Equity-based compensation expense | 1,219 | 985 | |||||
Deferred income taxes | (599 | ) | (376 | ) | |||
Deferred compensation | 99 | 188 | |||||
Changes in assets and liabilities: | |||||||
Increase in accounts receivable | (4,147 | ) | (4,646 | ) | |||
Increase in prepaid and other current assets | (721 | ) | (365 | ) | |||
(Increase) decrease in other assets | 29 | (997 | ) | ||||
Increase (decrease) in accounts payable | (2,243 | ) | 674 | ||||
Increase (decrease) in accrued compensation | (1,737 | ) | 195 | ||||
Decrease in income taxes payable | (1,086 | ) | (962 | ) | |||
Increase (decrease) in advance billings on contracts | (806 | ) | 10 | ||||
Increase (decrease) in other current liabilities | (1,662 | ) | 94 | ||||
Increase in other long-term liabilities | 95 | 8 | |||||
Net cash provided by (used in) operating activities | (2,156 | ) | 3,595 | ||||
Cash flow from investing activities: | |||||||
Acquisition of business, net of cash received | (2,488 | ) | — | ||||
Additions to property and equipment | (1,194 | ) | (621 | ) | |||
Additions to capitalized software | (707 | ) | — | ||||
Deferred compensation plan investments, net | (270 | ) | (112 | ) | |||
Net cash used in investing activities | (4,659 | ) | (733 | ) | |||
Cash flow from financing activities: | |||||||
Proceeds from stock option plan exercises | 355 | 434 | |||||
Excess tax benefits from equity-based compensation | 957 | 640 | |||||
Proceeds from Employee Stock Purchase Plan | 185 | 145 | |||||
Change in cash overdraft, net | 880 | 1,221 | |||||
Dividends paid | (762 | ) | — | ||||
Purchase of stock for treasury | (1,173 | ) | (3,608 | ) | |||
Net cash provided by (used in) financing activities | 442 | (1,168 | ) | ||||
Effect of exchange rates on cash and cash equivalents | (267 | ) | (484 | ) | |||
Net increase (decrease) in cash and cash equivalents | (6,640 | ) | 1,210 | ||||
Cash and cash equivalents at beginning of year | 40,614 | 22,414 | |||||
Cash and cash equivalents at end of quarter | $ | 33,974 | $ | 23,624 |
1. | Financial Statements |
2. | Summary of Significant Accounting Policies |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||
IT solutions | 40 | % | 41 | % | 39 | % | 40 | % | |||
IT staffing | 60 | % | 59 | % | 61 | % | 60 | % | |||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||
Healthcare | 32 | % | 33 | % | 32 | % | 32 | % | |||
Technology service providers | 31 | % | 31 | % | 30 | % | 31 | % | |||
Financial services | 6 | % | 6 | % | 6 | % | 6 | % | |||
Energy | 6 | % | 6 | % | 6 | % | 6 | % | |||
General markets | 25 | % | 24 | % | 26 | % | 25 | % | |||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
(amounts in thousands) | June 28, 2013 | Dec. 31, 2012 | |||||
Property, equipment and capitalized software | $ | 28,342 | $ | 26,905 | |||
Accumulated depreciation and amortization | (20,805 | ) | (19,989 | ) | |||
Property, equipment and capitalized software, net | $ | 7,537 | $ | 6,916 |
3. | Net Income Per Share |
For the Quarter Ended | For the Two Quarters Ended | |||||||||||||||
(amounts in thousands, except per-share data) | June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||||||
Weighted-average number of shares outstanding during period | 15,459 | 15,123 | 15,445 | 15,147 | ||||||||||||
Common stock equivalents - incremental shares primarily under stock option plans | 1,639 | 1,624 | 1,637 | 1,663 | ||||||||||||
Number of shares on which diluted earnings per share is based | 17,098 | 16,747 | 17,082 | 16,810 | ||||||||||||
Net income | $ | 4,055 | $ | 4,123 | $ | 8,112 | $ | 7,483 | ||||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.27 | $ | 0.53 | $ | 0.49 | ||||||||
Diluted | $ | 0.24 | $ | 0.25 | $ | 0.47 | $ | 0.45 |
4. | Investments |
5. | Accumulated Other Comprehensive Loss |
(amounts in thousands) | June 28, 2013 | Dec. 31, 2012 | ||||||
Foreign currency adjustment | $ | (4,551 | ) | $ | (4,254 | ) | ||
Pension loss adjustment, net of tax of $1,004 in 2013, and $1,040 in 2012 | (6,273 | ) | (6,426 | ) | ||||
Accumulated other comprehensive loss | $ | (10,824 | ) | $ | (10,680 | ) |
For the Two Quarters Ended | ||||
(amounts in thousands) | June 28, 2013 | |||
Amortization of prior service cost | $ | 1 | ||
Amortization of actuarial losses | 138 | |||
Total before income tax | 139 | |||
Income tax | (36 | ) | ||
Net of tax | $ | 103 |
6. | Income Taxes |
7. | Deferred Compensation and Other Benefits |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||||||
(amounts in thousands) | June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | |||||||||||
Interest cost | $ | 61 | $ | 85 | $ | 122 | $ | 170 | |||||||
Amortization of actuarial loss | 48 | 70 | 96 | 140 | |||||||||||
Net periodic pension cost | $ | 109 | $ | 155 | $ | 218 | $ | 310 |
For the Two Quarters Ended | |||||||
(amounts in thousands) | June 28, 2013 | June 29, 2012 | |||||
Fair value of plan assets at beginning of period | $ | 8,143 | $ | 7,811 | |||
Return on plan assets | 160 | 156 | |||||
Contributions | — | — | |||||
Benefits paid | (68 | ) | (55 | ) | |||
Effect of exchange rate changes | (117 | ) | (300 | ) | |||
Fair Value of plan assets at end of quarter | $ | 8,118 | $ | 7,612 |
8. | Equity-based Compensation |
For the Quarter ended | ||||||||
June 28, 2013 | June 29, 2012 | |||||||
Stock options granted | 100,000 | 106,500 | ||||||
Weighted-average fair value | $ | 2.98 | $ | 3.75 | ||||
Expected volatility | 31.9 | % | 58.4 | % | ||||
Risk-free interest rate | 0.17 | % | 0.17 | % | ||||
Expected term (years) | 1.3 | 1.5 | ||||||
Expected dividend yield | 1.0 | % | 0.0 | % |
9. | Treasury Stock |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||
IT solutions | 40 | % | 41 | % | 39 | % | 40 | % | |||
IT staffing | 60 | % | 59 | % | 61 | % | 60 | % | |||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||
Healthcare | 32 | % | 33 | % | 32 | % | 32 | % | |||
Technology service providers | 31 | % | 31 | % | 30 | % | 31 | % | |||
Financial services | 6 | % | 6 | % | 6 | % | 6 | % | |||
Energy | 6 | % | 6 | % | 6 | % | 6 | % | |||
General markets | 25 | % | 24 | % | 26 | % | 25 | % | |||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
For the Quarter Ended | For the Two Quarters Ended | ||||||||||
June 28, 2013 | June 29, 2012 | June 28, 2013 | June 29, 2012 | ||||||||
Time-and-material | 89.9 | % | 89.9 | % | 89.7 | % | 90.6 | % | |||
Progress billing | 8.2 | % | 8.5 | % | 8.1 | % | 7.9 | % | |||
Percentage-of-completion | 1.9 | % | 1.6 | % | 2.2 | % | 1.5 | % | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
For the Quarter Ended: | June 28, 2013 | June 29, 2012 | |||||||||||
(amounts in thousands) | |||||||||||||
Revenue | 100.0 | % | $ | 107,117 | 100.0 | % | $ | 106,705 | |||||
Direct costs | 78.8 | % | 84,470 | 78.5 | % | 83,810 | |||||||
Selling, general and administrative expenses | 15.2 | % | 16,248 | 15.7 | % | 16,752 | |||||||
Operating income | 6.0 | % | 6,399 | 5.8 | % | 6,143 | |||||||
Non-taxable life insurance proceeds | — | % | — | 0.4 | % | 423 | |||||||
Interest and other expense, net | (0.1 | )% | (106 | ) | — | % | (39 | ) | |||||
Income before income taxes | 5.9 | % | 6,293 | 6.2 | % | 6,527 | |||||||
Provision for income taxes | 2.1 | % | 2,238 | 2.3 | % | 2,404 | |||||||
Net income | 3.8 | % | $ | 4,055 | 3.9 | % | $ | 4,123 |
For the Two Quarters Ended: | June 28, 2013 | June 29, 2012 | |||||||||||
(amounts in thousands) | |||||||||||||
Revenue | 100.0 | % | $ | 215,612 | 100.0 | % | $ | 210,072 | |||||
Direct costs | 79.1 | % | 170,366 | 78.7 | % | 165,325 | |||||||
Selling, general and administrative expenses | 15.1 | % | 32,665 | 15.7 | % | 33,005 | |||||||
Operating income | 5.8 | % | 12,581 | 5.6 | % | 11,742 | |||||||
Non-taxable life insurance proceeds | — | % | — | 0.2 | % | 423 | |||||||
Interest and other expense, net | (0.1 | )% | (215 | ) | — | % | (89 | ) | |||||
Income before income taxes | 5.7 | % | 12,366 | 5.8 | % | 12,076 | |||||||
Provision for income taxes | 1.9 | % | 4,254 | 2.2 | % | 4,593 | |||||||
Net income | 3.8 | % | $ | 8,112 | 3.6 | % | $ | 7,483 |
Year-over- | ||||||||||||||||
For the Quarter Ended: | June 28, 2013 | June 29, 2012 | Year Change | |||||||||||||
(amounts in thousands) | ||||||||||||||||
North America | 82.6 | % | $ | 88,502 | 84.3 | % | $ | 89,938 | (1.6 | )% | ||||||
Europe | 17.4 | % | 18,615 | 15.7 | % | 16,767 | 11.0 | % | ||||||||
Total | 100.0 | % | $ | 107,117 | 100.0 | % | $ | 106,705 | 0.4 | % |
Year-over- | ||||||||||||||||
For the Two Quarters Ended: | June 28, 2013 | June 29, 2012 | Year Change | |||||||||||||
(amounts in thousands) | ||||||||||||||||
North America | 82.4 | % | $ | 177,593 | 83.8 | % | $ | 176,130 | 0.8 | % | ||||||
Europe | 17.6 | % | 38,019 | 16.2 | % | 33,942 | 12.0 | % | ||||||||
Total | 100.0 | % | $ | 215,612 | 100.0 | % | $ | 210,072 | 2.6 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share* | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||
March 30 - April 30 | 58,500 | $ | 20.00 | 58,500 | 476,532 | |||||||
May 1 - May 31 | — | $ | — | — | 476,532 | |||||||
June 1 - June 28 | — | $ | — | — | 476,532 | |||||||
Total | 58,500 | $ | 20.00 | — |
Exhibit | Description | Page |
31. (a) | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | # |
31. (b) | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | # |
32. | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | # |
101. | Interactive data files pursuant to Rule 405 of Regulation S-T: the Condensed Consolidated Statements of Income for the quarter and two quarters ending June 28, 2013 and June 29, 2012, the Condensed Consolidated Statements of Comprehensive Income for the quarter and two quarters ending June 29, 2013 and June 28, 2012, the Condensed Consolidated Balance Sheets as of June 29, 2013 and December 31, 2012, the Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 29, 2013 and June 28, 2012, and the Notes to the Condensed Consolidated Financial Statements | |
COMPUTER TASK GROUP, INCORPORATED | |
By | /s/ Brendan M. Harrington |
Brendan M. Harrington | |
Title: | Chief Financial Officer |
1. | I have reviewed this report on Form 10-Q of Computer Task Group, Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 24, 2013 | /s/ James R. Boldt |
James R. Boldt Chairman and Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Computer Task Group, Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 24, 2013 | /s/ Brendan M. Harrington |
Brendan M. Harrington Chief Financial Officer |
(1) | the Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: July 24, 2013 | /s/ James R. Boldt |
James R. Boldt Chairman and Chief Executive Officer |
Date: July 24, 2013 | /s/ Brendan M. Harrington |
Brendan M. Harrington Chief Financial Officer |
Significant Customer
|
6 Months Ended |
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Jun. 28, 2013
|
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Significant Customer [Abstract] | |
Significant Customer | Significant Customer In the 2013 second quarter, International Business Machines Corporation (IBM) was the Company’s largest customer and accounted for $26.6 million or 24.9% of consolidated revenue as compared with $29.0 million or 27.2% of revenue in the comparable 2012 period. In the first two quarters of 2013, IBM accounted for $55.6 million or 25.8% of consolidated revenue, compared with $57.4 million or 27.3% of consolidated revenue in the comparable 2012 period. In the 2012 third quarter, IBM spun its retail business off to another large company. Included in the 2012 second quarter and year-to-date period was $1.4 million and $2.5 million, respectively, of revenue related to this business which was later spun off by IBM. The National Technical Services Agreement (“NTS Agreement”) with IBM extends to December 31, 2014. As part of the NTS Agreement, the Company provides its services as a predominant supplier to IBM’s Integrated Technology Services unit and as sole provider to the Systems and Technology Group business unit. The Company’s accounts receivable from IBM at June 28, 2013 and June 29, 2012 totaled $10.0 million and $13.7 million, respectively. No other customer accounted for more than 10% of the Company’s revenue in the second quarter or year-to-date periods of 2013 or 2012. |
Condensed Consolidated Statements of Comprehensive Income - (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 28, 2013
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Jun. 29, 2012
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Jun. 28, 2013
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Jun. 29, 2012
|
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Statement of Other Comprehensive Income [Abstract] | ||||
Taxes attributable to change in pension loss | $ 18 | $ 28 | $ 36 | $ 58 |
Net Income Per Share
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Jun. 28, 2013
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per Share Basic and diluted earnings per share (EPS) for the quarter and two quarters ended June 28, 2013 and June 29, 2012 was as follows:
Weighted-average shares represent the average number of issued shares less treasury shares and shares held in the Stock Trusts, and for the basic EPS calculations, unvested restricted stock. Certain options representing 0.2 million and 0.5 million shares of common stock were outstanding at June 28, 2013 and June 29, 2012, respectively, but were not included in the computation of diluted earnings per share as their effect on the computation would have been anti-dilutive. |
Financial Statements (Details)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
|
Financial Statements [Abstract] | ||||
Billable days | 64 days | 64 days | 127 days | 128 days |
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
---|---|
Jun. 28, 2013
|
|
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the SEC rules and regulations. There are no unconsolidated entities, or off-balance sheet arrangements other than certain guarantees supporting office leases or the performance under government contracts in the Company's European operations. All inter-company accounts and transactions have been eliminated. The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles requires the Company's management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, the valuation of goodwill and other intangible assets, valuation allowances for deferred tax assets, actuarial assumptions including discount rates and expected rates of return on assets, as applicable, for the Company's defined benefit and postretirement benefit plans, the allowance for doubtful accounts receivable, assumptions underlying stock option valuation, investment valuation, legal matters, other contingencies, and progress toward completion and direct profit or loss on contracts. Management believes that the information and disclosures provided herein are adequate to present fairly the condensed consolidated financial position, results of operations and comprehensive income, and cash flows of the Company. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's latest Annual Report on Form 10‑K filed with the SEC. The Company operates in one industry segment, providing IT services to its clients. These services include IT Solutions and IT Staffing. CTG provides these primary services to all of the markets that it serves. The services provided typically encompass the IT business solution life cycle, including phases for planning, developing, implementing, managing, and ultimately maintaining the IT solution. A typical customer is an organization with large, complex information and data processing requirements. |
Fair Value | Fair Value Fair value is defined as the exchange price that would be received for an asset or paid for a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. The Company utilizes a fair value hierarchy for its assets and liabilities, as applicable, based upon three levels of input, which are: Level 1—quoted prices in active markets for identical assets or liabilities (observable) Level 2—inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable or can be supported by observable market data for essentially the full term of the asset or liability (observable) Level 3—unobservable inputs that are supported by little or no market activity, but are significant to determining the fair value of the asset or liability (unobservable) At June 28, 2013 and December 31, 2012, the carrying amounts of the Company’s cash of $34.0 million and $40.6 million, respectively, approximated fair value. The Company is also allowed to elect an irrevocable option to measure, on a contract by contract basis, specific financial instruments and certain other items that are currently not being measured at fair value. The Company did not elect to apply the fair value provisions of this standard for any specific contracts during the quarter or year-to-date periods ended June 28, 2013 or June 29, 2012. |
Life Insurance Policies | Life Insurance Policies The Company has purchased life insurance on the lives of certain plan participants who are former employees in the non-qualified defined benefit Executive Supplemental Benefit Plan. Those policies have generated cash surrender value, and the Company has taken loans against the policies. At June 28, 2013 and December 31, 2012, these insurance policies have a gross cash surrender value of $25.4 million and $24.8 million, respectively, loans have been taken totaling $24.3 million and $23.1 million, respectively, and the net cash surrender value balance of $1.1 million and $1.7 million, respectively, is included on the consolidated balance sheet in “Other Assets” under non-current assets. During the 2012 second quarter, one of the plan participants passed away. The company received non-taxable net proceeds and recorded a gain from the participant’s life insurance in the 2012 second quarter totaling approximately $0.4 million. At June 28, 2013, the total death benefit for the remaining policies was approximately $37.2 million. Currently, upon the death of all of the remaining plan participants, the company would expect to receive approximately $12.9 million after the payment of outstanding loans, and record a gain of approximately $11.8 million. |
Taxes Collected from Customers | Taxes Collected from Customers In instances where the Company collects taxes from its customers for remittance to governmental authorities, primarily in its European operations, revenue and expenses are not grossed up as such taxes are recorded and presented on a net basis. |
Cash and Cash Equivalents, and Cash Overdrafts | Cash and Cash Equivalents, and Cash Overdrafts For purposes of the statement of cash flows, cash and cash equivalents are defined as cash on hand, demand deposits, and short-term, highly liquid investments with a maturity of three months or less. The Company had no cash equivalents at June 28, 2013 or December 31, 2012. Additionally, as the Company does not fund its bank accounts for the checks it has written until the checks are presented to the bank for payment, the "change in cash overdraft, net," as presented on the condensed consolidated statement of cash flows represents the increase or decrease in outstanding checks period-over-period. |
Guarantees | Guarantees The Company has several guarantees in place in our European operations which support office leases and performance under government projects. These guarantees totaled approximately $2.5 million at both June 28, 2013 and December 31, 2012, and generally have expiration dates ranging from July 2013 through June 2019. |
Accumulated Other Comprehensive Loss (Amortization to Income) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 28, 2013
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Amortization of prior service cost | $ 1 |
Amortization of actuarial losses | 138 |
Total before income tax | 139 |
Income tax | (36) |
Net of tax | $ 103 |
Summary of Significant Accounting Policies Vertical Market (Details)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
|
Segment/Market Reporting Information [Line Items] | ||||
Total revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Healthcare [Member]
|
||||
Segment/Market Reporting Information [Line Items] | ||||
Total revenue | 32.00% | 33.00% | 32.00% | 32.00% |
Technology Service Providers [Member]
|
||||
Segment/Market Reporting Information [Line Items] | ||||
Total revenue | 31.00% | 31.00% | 30.00% | 31.00% |
Financial Services [Member]
|
||||
Segment/Market Reporting Information [Line Items] | ||||
Total revenue | 6.00% | 6.00% | 6.00% | 6.00% |
Energy [Member]
|
||||
Segment/Market Reporting Information [Line Items] | ||||
Total revenue | 6.00% | 6.00% | 6.00% | 6.00% |
General Markets [Member]
|
||||
Segment/Market Reporting Information [Line Items] | ||||
Total revenue | 25.00% | 24.00% | 26.00% | 25.00% |
Summary of Significant Accounting Policies Products and Services (Details)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
|
Product Information [Line Items] | ||||
Total revenue | 100.00% | 100.00% | 100.00% | 100.00% |
IT solutions [Member]
|
||||
Product Information [Line Items] | ||||
Total revenue | 40.00% | 41.00% | 39.00% | 40.00% |
IT staffing [Member]
|
||||
Product Information [Line Items] | ||||
Total revenue | 60.00% | 59.00% | 61.00% | 60.00% |
Significant Customer (Details Textual) (USD $)
|
6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Dec. 31, 2012
|
Jun. 28, 2013
IBM [Member]
|
Jun. 29, 2012
IBM [Member]
|
Jun. 28, 2013
IBM [Member]
|
Jun. 29, 2012
IBM [Member]
|
|
Significant Customer (Textual) [Abstract] | |||||||
Revenue, significant customer | $ 26,600,000 | $ 29,000,000 | $ 55,600,000 | $ 57,400,000 | |||
Revenue percentage | 24.90% | 27.20% | 25.80% | 27.30% | |||
Revenue from sale of major customer's business segment | 1,400,000 | 2,500,000 | |||||
Accounts receivable, net of allowances | $ 75,763,000 | $ 70,459,000 | $ 10,000,000 | $ 13,700,000 | $ 10,000,000 | $ 13,700,000 | |
Threshold for separate disclosure of customer concentration risk | 10.00% | 10.00% |
Net Income Per Share (Details Textual)
In Millions, unless otherwise specified |
Jun. 28, 2013
|
Jun. 29, 2012
|
---|---|---|
Net Income Per Share (Textual) [Abstract] | ||
Anti-dilutive stock options outstanding | 0.2 | 0.5 |
Deferred Compensation and Other Benefits - (Details) (ESBP, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
Jun. 28, 2013
|
Jun. 29, 2012
|
|
ESBP
|
||||
Net periodic pension cost for the Executive Supplemental Benefit Plan | ||||
Interest cost | $ 61 | $ 85 | $ 122 | $ 170 |
Amortization of actuarial loss | 48 | 70 | 96 | 140 |
Net periodic pension cost | $ 109 | $ 155 | $ 218 | $ 310 |
Summary of Significant Accounting Policies Guarantees (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 28, 2013
|
Dec. 31, 2012
|
---|---|---|
Guarantees [Abstract] | ||
Guarantor Obligations, Current Carrying Value | $ 2.5 | $ 2.5 |
Deferred Compensation and Other Benefits Deferred Compensation for Non-Employees (Details) (Key Employee Non Qualified Deferred Compensation Plan)
|
6 Months Ended |
---|---|
Jun. 28, 2013
director
|
|
Key Employee Non Qualified Deferred Compensation Plan
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Number of directors receiving cash contributions | 1 |
Summary of Significant Accounting Policies Operating Segments and Vertical Market Focus Areas (Details)
|
6 Months Ended |
---|---|
Jun. 28, 2013
Segment
Vertical_Market_Focus_Areas
|
|
Accounting Policies [Abstract] | |
Number of Vertical Market Focus Areas | 4 |
Number of operating segments | 1 |
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 28, 2013
|
Dec. 31, 2012
|
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 866 | $ 862 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 27,017,824 | 27,017,824 |
Treasury stock, shares | 8,192,969 | 8,276,014 |
Stock trusts, shares | 3,363,351 | 3,363,351 |
Financial Statements
|
6 Months Ended |
---|---|
Jun. 28, 2013
|
|
Financial Statements [Abstract] | |
Financial Statements | Financial Statements The condensed consolidated financial statements included herein reflect, in the opinion of the management of Computer Task Group, Incorporated (“CTG” or “the Company”), all normal recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations and comprehensive income, and cash flows for the periods presented. The Company's fiscal year-end is December 31. During the year, the quarters generally consist of a 13-week fiscal quarter where the last day of each of the first three quarters is a Friday. The 2013 second quarter began on March 30, 2013 and ended on June 28, 2013. The 2012 second quarter began on March 31, 2012 and ended June 29, 2012. There were 64 billable days in both the second quarters of 2013 and 2012, and 127 and 128 billable days in the first two quarters of 2013 and 2012, respectively. |
Investments
|
6 Months Ended |
---|---|
Jun. 28, 2013
|
|
Investments [Abstract] | |
Investments | Investments The Company’s investments consist of mutual funds which are part of the Computer Task Group, Incorporated Non-qualified Key Employee Deferred Compensation Plan. At June 28, 2013 and December 31, 2012, the Company’s investment balances, which are classified as trading securities, totaled approximately $0.9 million and $0.6 million, respectively, and are measured at fair value. As there is an active trading market for these funds, fair value was determined using Level 1 inputs (see note 2 for “Fair Value”). Unrealized gains and losses on these securities are recorded in earnings and were nominal in both the 2013 and 2012 second quarter and year-to-date periods. |
Summary of Significant Accounting Policies
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2013
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation These condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the SEC rules and regulations. There are no unconsolidated entities, or off-balance sheet arrangements other than certain guarantees supporting office leases or the performance under government contracts in the Company's European operations. All inter-company accounts and transactions have been eliminated. The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles requires the Company's management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, the valuation of goodwill and other intangible assets, valuation allowances for deferred tax assets, actuarial assumptions including discount rates and expected rates of return on assets, as applicable, for the Company's defined benefit and postretirement benefit plans, the allowance for doubtful accounts receivable, assumptions underlying stock option valuation, investment valuation, legal matters, other contingencies, and progress toward completion and direct profit or loss on contracts. Management believes that the information and disclosures provided herein are adequate to present fairly the condensed consolidated financial position, results of operations and comprehensive income, and cash flows of the Company. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's latest Annual Report on Form 10‑K filed with the SEC. The Company operates in one industry segment, providing IT services to its clients. These services include IT Solutions and IT Staffing. CTG provides these primary services to all of the markets that it serves. The services provided typically encompass the IT business solution life cycle, including phases for planning, developing, implementing, managing, and ultimately maintaining the IT solution. A typical customer is an organization with large, complex information and data processing requirements. IT solutions and IT staffing revenue as a percentage of total revenue for the quarter and two quarters ended June 28, 2013 and June 29, 2012 was as follows:
The Company promotes a significant portion of its services through four vertical market focus areas: Healthcare (which includes services provided to healthcare providers, health insurers, and life sciences companies), Technology Service Providers, Financial Services, and Energy. The Company focuses on these four vertical areas as it believes that these areas are either higher growth markets than the general IT services market and the general economy, or are areas that provide greater potential for the Company’s growth due to the size of the vertical market. The remainder of CTG’s revenue is derived from general markets. CTG’s revenue by vertical market for the quarter and two quarters ended June 28, 2013 and June 29, 2012 was as follows:
Fair Value Fair value is defined as the exchange price that would be received for an asset or paid for a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. The Company utilizes a fair value hierarchy for its assets and liabilities, as applicable, based upon three levels of input, which are: Level 1—quoted prices in active markets for identical assets or liabilities (observable) Level 2—inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable or can be supported by observable market data for essentially the full term of the asset or liability (observable) Level 3—unobservable inputs that are supported by little or no market activity, but are significant to determining the fair value of the asset or liability (unobservable) At June 28, 2013 and December 31, 2012, the carrying amounts of the Company’s cash of $34.0 million and $40.6 million, respectively, approximated fair value. The Company is also allowed to elect an irrevocable option to measure, on a contract by contract basis, specific financial instruments and certain other items that are currently not being measured at fair value. The Company did not elect to apply the fair value provisions of this standard for any specific contracts during the quarter or year-to-date periods ended June 28, 2013 or June 29, 2012. Life Insurance Policies The Company has purchased life insurance on the lives of certain plan participants who are former employees in the non-qualified defined benefit Executive Supplemental Benefit Plan. Those policies have generated cash surrender value, and the Company has taken loans against the policies. At June 28, 2013 and December 31, 2012, these insurance policies have a gross cash surrender value of $25.4 million and $24.8 million, respectively, loans have been taken totaling $24.3 million and $23.1 million, respectively, and the net cash surrender value balance of $1.1 million and $1.7 million, respectively, is included on the consolidated balance sheet in “Other Assets” under non-current assets. During the 2012 second quarter, one of the plan participants passed away. The company received non-taxable net proceeds and recorded a gain from the participant’s life insurance in the 2012 second quarter totaling approximately $0.4 million. At June 28, 2013, the total death benefit for the remaining policies was approximately $37.2 million. Currently, upon the death of all of the remaining plan participants, the company would expect to receive approximately $12.9 million after the payment of outstanding loans, and record a gain of approximately $11.8 million. Taxes Collected from Customers In instances where the Company collects taxes from its customers for remittance to governmental authorities, primarily in its European operations, revenue and expenses are not grossed up as such taxes are recorded and presented on a net basis. Cash and Cash Equivalents, and Cash Overdrafts For purposes of the statement of cash flows, cash and cash equivalents are defined as cash on hand, demand deposits, and short-term, highly liquid investments with a maturity of three months or less. The Company had no cash equivalents at June 28, 2013 or December 31, 2012. Additionally, as the Company does not fund its bank accounts for the checks it has written until the checks are presented to the bank for payment, the "change in cash overdraft, net," as presented on the condensed consolidated statement of cash flows represents the increase or decrease in outstanding checks period-over-period. Property, Equipment and Capitalized Software Costs Property, equipment and capitalized software at June 28, 2013 and December 31, 2012 are summarized as follows:
The Company recorded $0.6 million and $0.7 million of capitalized software costs during the quarter and two quarters ended June 28, 2013, respectively, and recorded no capitalized software costs during the corresponding 2012 periods. As of June 28, 2013 and June 29, 2012, the Company had capitalized totals of approximately $5.8 million and $5.1 million, respectively, for software projects developed for internal use. Amortization periods range from two to five years, and are evaluated annually for propriety. Amortization expense totaled $0.3 million and $0.4 million in the quarter, and $0.6 million and $0.7 million in the two quarters ended June 28, 2013 and June 29, 2012, respectively. Accumulated amortization for these projects totaled $3.8 million and $2.2 million as of June 28, 2013 and June 29, 2012, respectively. Guarantees The Company has several guarantees in place in our European operations which support office leases and performance under government projects. These guarantees totaled approximately $2.5 million at both June 28, 2013 and December 31, 2012, and generally have expiration dates ranging from July 2013 through June 2019. Acquisition In January 2013, the Company acquired etrinity, a provider of IT services to the healthcare market in Belgium and the Netherlands. The purchase price was approximately $2.8 million, of which $2.2 million is estimated to be recorded as goodwill. Founded in 2000, etrinity's 2012 revenue approximated U.S. $3 million. The firm's IT services are targeted to the healthcare provider market and include clinical systems integration and implementation, application management, technology support for medical imaging, training, and technical resources. |
Deferred Compensation and Other Benefits - (Details 1) (NDBP, USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 28, 2013
|
Jun. 29, 2012
|
|
NDBP
|
||
Fair Value of Plan Assets for the NDBP | ||
Fair value of plan assets at beginning of period | $ 8,143 | $ 7,811 |
Return on plan assets | 160 | 156 |
Contributions | 0 | 0 |
Benefits paid | (68) | (55) |
Effect of exchange rate changes | (117) | (300) |
Fair value of plan assets at end of quarter | $ 8,118 | $ 7,612 |
Summary of Significant Accounting Policies Fair Value (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
Dec. 31, 2012
|
Jun. 29, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|
Additional Details [Abstract] | ||||
Cash and cash equivalents | $ 33,974 | $ 40,614 | $ 23,624 | $ 22,414 |
Summary of Significant Accounting Policies Acquistion (Details) (Etrinity [Member], USD $)
In Millions, unless otherwise specified |
1 Months Ended | 12 Months Ended |
---|---|---|
Jan. 31, 2013
|
Dec. 31, 2012
|
|
Etrinity [Member]
|
||
Business Acquisition [Line Items] | ||
Cost of acquired entity, purchase price | $ 2.8 | |
Goodwill acquired | 2.2 | |
Revenues | $ 3 |
Accumulated Other Comprehensive Loss (Parenthetic) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 28, 2013
|
Dec. 31, 2012
|
---|---|---|
Accumulated Other Comprehensive Loss (Textual) [Abstract] | ||
Tax attributable to accumulated pension loss | $ 1,004 | $ 1,040 |