Delaware | 001-05083 | 74-1191271 | |||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||
10370 Richmond Avenue, Suite 600 Houston, Texas | 77042 | ||||
(Address of principal executive offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code: | 713-634-7777 | ||||
Not Applicable | |||||
(Former name or former address, if changed since last report) |
Exhibit Number | Description | |
23.1 | Consent of BDO USA, LLP. | |
23.2 | Consent of UHY LLP. | |
99.1 | Item 6. Selected Financial Data, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
Furmanite Corporation | |||
Date: December 17, 2015 | By: | /s/ ROBERT S. MUFF | |
Robert S. Muff | |||
Chief Financial Officer and Chief Administrative Officer | |||
Exhibit Number | Description | |
23.1 | Consent of BDO USA, LLP. | |
23.2 | Consent of UHY LLP. | |
99.1 | Item 6. Selected Financial Data, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Statements of Income Data: | ||||||||||||||||||||
Revenues | $ | 413,429 | $ | 390,217 | $ | 326,492 | $ | 316,207 | $ | 285,953 | ||||||||||
Total costs and expenses¹ | 391,829 | 363,110 | 318,980 | 295,756 | 272,293 | |||||||||||||||
Operating income ¹ | 21,600 | 27,107 | 7,512 | 20,451 | 13,660 | |||||||||||||||
Interest expense, net of interest and other income | (1,895 | ) | (1,952 | ) | (1,342 | ) | (1,143 | ) | (394 | ) | ||||||||||
Income from continuing operations before income taxes | 19,705 | 25,155 | 6,170 | 19,308 | 13,266 | |||||||||||||||
Income tax (expense) benefit ² | (7,811 | ) | (9,733 | ) | (5,365 | ) | 4,662 | (3,780 | ) | |||||||||||
Income from continuing operations3 | 11,894 | 15,422 | 805 | 23,970 | 9,486 | |||||||||||||||
Loss from discontinued operations, net of income tax4 | (539 | ) | (1,395 | ) | — | — | — | |||||||||||||
Net income3 4 | $ | 11,355 | $ | 14,027 | $ | 805 | $ | 23,970 | $ | 9,486 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.02 | $ | 0.65 | $ | 0.26 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | — | ||||||||
Net income | $ | 0.30 | $ | 0.37 | $ | 0.02 | $ | 0.65 | $ | 0.26 | ||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.02 | $ | 0.64 | $ | 0.26 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | (0.04 | ) | $ | — | $ | — | $ | — | ||||||||
Net income | $ | 0.30 | $ | 0.37 | $ | 0.02 | $ | 0.64 | $ | 0.26 |
1 | Includes incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive of approximately $1.7 million for the year ended December 31, 2014. Includes restructuring charges (reductions) of $(0.1) million, $(0.1) million, $3.6 million, $0.4 million and $5.7 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively, relocation charges of $1.6 million and $0.1 million for the years ended December 31, 2012 and 2011, respectively, and impairment charges of $0.4 million and $0.9 million for the years ended December 31, 2012 and 2011, respectively. |
2 | Includes a $7.7 million income tax benefit related to the reversal of a valuation allowance on domestic net deferred tax assets and a $1.2 million acquisition-related deferred tax benefit for the year ended December 31, 2011. |
3 | Includes incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive of approximately $1.0 million, net of tax, for the year ended December 31, 2014. Includes restructuring (reductions) charges, net of tax of $(0.1) million, $(0.1) million, $3.4 million, $0.3 million, and $5.2 million, for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. Includes relocation charges, net of tax, of $1.0 million and $0.1 million for the years ended December 31, 2012 and 2011, respectively, and impairment charges, net of tax, of $0.2 million and $0.9 million for the years ended December 31, 2012 and 2011, respectively. |
4 | Discontinued operations reflects the operations of the FTS, which was acquired in August 2013. Loss from discontinued operations, net of income tax, includes direct costs associated with management transition and integration of FTS of approximately $0.3 million and $0.4 million, net of tax, for the years ended December 31, 2014 and 2013, respectively. |
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 33,753 | $ | 33,240 | $ | 33,185 | $ | 34,524 | $ | 37,170 | ||||||||||
Working capital | 146,623 | 134,172 | 106,854 | 103,761 | 88,181 | |||||||||||||||
Total assets | 284,171 | 285,167 | 231,628 | 207,232 | 182,101 | |||||||||||||||
Long-term debt, less current portion | 61,853 | 63,196 | 39,609 | 31,051 | 30,085 | |||||||||||||||
Stockholders’ equity | 142,464 | 133,496 | 119,079 | 118,889 | 98,088 |
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands, except per share data) | |||||||||||
Revenues | $ | 413,429 | $ | 390,217 | $ | 326,492 | |||||
Costs and expenses: | |||||||||||
Operating costs (exclusive of depreciation and amortization)1 | 292,136 | 270,818 | 233,337 | ||||||||
Depreciation and amortization expense | 11,294 | 10,917 | 8,889 | ||||||||
Selling, general and administrative expense2 | 88,399 | 81,375 | 76,754 | ||||||||
Total costs and expenses | 391,829 | 363,110 | 318,980 | ||||||||
Operating income | 21,600 | 27,107 | 7,512 | ||||||||
Interest income and other income (expense), net | (91 | ) | (616 | ) | (237 | ) | |||||
Interest expense | (1,804 | ) | (1,336 | ) | (1,105 | ) | |||||
Income from continuing operations before income taxes | 19,705 | 25,155 | 6,170 | ||||||||
Income tax expense | (7,811 | ) | (9,733 | ) | (5,365 | ) | |||||
Income from continuing operations 3 | 11,894 | 15,422 | 805 | ||||||||
Loss from discontinued operations, net of income tax 4 | (539 | ) | (1,395 | ) | — | ||||||
Net income 3 4 | $ | 11,355 | $ | 14,027 | $ | 805 | |||||
Basic earnings (loss) per share: | |||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.02 | |||||
Discontinued operations | $ | (0.01 | ) | $ | (0.04 | ) | $ | — | |||
Net income | $ | 0.30 | $ | 0.37 | $ | 0.02 | |||||
Diluted earnings (loss) per share: | |||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.02 | |||||
Discontinued operations | $ | (0.01 | ) | $ | (0.04 | ) | $ | — | |||
Net income | $ | 0.30 | $ | 0.37 | $ | 0.02 |
1 | Includes restructuring (reductions) charges of nil, $(0.1) million and $2.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
2 | Includes approximately $1.7 million of incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive for the year ended December 31, 2014. Includes restructuring (reductions) charges of $(0.1) million, nil and $1.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. In addition the year ended December 31, 2012 includes $1.6 million of relocation charges and an impairment charge of $0.4 million. |
3 | Includes approximately $1.0 million, net of tax, incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive for the year ended December 31, 2014. Includes restructuring (reductions) charges, net of tax, of ($0.1) million, ($0.1) million and $3.4 million, for the years ended December 31, 2014, 2013 and 2012, respectively. Includes relocation charges, net of tax, of ($0.1) million and an impairment charge, net of tax, of $0.2 million for the year ended December 31, 2012. |
4 | Includes approximately $0.3 million and $0.4 million, net of tax, of direct costs associated with management transition and integration of the Furmanite Technical Solutions division for the years ended December 31, 2014 and 2013, respectively. |
Additional Revenue Information: | Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Technical Services: | |||||||||||
On-line services | $ | 143,413 | $ | 138,660 | $ | 126,819 | |||||
Off-line services | 181,037 | 182,631 | 146,013 | ||||||||
Other services | 51,670 | 47,296 | 53,660 | ||||||||
Total Technical Services | 376,120 | 368,587 | 326,492 | ||||||||
Engineering & Project Solutions | 37,309 | 21,630 | — | ||||||||
Total revenues | $ | 413,429 | $ | 390,217 | $ | 326,492 | |||||
Additional Operating Income Information: | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Technical Services: | |||||||||||
Americas1 | $ | 22,277 | $ | 28,953 | $ | 18,257 | |||||
EMEA2 | 12,615 | 11,108 | 3,185 | ||||||||
Asia-Pacific | 6,387 | 3,761 | 3,743 | ||||||||
Total Technical Services | 41,279 | 43,822 | 25,185 | ||||||||
Engineering & Project Solutions | 522 | 304 | — | ||||||||
Corporate3 | (20,201 | ) | (17,019 | ) | (17,673 | ) | |||||
Total operating income | $ | 21,600 | $ | 27,107 | $ | 7,512 |
1 | Includes an impairment charge of $0.4 million for the year ended December 31, 2012. |
2 | Includes restructuring (reductions) charges of $(0.1) million, $(0.1) million and $3.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
3 | Includes approximately $1.7 million of incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive for the year ended December 31, 2014. |
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Revenue: | |||||||||||
Technical Services | |||||||||||
Americas | $ | 225,403 | $ | 233,100 | $ | 182,806 | |||||
EMEA | 106,042 | 102,199 | 106,298 | ||||||||
Asia-Pacific | 44,675 | 33,288 | 37,388 | ||||||||
Total Technical Services | 376,120 | 368,587 | 326,492 | ||||||||
Engineering & Project Solutions1 | 37,309 | 21,630 | — | ||||||||
Total revenue | 413,429 | 390,217 | 326,492 | ||||||||
Costs and expenses: | |||||||||||
Operating costs (exclusive of depreciation and amortization) | |||||||||||
Technical Services | |||||||||||
Americas | 152,613 | 157,311 | 128,277 | ||||||||
EMEA | 73,404 | 70,952 | 79,965 | ||||||||
Asia-Pacific | 31,003 | 22,425 | 25,095 | ||||||||
Total Technical Services | 257,020 | 250,688 | 233,337 | ||||||||
Technical Services operating costs as a percentage of its revenues | 68.3 | % | 68.0 | % | 71.5 | % | |||||
Engineering & Project Solutions1 | 35,116 | 20,130 | — | ||||||||
Engineering & Project Solutions operating costs as a percentage of its revenues | 94.1 | % | 93.1 | % | — | % | |||||
Total operating costs (exclusive of depreciation and amortization) | 292,136 | 270,818 | 233,337 | ||||||||
Operating costs as a percentage of revenue | 70.7 | % | 69.4 | % | 71.5 | % | |||||
Depreciation and amortization expense | |||||||||||
Technical Services | |||||||||||
Americas | 7,054 | 6,543 | 4,879 | ||||||||
EMEA | 1,894 | 1,852 | 1,798 | ||||||||
Asia-Pacific | 1,119 | 1,328 | 1,572 | ||||||||
Total Technical Services | 10,067 | 9,723 | 8,249 | ||||||||
Engineering & Project Solutions | 603 | 607 | — | ||||||||
Corporate | 624 | 587 | 640 | ||||||||
Total depreciation and amortization expense | 11,294 | 10,917 | 8,889 | ||||||||
Depreciation and amortization expense as a percentage of revenue | 2.7 | % | 2.8 | % | 2.7 | % | |||||
Selling, general and administrative expense | |||||||||||
Technical Services | |||||||||||
Americas | 43,459 | 40,293 | 31,393 | ||||||||
EMEA | 18,129 | 18,287 | 21,350 | ||||||||
Asia-Pacific | 6,166 | 5,774 | 6,978 | ||||||||
Total Technical Services | 67,754 | 64,354 | 59,721 | ||||||||
Engineering & Project Solutions | 1,068 | 589 | — | ||||||||
Corporate2 | 19,577 | 16,432 | 17,033 | ||||||||
Total selling general and administrative expense | 88,399 | 81,375 | 76,754 | ||||||||
Selling, general and administrative expense as a percentage of revenue | 21.4 | % | 20.9 | % | 23.5 | % | |||||
Total costs and expenses | $ | 391,829 | $ | 363,110 | $ | 318,980 |
1 | Substantially all of the operations of the Engineering & Project Solutions segment are conducted in the Americas. |
2 | Includes approximately $1.7 million of incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive for the year ended December 31, 2014. The year ended December 31, 2012 includes $1.6 million of relocation costs. |
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | |||||||||||||||
Debt: | |||||||||||||||||||
Borrowings under existing revolving credit facility | $ | 59,300 | $ | — | $ | 59,300 | $ | — | $ | — | |||||||||
Notes payable and other debt | 4,987 | 2,434 | 2,553 | — | — | ||||||||||||||
Capital leases | 8 | 8 | — | — | — | ||||||||||||||
Debt subtotal | 64,295 | 2,442 | 61,853 | — | — | ||||||||||||||
Interest on debt | 3,004 | 1,513 | 1,491 | — | — | ||||||||||||||
Total debt and interest | 67,299 | 3,955 | 63,344 | — | — | ||||||||||||||
Other contractual commitments: | |||||||||||||||||||
Operating leases1 | 42,444 | 14,019 | 19,354 | 6,256 | 2,815 | ||||||||||||||
Pension plan contributions | 21,910 | 1,949 | 4,048 | 4,259 | 11,654 | ||||||||||||||
Other obligations2 | 295 | 295 | — | — | — | ||||||||||||||
Total other contractual commitments | 64,649 | 16,263 | 23,402 | 10,515 | 14,469 | ||||||||||||||
Total | $ | 131,948 | $ | 20,218 | $ | 86,746 | $ | 10,515 | $ | 14,469 |
1 | Amounts include operating lease obligations associated with discontinued operations, categorized as follows: less than 1 year: $2.8 million, 1-3 years: $3.7 million, 3-5 years: $0.4 million, more than 5 years: nil. |
2 | Accrued restructuring costs |
Beginning Page | |
Financial Statements and Schedules |
(1) Index to Consolidated Financial Statements | |
December 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 33,753 | $ | 33,240 | |||
Accounts receivable, trade (net of allowance for doubtful accounts of $1,036 and $1,014 as of December 31, 2014 and 2013, respectively) | 93,115 | 85,392 | |||||
Inventories, net | 36,696 | 34,951 | |||||
Deferred tax assets, current | 6,121 | 7,413 | |||||
Prepaid expenses and other current assets | 9,139 | 7,449 | |||||
Current assets of discontinued operations | 23,866 | 28,250 | |||||
Total current assets | 202,690 | 196,695 | |||||
Property and equipment | 109,266 | 106,782 | |||||
Less: accumulated depreciation and amortization | (59,411 | ) | (54,547 | ) | |||
Property and equipment, net | 49,855 | 52,235 | |||||
Goodwill | 15,648 | 15,524 | |||||
Deferred tax assets, non-current | 3,664 | 4,321 | |||||
Intangible and other assets, net | 8,991 | 11,845 | |||||
Non-current assets of discontinued operations | 3,323 | 4,547 | |||||
Total assets | $ | 284,171 | $ | 285,167 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 2,442 | $ | 2,111 | |||
Accounts payable | 18,419 | 20,060 | |||||
Accrued expenses and other current liabilities | 24,668 | 29,267 | |||||
Income taxes payable | 1,143 | 1,205 | |||||
Current liabilities of discontinued operations | 9,395 | 9,880 | |||||
Total current liabilities | 56,067 | 62,523 | |||||
Long-term debt, non-current | 61,853 | 63,196 | |||||
Net pension liability | 17,115 | 17,905 | |||||
Other liabilities | 6,653 | 7,717 | |||||
Non-current liabilities of discontinued operations | 19 | 330 | |||||
Commitments and contingencies (Note 15) | |||||||
Stockholders’ equity: | |||||||
Series B Preferred Stock, unlimited shares authorized, none outstanding | — | — | |||||
Common stock, no par value; 60,000,000 shares authorized; 41,749,196 and 41,557,238 shares issued as of December 31, 2014 and 2013, respectively | 4,834 | 4,811 | |||||
Additional paid-in capital | 139,312 | 135,881 | |||||
Retained earnings | 37,784 | 26,429 | |||||
Accumulated other comprehensive loss | (21,453 | ) | (15,612 | ) | |||
Treasury stock, at cost (4,008,963 shares as of December 31, 2014 and 2013) | (18,013 | ) | (18,013 | ) | |||
Total stockholders’ equity | 142,464 | 133,496 | |||||
Total liabilities and stockholders’ equity | $ | 284,171 | $ | 285,167 |
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenues | $ | 413,429 | $ | 390,217 | $ | 326,492 | |||||
Costs and expenses: | |||||||||||
Operating costs (exclusive of depreciation and amortization) | 292,136 | 270,818 | 233,337 | ||||||||
Depreciation and amortization expense | 11,294 | 10,917 | 8,889 | ||||||||
Selling, general and administrative expense | 88,399 | 81,375 | 76,754 | ||||||||
Total costs and expenses | 391,829 | 363,110 | 318,980 | ||||||||
Operating income | 21,600 | 27,107 | 7,512 | ||||||||
Interest income and other income (expense), net | (91 | ) | (616 | ) | (237 | ) | |||||
Interest expense | (1,804 | ) | (1,336 | ) | (1,105 | ) | |||||
Income from continuing operations before income taxes | 19,705 | 25,155 | 6,170 | ||||||||
Income tax expense | (7,811 | ) | (9,733 | ) | (5,365 | ) | |||||
Income from continuing operations | $ | 11,894 | $ | 15,422 | $ | 805 | |||||
Loss from discontinued operations, net of income tax | (539 | ) | (1,395 | ) | — | ||||||
Net income | $ | 11,355 | $ | 14,027 | $ | 805 | |||||
Basic earnings (loss) per common share: | |||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.02 | |||||
Discontinued operations | (0.01 | ) | (0.04 | ) | — | ||||||
Net income | $ | 0.30 | $ | 0.37 | $ | 0.02 | |||||
Diluted earnings (loss) per common share: | |||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.02 | |||||
Discontinued operations | (0.01 | ) | (0.04 | ) | — | ||||||
Net income | $ | 0.30 | $ | 0.37 | $ | 0.02 | |||||
Weighted-average number of common and common equivalent shares used in computing earnings (loss) per common share: | |||||||||||
Basic | 37,631 | 37,422 | 37,266 | ||||||||
Diluted | 37,867 | 37,630 | 37,494 |
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net income | $ | 11,355 | $ | 14,027 | $ | 805 | |||||
Other comprehensive income (loss) before tax: | |||||||||||
Defined benefit pension plans: | |||||||||||
Prior service cost arising during period | — | — | 19 | ||||||||
Net gain (loss) arising during period | (656 | ) | 1,041 | (5,361 | ) | ||||||
Less: Amortization of prior service credit included in net periodic pension cost | — | (377 | ) | (97 | ) | ||||||
Defined benefit pension plans, net | (656 | ) | 664 | (5,439 | ) | ||||||
Cash flow hedges: | |||||||||||
Gain (loss) on interest rate swap | (282 | ) | 220 | — | |||||||
Less: Reclassification of realized loss on interest rate swap included in interest expense | 157 | — | — | ||||||||
Cash flow hedges, net | (125 | ) | 220 | — | |||||||
Foreign currency translation adjustments | (5,059 | ) | (1,033 | ) | 2,237 | ||||||
Total other comprehensive loss before tax | (5,840 | ) | (149 | ) | (3,202 | ) | |||||
Income tax (expense) benefit related to components of other comprehensive income (loss) | (1 | ) | (849 | ) | 1,110 | ||||||
Other comprehensive loss, net of tax | (5,841 | ) | (998 | ) | (2,092 | ) | |||||
Comprehensive income (loss) | $ | 5,514 | $ | 13,029 | $ | (1,287 | ) |
Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Issued | Treasury | Common Stock | Treasury Stock | Total | |||||||||||||||||||||||||
Balances at January 1, 2012 | 41,140,538 | 4,008,963 | $ | 4,765 | $ | 133,062 | $ | 11,597 | $ | (12,522 | ) | $ | (18,013 | ) | $ | 118,889 | |||||||||||||
Net income | — | — | — | — | 805 | — | — | 805 | |||||||||||||||||||||
Stock-based compensation and stock option exercises | 189,000 | — | 18 | 1,459 | — | — | — | 1,477 | |||||||||||||||||||||
Change in pension net actuarial loss and prior service credit, net of tax | — | — | — | — | — | (4,329 | ) | — | (4,329 | ) | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 2,237 | — | 2,237 | |||||||||||||||||||||
Balances at December 31, 2012 | 41,329,538 | 4,008,963 | 4,783 | 134,521 | 12,402 | (14,614 | ) | (18,013 | ) | 119,079 | |||||||||||||||||||
Net income | — | — | — | — | 14,027 | — | — | 14,027 | |||||||||||||||||||||
Stock-based compensation and stock option exercises | 227,700 | — | 28 | 1,360 | — | — | — | 1,388 | |||||||||||||||||||||
Change in pension net actuarial loss and prior service credit, net of tax | — | — | — | — | — | (97 | ) | — | (97 | ) | |||||||||||||||||||
Unrealized gain on interest rate swap, net of tax | — | — | — | — | — | 132 | — | 132 | |||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (1,033 | ) | — | (1,033 | ) | |||||||||||||||||||
Balances at December 31, 2013 | 41,557,238 | 4,008,963 | $ | 4,811 | $ | 135,881 | $ | 26,429 | $ | (15,612 | ) | $ | (18,013 | ) | $ | 133,496 | |||||||||||||
Net income | — | — | — | — | 11,355 | — | — | 11,355 | |||||||||||||||||||||
Stock-based compensation and stock option exercises | 191,958 | — | 23 | 2,442 | — | — | — | 2,465 | |||||||||||||||||||||
Excess tax benefits from stock-based compensation | — | — | — | 989 | — | — | — | 989 | |||||||||||||||||||||
Change in pension net actuarial loss and prior service credit, net of tax | — | — | — | — | — | (707 | ) | — | (707 | ) | |||||||||||||||||||
Unrealized loss on interest rate swap, net of tax | — | — | — | — | — | (75 | ) | (75 | ) | ||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (5,059 | ) | — | (5,059 | ) | |||||||||||||||||||
Balances at December 31, 2014 | 41,749,196 | 4,008,963 | $ | 4,834 | $ | 139,312 | $ | 37,784 | $ | (21,453 | ) | $ | (18,013 | ) | $ | 142,464 |
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating activities: | |||||||||||
Net income | $ | 11,355 | $ | 14,027 | $ | 805 | |||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Loss from discontinued operations, net of income tax | 539 | 1,395 | — | ||||||||
Depreciation and amortization | 11,294 | 10,917 | 8,889 | ||||||||
Provision for doubtful accounts | 78 | 37 | 1,604 | ||||||||
Stock-based compensation expense | 2,723 | 1,065 | 893 | ||||||||
Excess tax benefits from stock-based compensation | (989 | ) | — | — | |||||||
Deferred income taxes | 883 | 3,997 | 1,441 | ||||||||
Other, net | (1,593 | ) | 605 | 1,914 | |||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable | (8,654 | ) | (8,354 | ) | (6,534 | ) | |||||
Inventories | (1,856 | ) | (3,147 | ) | (3,690 | ) | |||||
Prepaid expenses and other current assets | (793 | ) | (1,202 | ) | (741 | ) | |||||
Accounts payable | (2,221 | ) | (1,530 | ) | 4,265 | ||||||
Accrued expenses and other current liabilities | (4,372 | ) | 3,465 | 6,529 | |||||||
Income taxes payable | (22 | ) | 1,824 | (735 | ) | ||||||
Other, net | (70 | ) | (111 | ) | 237 | ||||||
Net cash provided by operating activities - continuing operations | 6,302 | 22,988 | 14,877 | ||||||||
Net cash provided by (used in) operating activities - discontinued operations | 4,199 | (5,313 | ) | — | |||||||
Net cash provided by operating activities | 10,501 | 17,675 | 14,877 | ||||||||
Investing activities: | |||||||||||
Capital expenditures | (7,903 | ) | (17,354 | ) | (9,286 | ) | |||||
Acquisition of businesses | (265 | ) | (905 | ) | (12,540 | ) | |||||
Proceeds from sale of assets | 16 | 30 | 140 | ||||||||
Net cash used in investing activities - continuing operations | (8,152 | ) | (18,229 | ) | (21,686 | ) | |||||
Net cash used in investing activities - discontinued operations | (187 | ) | (16,828 | ) | — | ||||||
Net cash used in investing activities | (8,339 | ) | (35,057 | ) | (21,686 | ) | |||||
Financing activities: | |||||||||||
Payments on debt | (1,012 | ) | (2,274 | ) | (34,191 | ) | |||||
Proceeds from issuance of debt | — | 20,000 | 39,300 | ||||||||
Debt issuance costs | — | (50 | ) | (595 | ) | ||||||
Excess tax benefits from stock-based compensation | 989 | — | — | ||||||||
Issuance of common stock | 158 | 573 | 584 | ||||||||
Other | (250 | ) | (250 | ) | — | ||||||
Net cash (used in) provided by financing activities | (115 | ) | 17,999 | 5,098 | |||||||
Effect of exchange rate changes on cash | (1,534 | ) | (562 | ) | 372 | ||||||
Increase (decrease) in cash and cash equivalents | 513 | 55 | (1,339 | ) | |||||||
Cash and cash equivalents at beginning of year | 33,240 | 33,185 | 34,524 | ||||||||
Cash and cash equivalents at end of year | $ | 33,753 | $ | 33,240 | $ | 33,185 | |||||
Supplemental cash flow information: | |||||||||||
Cash paid for interest | $ | 1,331 | $ | 1,104 | $ | 904 | |||||
Cash paid for income taxes, net of refunds received | $ | 5,975 | $ | 2,823 | $ | 4,063 | |||||
Non-cash investing and financing activities: | |||||||||||
Issuance of notes payable related to acquisition of business | $ | — | $ | 5,801 | $ | — | |||||
Debt incurred for purchase of assets | $ | — | $ | — | $ | 1,444 |
2014 | 2013 | 2012 | |||||||||
Allowance for doubtful accounts at beginning of year | $ | 1,014 | $ | 1,648 | $ | 1,272 | |||||
Provisions for doubtful accounts | 78 | 37 | 1,604 | ||||||||
Currency adjustments | (77 | ) | (5 | ) | 38 | ||||||
Write-offs, net of recoveries | 21 | (666 | ) | (1,266 | ) | ||||||
Allowance for doubtful accounts at end of year | $ | 1,036 | $ | 1,014 | $ | 1,648 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
2014: | |||||||||||
Customer contracts and relationships | $ | 7,949 | $ | (4,075 | ) | $ | 3,874 | ||||
Non-compete agreements | 2,231 | (1,432 | ) | 799 | |||||||
Patents, licenses and other | 1,386 | (1,067 | ) | 319 | |||||||
Total finite-lived intangible assets | $ | 11,566 | $ | (6,574 | ) | $ | 4,992 | ||||
2013: | |||||||||||
Customer contracts and relationships | $ | 7,949 | $ | (2,475 | ) | $ | 5,474 | ||||
Non-compete agreements | 2,313 | (1,026 | ) | 1,287 | |||||||
Patents, licenses and other | 1,416 | (840 | ) | 576 | |||||||
Total finite-lived intangible assets | $ | 11,678 | $ | (4,341 | ) | $ | 7,337 |
Fiscal Year: | |||
2015 | $ | 2,040 | |
2016 | 1,718 | ||
2017 | 1,207 | ||
2018 | 5 | ||
2019 | 5 | ||
Thereafter | 17 | ||
Total | $ | 4,992 |
2014 | 2013(a) | 2012 | |||||||||
Revenues(b) | $ | 115,768 | $ | 37,077 | $ | — | |||||
Operating costs (exclusive of depreciation and amortization) | (105,493 | ) | (35,224 | ) | — | ||||||
Depreciation and amortization expense | (1,285 | ) | (501 | ) | — | ||||||
Selling, general and administrative expense(c) | (9,903 | ) | (3,659 | ) | — | ||||||
Other income (expense), net | (8 | ) | (5 | ) | — | ||||||
Loss from discontinued operations, before income tax | (921 | ) | (2,312 | ) | — | ||||||
Income tax benefit | 382 | 917 | — | ||||||||
Loss from discontinued operations, net of income tax | $ | (539 | ) | $ | (1,395 | ) | $ | — |
(a) | Includes results of operations of FTS subsequent to its acquisition on August 30, 2013. |
(b) | Substantially all revenues of discontinued operations are U.S. based. |
(c) | For the years ended December 31, 2014 and 2013, includes approximately $0.5 million and $0.7 million, respectively, of direct costs associated with management transition and integration of the FTS division. |
2014 | 2013 | ||||||
Assets of discontinued operations | |||||||
Current assets: | |||||||
Accounts receivable, trade | $ | 17,104 | $ | 21,461 | |||
Inventories, net | 687 | 492 | |||||
Prepaid expenses and other current assets | 4,872 | 5,045 | |||||
Deferred tax assets, current | 1,203 | 1,252 | |||||
Total current assets of discontinued operations | 23,866 | 28,250 | |||||
Non-current assets: | |||||||
Property and equipment, net | 2,075 | 3,112 | |||||
Goodwill | 249 | — | |||||
Intangible and other assets, net | 999 | 1,435 | |||||
Total non-current assets | 3,323 | 4,547 | |||||
Total assets of discontinued operations | $ | 27,189 | $ | 32,797 | |||
Liabilities of discontinued operations | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 454 | $ | 835 | |||
Accrued expenses and other current liabilities | 8,941 | 9,045 | |||||
Total current liabilities | 9,395 | 9,880 | |||||
Non-current liabilities | 19 | 330 | |||||
Total liabilities of discontinued operations | $ | 9,414 | $ | 10,210 |
Fair value of net assets acquired | |||
Accounts receivable 1 | $ | 20,852 | |
Prepayments and other current assets | 562 | ||
Property and equipment | 2,226 | ||
Intangible assets 2 | 1,282 | ||
Goodwill 3 | 249 | ||
Deferred tax assets | 1,318 | ||
Accounts payable | (161 | ) | |
Accrued expenses and other current liabilities | (9,661 | ) | |
Other non-current liabilities | (218 | ) | |
Fair value of net assets acquired | 16,449 | ||
Estimated receivable for working capital adjustment | 2,341 | ||
Total purchase consideration | $ | 18,790 |
1 | Accounts receivable amount is net of an estimate of a reserve for doubtful accounts. |
2 | Intangible assets are comprised of customer contracts. |
3 | Goodwill, which is attributable to discontinued operations, consists of intangible assets that do not qualify for separate recognition and is not deductible for tax purposes. |
Fair value of net assets acquired | |||
Inventory | $ | 680 | |
Property and equipment | 2,799 | ||
Goodwill 1 | 900 | ||
Intangible assets 2 | 4,924 | ||
Accrued expenses | (41 | ) | |
Fair value of net assets acquired | $ | 9,262 |
1 | Goodwill, which relates to the Technical Services, consists of intangible assets that do not qualify for separate recognition and is not deductible for tax purposes. |
2 | Intangible assets are primarily comprised of backlog, customer contracts, favorable lease terms and non-compete arrangements. |
2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 11,894 | $ | 15,422 | $ | 805 | |||||
Basic weighted average common shares outstanding | 37,631 | 37,422 | 37,266 | ||||||||
Dilutive effect of common stock equivalents | 236 | 208 | 228 | ||||||||
Diluted weighted average common shares outstanding | 37,867 | 37,630 | 37,494 | ||||||||
Earnings per common share from continuing operations: | |||||||||||
Basic | $ | 0.31 | $ | 0.41 | $ | 0.02 | |||||
Diluted | $ | 0.31 | $ | 0.41 | $ | 0.02 | |||||
Stock options and restricted stock units excluded from diluted weighted-average common shares outstanding because their inclusion would have an anti-dilutive effect: | 430 | 680 | 906 |
2014 | 2013 | ||||||
Raw materials and supplies | $ | 27,358 | $ | 27,105 | |||
Work-in-process | 10,851 | 9,578 | |||||
Finished goods | 219 | 231 | |||||
Excess and obsolete reserve | (1,732 | ) | (1,963 | ) | |||
Total inventories | $ | 36,696 | $ | 34,951 |
2014 | 2013 | ||||||
Land | $ | 2,976 | $ | 2,529 | |||
Buildings | 7,602 | 7,267 | |||||
Machinery and equipment | 83,048 | 73,503 | |||||
Furnitures and fixtures | 7,445 | 6,788 | |||||
Vehicles | 2,684 | 2,679 | |||||
Other | 3,055 | 3,400 | |||||
Construction in progress | 2,456 | 10,616 | |||||
Total property and equipment | 109,266 | 106,782 | |||||
Less: accumulated depreciation and amortization | (59,411 | ) | (54,547 | ) | |||
Net property and equipment | $ | 49,855 | $ | 52,235 |
2014 | 2013 | ||||||
Vehicle capital leases | $ | 1,561 | $ | 1,568 | |||
Less: accumulated depreciation and amortization | (1,553 | ) | (1,542 | ) | |||
Net equipment acquired under capital leases | $ | 8 | $ | 26 |
2014 | 2013 | ||||||
Compensation and benefits¹ | $ | 15,171 | $ | 18,528 | |||
Estimated potential uninsured liability claims | 1,934 | 1,934 | |||||
Taxes other than income | 1,668 | 1,588 | |||||
Value added tax payable | 1,668 | 1,622 | |||||
Professional, audit and legal fees | 1,050 | 1,451 | |||||
Customer deposits | 651 | 1,370 | |||||
Other employee related expenses | 630 | 373 | |||||
Interest | 356 | 136 | |||||
Leases | 115 | 590 | |||||
Other2 | 1,425 | 1,675 | |||||
Total accrued expenses and other current liabilities | $ | 24,668 | $ | 29,267 |
1 | Includes restructuring accruals of $0.3 million as of both December 31, 2014 and 2013. |
2 | Includes restructuring accruals of nil and $0.1 million as of December 31, 2014 and 2013, respectively. |
2014 | 2013 | 2012 | |||||||||
Severance and benefit costs | $ | (65 | ) | $ | (91 | ) | $ | 3,102 | |||
Lease termination costs | (53 | ) | — | 136 | |||||||
Other restructuring costs | — | — | 339 | ||||||||
Total | $ | (118 | ) | $ | (91 | ) | $ | 3,577 |
Reserve at December 31, 2013 | Charges (Adjustments) | Cash (payments) refunds | Foreign currency adjustments | Reserve at December 31, 2014 | |||||||||||||||
2010 Initiative | |||||||||||||||||||
Severance and benefit costs | $ | 330 | $ | (55 | ) | $ | 53 | $ | (35 | ) | $ | 293 | |||||||
Lease termination costs | 24 | (22 | ) | (2 | ) | — | |||||||||||||
Other restructuring costs | 1 | — | (1 | ) | — | — | |||||||||||||
2012 Initiative | |||||||||||||||||||
Severance and benefit costs | 2 | (10 | ) | 10 | — | 2 | |||||||||||||
Lease termination costs | 34 | (31 | ) | — | (3 | ) | — | ||||||||||||
Other restructuring costs | — | — | — | — | — | ||||||||||||||
Total | $ | 391 | $ | (118 | ) | $ | 62 | $ | (40 | ) | $ | 295 |
Reserve at December 31, 2012 | Charges (Adjustments) | Cash (payments) refunds | Foreign currency adjustments | Reserve at December 31, 2013 | |||||||||||||||
2010 Initiative | |||||||||||||||||||
Severance and benefit costs | $ | 436 | $ | — | $ | (113 | ) | $ | 7 | $ | 330 | ||||||||
Lease termination costs | 24 | — | (1 | ) | 1 | 24 | |||||||||||||
Other restructuring costs | 19 | — | (18 | ) | — | 1 | |||||||||||||
2012 Initiative | |||||||||||||||||||
Severance and benefit costs | 1,533 | (91 | ) | (1,421 | ) | (19 | ) | 2 | |||||||||||
Lease termination costs | 76 | — | (42 | ) | — | 34 | |||||||||||||
Other restructuring costs | 33 | — | (33 | ) | — | — | |||||||||||||
Total | $ | 2,121 | $ | (91 | ) | $ | (1,628 | ) | $ | (11 | ) | $ | 391 |
2014 | 2013 | ||||||
Borrowings under the revolving credit facility (the “Credit Agreement”) | $ | 59,300 | $ | 59,300 | |||
Capital leases | 8 | 23 | |||||
Notes payable | 4,896 | 5,801 | |||||
Other debt | 91 | 183 | |||||
Total long-term debt | 64,295 | 65,307 | |||||
Less current portion of long-term debt | (2,442 | ) | (2,111 | ) | |||
Total long-term debt, non-current | $ | 61,853 | $ | 63,196 |
2015 | $ | 2,434 | |
2016 | 1,249 | ||
2017 | 60,604 | ||
2018 | — | ||
2019 | — | ||
Total long-term debt | $ | 64,287 | |
Capital leases | 8 | ||
Total long-term debt and capital leases | $ | 64,295 |
2014 | 2013 | 2012 | |||||||||
Net periodic pension cost: | |||||||||||
Service cost | $ | 300 | $ | 778 | $ | 1,032 | |||||
Interest cost | 4,042 | 3,482 | 3,588 | ||||||||
Expected return on plan assets | (4,351 | ) | (3,555 | ) | (3,174 | ) | |||||
Amortization of prior service credit | — | (96 | ) | (97 | ) | ||||||
Amortization of net actuarial loss | 495 | 1,350 | 941 | ||||||||
Curtailment loss | — | 317 | — | ||||||||
Net periodic pension cost | $ | 486 | $ | 2,276 | $ | 2,290 |
2014 | 2013 | ||||
Discount rate | 3.7 | % | 4.6 | % | |
Rate of compensation increase1 | Not applicable | Not applicable | |||
Inflation | 2.9 | % | 3.3 | % |
1 | Not applicable due to plan curtailment. |
2014 | 2013 | ||||
Discount rate | 4.6 | % | 4.3 | % | |
Expected long-term return on plan assets | 6.2 | % | 5.7 | % | |
Rate of compensation increase1 | Not applicable | 2.7 | % | ||
Inflation | 3.3 | % | 2.7 | % |
1 | Not applicable for the year ended December 31, 2014 due to plan curtailment. |
2014 | 2013 | ||||||
Projected benefit obligation: | |||||||
Beginning of year | $ | 90,445 | $ | 85,058 | |||
Service cost | 300 | 778 | |||||
Interest cost | 4,042 | 3,482 | |||||
Participants’ contributions | — | 194 | |||||
Actuarial loss (gain) | 8,371 | 2,211 | |||||
Benefits paid | (3,829 | ) | (3,468 | ) | |||
Curtailment loss | — | 618 | |||||
Foreign currency translation adjustment and other | (6,004 | ) | 1,572 | ||||
End of year | 93,325 | 90,445 | |||||
Fair value of plan assets: | |||||||
Beginning of year | 72,540 | 66,522 | |||||
Actual gain on plan assets | 9,993 | 5,980 | |||||
Employer contributions | 2,028 | 2,227 | |||||
Participants’ contributions | — | 194 | |||||
Benefits paid | (3,829 | ) | (3,468 | ) | |||
Foreign currency translation adjustment | (4,522 | ) | 1,085 | ||||
End of year | 76,210 | 72,540 | |||||
Excess projected obligation under (over) fair value of plan assets at end of year | $ | (17,115 | ) | $ | (17,905 | ) | |
Amounts recognized in accumulated other comprehensive loss: | |||||||
Net actuarial loss | $ | 22,180 | $ | 21,524 | |||
Prior service cost (credit) | — | — | |||||
Net amount recognized in accumulated other comprehensive loss | $ | 22,180 | $ | 21,524 |
2015 | $ | 3,220 | |
2016 | 3,458 | ||
2017 | 3,714 | ||
2018 | 3,803 | ||
2019 | 4,146 | ||
2020-2024 | 25,093 | ||
Total | $ | 43,434 |
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) (a) | Significant Unobservable Inputs (Level 3) (a) | ||||||||||||
2014: | ||||||||||||||||
Cash | $ | 572 | $ | 572 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.K. equity (b) | 13,424 | — | 13,424 | — | ||||||||||||
U.S. equity index (c) | 3,468 | — | 3,468 | — | ||||||||||||
European equity index (d) | 3,229 | — | 3,229 | — | ||||||||||||
Pacific rim equity index (e) | 2,565 | — | 2,565 | — | ||||||||||||
Japanese equity index (f) | 2,026 | — | 2,026 | — | ||||||||||||
Emerging markets equity index (g) | 2,066 | — | 2,066 | — | ||||||||||||
Diversified growth fund (h) | 13,859 | — | 13,859 | — | ||||||||||||
Global absolute return fund (i) | 6,916 | — | 6,916 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
Cash fund (j) | 3,482 | — | 3,482 | — | ||||||||||||
U.K. government fixed income securities (k) | 9,649 | — | 9,649 | — | ||||||||||||
U.K. government index-linked securities (l) | 12,953 | — | 12,953 | — | ||||||||||||
Total as of December 31, 2014 | $ | 74,209 | $ | 572 | $ | 73,637 | $ | — | ||||||||
2013: | ||||||||||||||||
Cash | $ | 555 | $ | 555 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.K. equity (b) | 14,533 | — | 14,533 | — | ||||||||||||
U.S. equity index (c) | 3,596 | — | 3,596 | — | ||||||||||||
European equity index (d) | 3,677 | — | — | 3,677 | ||||||||||||
Pacific rim equity index (e) | 2,476 | — | — | 2,476 | ||||||||||||
Japanese equity index (f) | 2,254 | — | — | 2,254 | ||||||||||||
Emerging markets equity index (g) | 2,087 | — | — | 2,087 | ||||||||||||
Diversified growth fund (h) | 14,357 | — | — | 14,357 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate bonds (m) | 13,592 | — | — | 13,592 | ||||||||||||
U.K. government fixed income securities (n) | 2,694 | — | 2,694 | — | ||||||||||||
U.K. government index-linked securities (o) | 10,694 | — | 10,694 | — | ||||||||||||
Total as of December 31, 2013 | $ | 70,515 | $ | 555 | $ | 31,517 | $ | 38,443 |
a) | The net asset value of the commingled equity and fixed income funds are determined by prices of the underlying securities, less the funds’ liabilities, and then divided by the number of shares outstanding. As the funds are not traded in active markets, the commingled funds are classified as Level 2 or Level 3 assets. The net asset value is corroborated by observable market data (e.g., purchase or sale activities) for Level 2 assets. |
b) | This category includes investments in U.K. companies and aims to achieve a return that is consistent with the return of the FTSE All-Share Index. |
c) | This category includes investments in a variety of large and small U.S. companies and aims to achieve a return that is consistent with the return of the FTSE All-World USA Index. |
d) | This category includes investments in a variety of large and small European companies and aims to achieve a return that is consistent with the return of the FTSE All-World Developed Europe ex-U.K. Index. |
e) | This category includes investments in a variety of large and small companies across the Australian, Hong Kong, New Zealand and Singapore markets and aims to achieve a return that is consistent with the return of the FTSE-All-World Developed Asia Pacific ex-Japan Index. |
f) | This category includes investments in a variety of large and small Japanese companies and aims to achieve a return that is consistent with the return of the FTSE All-World Japan Index. |
g) | This category includes investments in companies in the Emerging Markets to achieve a return that is consistent with the return of the IFC Investable Index ex-Malaysia. |
h) | This category includes investments in a diversified portfolio of equity, bonds, alternatives and cash markets and aims to achieve a return that is consistent with the return of the Libor GBP 3 month +3% Index. |
i) | This category includes investments in a diversified portfolio of equity and bonds combined with investment strategies based on advanced derivative techniques and aims to achieve a return over rolling three-year periods equivalent to cash plus 5% per year, gross of fees. |
j) | This category includes investments in British pound sterling-denominated money market instruments and fixed-income securities issued by governments, corporations or other issuers which may be listed or traded on a recognized market. |
k) | This category includes investments in funds with the objective to provide a leveraged return to U.K. government fixed income securities (gilts) that have maturity dates in 2040 and 2052. |
l) | This category includes investments in funds with the objective to provide a leveraged return to various U.K. government indexed-linked securities (gilts), with maturity periods ranging from 2022 to 2062. The funds invest in U.K. government bonds and derivatives. |
m) | This category includes investment grade corporate bonds denominated in British pound sterling and aims to achieve a return consistent with the iBoxx £ Non-Gilts Over 15 Years Index. This index consists of bonds with a maturity period of 15 years or longer. |
n) | This category includes investments in U.K. government fixed income securities (gilts) that have a maturity period of 25 years or longer and aims to achieve a return consistent with the FTSE UK Gilt Over 25 Years Index. |
o) | This category includes investments in U.K. government index-linked securities (index-linked gilts) that have a maturity period of 5 years or longer and aims to achieve a return consistent with the FTSE UK Gilts Index-Linked Over 5 Years Index and the FTSE UK Gilts Index-Linked Over 25 Years Index. |
Balance at December 31, 2013 | $ | 38,443 | |
Transfers out | (38,443 | ) | |
Purchases | — | ||
Sales | — | ||
Gain (loss) | — | ||
Foreign currency adjustments | — | ||
Balance at December 31, 2014 | $ | — |
• | optimize the long-term return on plan assets at an acceptable level of risk |
• | maintain a broad diversification across asset classes |
• | maintain careful control of the risk level within each asset class |
Asset Allocations | Target Asset Allocations | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Equity securities and diversified growth funds1 | 64.1 | % | 60.9 | % | 65.0 | % | 60.0 | % | |||
Debt securities2 | 35.1 | % | 38.3 | % | 35.0 | % | 40.0 | % | |||
Other | 0.8 | % | 0.8 | % | — | % | — | % | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
1 | Diversified growth funds refer to actively managed absolute return funds that hold a combination of equity and debt securities. |
2 | Includes investments in funds with the objective to provide leveraged returns to U.K. government fixed income securities and U.K. government indexed-linked securities. |
2014 | 2013 | 2012 | |||
Expected volatility | 60.6% to 61.6% | 61.4% to 62.7% | 61.1% to 61.8% | ||
Risk-free interest rate | 1.8% to 2.0% | 1.0% to 2.1% | 0.9% to 1.1% | ||
Expected dividends | 0% | 0% | 0% | ||
Expected term in years | 6.0 to 6.3 | 6.0 to 6.3 | 6.0 to 6.3 |
Options | Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value ($000’s) | Weighted Average Remaining Contractual Life (Years) | ||||||||
Outstanding at December 31, 2013 | 1,210,209 | $ | 5.82 | |||||||||
Granted | 461,366 | $ | 8.40 | |||||||||
Exercised | (98,523 | ) | $ | 3.13 | ||||||||
Forfeited or expired | (385,222 | ) | $ | 6.42 | ||||||||
Outstanding at December 31, 2014 | 1,187,830 | $ | 6.85 | 1,553 | 7.1 | |||||||
Fully vested and expected to vest at December 31, 2014 | 1,116,047 | $ | 6.80 | 1,503 | 7.0 | |||||||
Exercisable at December 31, 2014 | 470,004 | $ | 5.72 | 1,058 | 4.3 |
Restricted Stock and Restricted Stock Units | Shares / Units | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2013 | 665,075 | $ | 6.59 | |||||
Granted | 248,418 | $ | 10.90 | |||||
Vested | (152,001 | ) | $ | 7.52 | ||||
Forfeited | (324,021 | ) | $ | 6.50 | ||||
Nonvested at December 31, 2014 | 437,471 | $ | 8.78 |
December 31, 2014 | December 31, 2013 | ||||||
Defined benefit pension items | $ | (22,180 | ) | $ | (21,524 | ) | |
Less: deferred tax benefit | 4,523 | 4,574 | |||||
Net of tax | (17,657 | ) | (16,950 | ) | |||
Interest rate swap | 95 | 220 | |||||
Less: deferred tax liability | (38 | ) | (88 | ) | |||
Net of tax | 57 | 132 | |||||
Foreign currency translation adjustment | (3,853 | ) | 1,206 | ||||
Total accumulated other comprehensive loss | $ | (21,453 | ) | $ | (15,612 | ) |
Defined Benefit Pension Items | Interest Rate Swap | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Loss | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Beginning balance, net | $ | (16,950 | ) | $ | 132 | $ | 1,206 | $ | (15,612 | ) | |||||
Other comprehensive income (loss) before reclassifications1 | (1,103 | ) | (169 | ) | (5,059 | ) | (6,331 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income2 3 | 396 | 94 | — | 490 | |||||||||||
Net other comprehensive income (loss) | (707 | ) | (75 | ) | (5,059 | ) | (5,841 | ) | |||||||
Ending balance, net | $ | (17,657 | ) | $ | 57 | $ | (3,853 | ) | $ | (21,453 | ) | ||||
Year Ended December 31, 2013 | |||||||||||||||
Beginning balance, net | $ | (16,853 | ) | $ | — | $ | 2,239 | $ | (14,614 | ) | |||||
Other comprehensive income (loss) before reclassifications1 | (876 | ) | 132 | (1,033 | ) | (1,777 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income2 3 | 779 | — | — | 779 | |||||||||||
Net other comprehensive income (loss) | (97 | ) | 132 | (1,033 | ) | (998 | ) | ||||||||
Ending balance, net | $ | (16,950 | ) | $ | 132 | $ | 1,206 | $ | (15,612 | ) | |||||
Year Ended December 31, 2012 | |||||||||||||||
Beginning balance, net | $ | (12,524 | ) | $ | — | $ | 2 | $ | (12,522 | ) | |||||
Other comprehensive income (loss) before reclassifications1 | (4,965 | ) | — | 2,237 | (2,728 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income2 3 | 636 | — | — | 636 | |||||||||||
Net other comprehensive income (loss) | (4,329 | ) | — | 2,237 | (2,092 | ) | |||||||||
Ending balance, net | $ | (16,853 | ) | $ | — | $ | 2,239 | $ | (14,614 | ) |
1 | Net of tax expense (benefit), which was insignificant for the year ended December 31, 2014, and was $0.8 million, and $(1.1) million for the years ended December 31, 2013, and 2012, respectively, for the defined benefit pension plans. Net of tax expense (benefit) of $(0.1) million and $0.1 million for the years ended December 31, 2014 and 2013, respectively, for the interest rate swap. |
2 | Net of tax expense of $0.1 million, $0.2 million, and $0.2 million for defined benefit pension plans for the years ended December 31, 2014, 2013, and 2012, respectively. Net of tax expense for the interest rate swap of $0.1 million for the year ended December 31, 2014. |
3 | Reclassification adjustments out of accumulated comprehensive income for amortization of prior service cost are included in the computation of net periodic pension cost. See Note 10 for additional details. Reclassification adjustments out of accumulated other comprehensive loss for the interest rate swap are included in interest expense. See Note 13 for additional details. |
Type | Effective Date | Maturity Date | Fixed Rate | Floating Rate | Notional Amount | |||||||
Interest rate swap | April 29, 2014 | February 28, 2017 | 0.75 | % | 1 Month LIBOR | $ | 39,300 |
Asset Derivative Instruments | Liability Derivative Instruments | |||||||||||||
December 31, 2014 | December 31, 2014 | |||||||||||||
Classification | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Interest rate swap | Current | Prepaid expenses and other current assets | $ | — | Accrued expenses and other current liabilities | $ | — | |||||||
Interest rate swap | Non-current | Intangible and other assets, net | 95 | Other liabilities | — | |||||||||
Total | $ | 95 | $ | — |
Asset Derivative Instruments | Liability Derivative Instruments | |||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||
Classification | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Interest rate swap | Current | Prepaid expenses and other current assets | $ | — | Accrued expenses and other current liabilities | $ | — | |||||||
Interest rate swap | Non-current | Intangible and other assets, net | 220 | Other liabilities | — | |||||||||
Total | $ | 220 | $ | — |
2014 | 2013 | 2012 | |||||||||
Amount of income recognized in other comprehensive income (loss) for the interest rate swap, net of tax (effective portion) | $ | (169 | ) | $ | 132 | $ | — | ||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense for the interest rate swap, net of tax (effective portion) | (94 | ) | — | — | |||||||
Amount of loss reclassified from accumulated other comprehensive loss into interest income and other income (expense) for the interest rate swap, net of tax (ineffective portion) | — | — | — |
2014 | 2013 | 2012 | |||||||||
Domestic operations | $ | 9,882 | $ | 17,714 | $ | 7,565 | |||||
Foreign operations | 9,823 | 7,441 | (1,395 | ) | |||||||
Income from continuing operations before income taxes | $ | 19,705 | $ | 25,155 | $ | 6,170 |
Federal | Foreign | State | Total | ||||||||||||
2014: | |||||||||||||||
Current | $ | (2,772 | ) | $ | (3,035 | ) | $ | (1,121 | ) | $ | (6,928 | ) | |||
Deferred | (345 | ) | (696 | ) | 158 | (883 | ) | ||||||||
Total income tax expense | $ | (3,117 | ) | $ | (3,731 | ) | $ | (963 | ) | $ | (7,811 | ) | |||
2013: | |||||||||||||||
Current | $ | (1,290 | ) | $ | (3,004 | ) | $ | (1,442 | ) | $ | (5,736 | ) | |||
Deferred | (4,418 | ) | 259 | 162 | (3,997 | ) | |||||||||
Total income tax expense | $ | (5,708 | ) | $ | (2,745 | ) | $ | (1,280 | ) | $ | (9,733 | ) | |||
2012: | |||||||||||||||
Current | $ | (170 | ) | $ | (2,995 | ) | $ | (759 | ) | $ | (3,924 | ) | |||
Deferred | (2,386 | ) | 1,090 | (145 | ) | (1,441 | ) | ||||||||
Total income tax expense | $ | (2,556 | ) | $ | (1,905 | ) | $ | (904 | ) | $ | (5,365 | ) |
2014 | 2013 | 2012 | |||||||||
Expected tax expense at the statutory federal rate of 35% | $ | (6,897 | ) | $ | (8,804 | ) | $ | (2,160 | ) | ||
(Increase) decrease in taxes resulting from: | |||||||||||
Change in valuation allowance | (770 | ) | (726 | ) | (2,422 | ) | |||||
State income taxes, net | (626 | ) | (917 | ) | (588 | ) | |||||
Foreign tax rate differences | 659 | 828 | 374 | ||||||||
Non-deductible expenses | (206 | ) | (351 | ) | (316 | ) | |||||
Stock-based compensation and other | 29 | 237 | (253 | ) | |||||||
Total income tax expense | $ | (7,811 | ) | $ | (9,733 | ) | $ | (5,365 | ) |
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Alternative minimum tax credit carryforwards | $ | — | $ | 86 | |||
State net operating loss carryforwards | 513 | 605 | |||||
Accrued expenses | 3,457 | 3,257 | |||||
Foreign subsidiaries, primarily NOLs, pension and accrued expenses | 15,204 | 15,340 | |||||
Other | 1,685 | 1,843 | |||||
Total gross deferred tax assets | 20,859 | 21,131 | |||||
Deferred tax liabilities: | |||||||
Property and equipment and other long-term assets | (4,659 | ) | (4,659 | ) | |||
Foreign deferred tax liabilities, primarily property and equipment | (309 | ) | (400 | ) | |||
Net deferred tax asset before valuation allowance | 15,891 | 16,072 | |||||
Less valuation allowance | (10,028 | ) | (9,258 | ) | |||
Net deferred tax asset | $ | 5,863 | $ | 6,814 |
2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 1,139 | $ | 1,149 | $ | 1,053 | |||||
Additions based on tax positions | 193 | 398 | 381 | ||||||||
Reductions for tax positions of prior years | (349 | ) | — | — | |||||||
Reductions due to lapses of statutes of limitations | (204 | ) | (408 | ) | (285 | ) | |||||
Balance at end of year | $ | 779 | $ | 1,139 | $ | 1,149 |
Capital Leases | Operating Leases1 | ||||||
2015 | $ | 9 | $ | 14,019 | |||
2016 | — | 11,177 | |||||
2017 | — | 8,177 | |||||
2018 | — | 3,995 | |||||
2019 | — | 2,261 | |||||
Thereafter | — | 2,815 | |||||
Total minimum lease payments | $ | 9 | $ | 42,444 | |||
Less amounts representing interest | (1 | ) | |||||
Present value of future minimum lease payments | $ | 8 |
Technical Services | Engineering & Project Solutions | Corporate | Reconciling Items | Total | |||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||
Revenues from external customers 1 | $ | 376,120 | $ | 37,309 | $ | — | $ | — | $ | 413,429 | |||||||||
Intersegment revenues | — | — | — | — | — | ||||||||||||||
Operating income (loss) 2 3 | 41,279 | 522 | (20,201 | ) | — | 21,600 | |||||||||||||
Depreciation and amortization | 10,067 | 603 | 624 | — | 11,294 | ||||||||||||||
Total assets 4 5 6 | 233,243 | 8,207 | 15,532 | 27,189 | 284,171 | ||||||||||||||
Capital expenditures | 7,290 | — | 613 | — | 7,903 | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||
Revenues from external customers 1 | $ | 368,587 | $ | 21,630 | $ | — | $ | — | $ | 390,217 | |||||||||
Intersegment revenues | — | — | — | — | — | ||||||||||||||
Operating income (loss) 2 3 | 43,822 | 304 | (17,019 | ) | — | 27,107 | |||||||||||||
Depreciation and amortization | 9,723 | 607 | 587 | — | 10,917 | ||||||||||||||
Total assets 4 5 6 | 228,227 | 6,116 | 18,027 | 32,797 | 285,167 | ||||||||||||||
Capital expenditures | 16,636 | 21 | 697 | — | 17,354 | ||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||
Revenues from external customers 1 | $ | 326,492 | $ | — | $ | — | $ | — | $ | 326,492 | |||||||||
Intersegment revenues | — | — | — | — | — | ||||||||||||||
Operating income (loss) 2 3 | 25,185 | — | (17,673 | ) | — | 7,512 | |||||||||||||
Depreciation and amortization | 8,249 | — | 640 | — | 8,889 | ||||||||||||||
Total assets 4 5 6 | 211,693 | — | 19,935 | — | 231,628 | ||||||||||||||
Capital expenditures | 7,984 | — | 1,302 | — | 9,286 |
1 | Included within Technical Services and Engineering & Project Solutions are U.S. revenues of $257.9 million, $248.4 million and $178.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Total foreign revenues for the years ended December 31, 2014, 2013 and 2012 totaled $155.5 million, $141.8 million and $147.9 million, respectively. Included within Technical Services are U.K. revenues of $67.5 million, $60.2 million and $57.2 million for the year ended December 31, 2014, 2013 and 2012, respectively. Revenues attributable to individual countries are based on the country of domicile of the legal entity that performs the work. |
2 | Corporate represents certain corporate overhead costs, including executive management, strategic planning, treasury, legal, human resources, information technology, accounting and risk management, which are not allocated to reportable segments. |
3 | Includes restructuring charges (adjustments) of $(0.1) million, $(0.1) million and $3.6 million for the years ended December 31, 2014, 2013 and 2012, respectively, all related to Technical Services. Includes $1.7 million of incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive for the year ended December 31, 2014 and corporate headquarter relocation charges of $1.6 million for the year ended December 31, 2012, within Corporate. Includes impairment charges of $0.4 million for the year ended December 31, 2012, all related to Technical Services. |
4 | Reconciling Items represent assets associated with discontinued operations as of December 31, 2014 and 2013, which are not allocated to the reportable segments. There were no assets associated with discontinued operations as of December 31, 2012. |
5 | Included above are U.S. total assets of $191.5 million, $189.8 million and $136.8 million as of December 31, 2014, 2013 and 2012, respectively, of which $27.2 million, $32.8 million, and nil relate to assets of discontinued operations as of December 31, 2014, 2013 and 2012, respectively. |
6 | Goodwill, all associated with the Technical Services segment, was $15.6 million, $15.5 million and $15.5 million as of December 31, 2014, 2013 and 2012, respectively. |
2014 | 2013 | ||||||
United States | $ | 46,958 | $ | 51,646 | |||
United Kingdom | 5,005 | 5,172 | |||||
All other | 7,376 | 9,228 | |||||
Total long-lived assets | $ | 59,339 | $ | 66,046 |
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. |
• | Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily-available pricing sources for comparable instruments. |
• | Level 3 — Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
December 31, 2014 | |||||||||||||||
Interest rate swap asset | $ | 95 | $ | — | $ | 95 | $ | — | |||||||
December 31, 2013 | |||||||||||||||
Interest rate swap asset | $ | 220 | $ | — | $ | 220 | $ | — |
Quarter Ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2014: | |||||||||||||||
Revenues | $ | 96,031 | $ | 116,114 | $ | 95,160 | $ | 106,124 | |||||||
Operating income1 | $ | 3,075 | $ | 8,895 | $ | 2,451 | $ | 7,179 | |||||||
Income from continuing operations1 | $ | 1,396 | $ | 4,871 | $ | 1,172 | $ | 4,455 | |||||||
Income (loss) from discontinued operations, net of income tax2 | $ | (380 | ) | $ | (364 | ) | $ | (110 | ) | $ | 315 | ||||
Net income | $ | 1,016 | $ | 4,507 | $ | 1,062 | $ | 4,770 | |||||||
Basic earnings (loss) per common share: | |||||||||||||||
Continuing operations | $ | 0.04 | $ | 0.13 | $ | 0.03 | $ | 0.12 | |||||||
Discontinued operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | — | $ | 0.01 | |||||
Net income | $ | 0.03 | $ | 0.12 | $ | 0.03 | $ | 0.13 | |||||||
Diluted earnings (loss) per common share: | |||||||||||||||
Continuing operations | $ | 0.04 | $ | 0.13 | $ | 0.03 | $ | 0.12 | |||||||
Discontinued operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | — | $ | 0.01 | |||||
Net income | $ | 0.03 | $ | 0.12 | $ | 0.03 | $ | 0.13 | |||||||
2013: | |||||||||||||||
Revenues | $ | 89,038 | $ | 108,376 | $ | 90,010 | $ | 102,793 | |||||||
Operating income | $ | 4,078 | $ | 11,624 | $ | 4,655 | $ | 6,750 | |||||||
Income from continuing operations | $ | 2,564 | $ | 6,761 | $ | 2,224 | $ | 3,873 | |||||||
Loss from discontinued operations, net of income tax3 | $ | — | $ | — | $ | (104 | ) | $ | (1,291 | ) | |||||
Net income | $ | 2,564 | $ | 6,761 | $ | 2,120 | $ | 2,582 | |||||||
Basic earnings (loss) per common share: | |||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.18 | $ | 0.06 | $ | 0.10 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | (0.03 | ) | ||||||
Net income | $ | 0.07 | $ | 0.18 | $ | 0.06 | $ | 0.07 | |||||||
Diluted earnings (loss) per common share: | |||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.18 | $ | 0.06 | $ | 0.10 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | (0.03 | ) | ||||||
Net income | $ | 0.07 | $ | 0.18 | $ | 0.06 | $ | 0.07 |
1 | Operating income for the quarters ended September 30, 2014 and December 31, 2014 included approximately $0.9 million and $0.8 million, respectively, of incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive. Income from continuing operations for the each of quarters ended September 30, 2014 and December 31, 2014 included approximately $0.5 million, net of tax, of incremental compensation expense pursuant to the provisions of a retirement agreement with a Company executive. |
2 | Loss from discontinued operations, net of income tax for the quarters ended March 31, 2014 and September 30, 2014 included approximately $0.1 million and $0.2 million, net of tax, respectively, of direct costs associated with management transition and integration of the Furmanite Technical Solutions division. |
3 | Loss from discontinued operations, net of income tax for the quarters ended September 30, 2013 and December 31, 2013 included approximately $0.1 million and $0.3 million, respectively, of direct costs associated with management transition and integration of the Furmanite Technical Solutions division, net of tax. |
Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | FURMANITE CORP |
Entity Central Index Key | 0000054441 |
Document Type | 8-K |
Document Period End Date | Dec. 31, 2014 |
Amendment Flag | false |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Accounts receivable, trade (net of allowance for doubtful accounts of $1,036 and $1,014 as of December 31, 2014 and 2013, respectively) | $ 1,036 | $ 1,014 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock shares, issued | 41,749,196 | 41,557,238 |
Treasury stock, at cost (4,008,963 shares as of December 31, 2014 and 2013) | 4,008,963 | 4,008,963 |
Series B Preferred Stock | ||
Preferred stock, shares outstanding | 0 | 0 |
Description of Business and Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business Furmanite Corporation (the “Parent Company”) together with its subsidiaries (collectively, the “Company” or “Furmanite”) conducts business under two operating segments: 1) Technical Services and 2) Engineering & Project Solutions. Technical Services provides specialized technical services, including on-line, off-line and other services. On-line services include leak sealing, hot tapping, line stopping, line isolation, composite repair, valve testing and certain non-destructive testing and inspection services, while off-line services include on-site machining, heat treatment, bolting, valve repair and other non-destructive testing and inspection services. Other services include SmartShimTM services, concrete repair, engineering services, valves and other products and manufacturing. These services and products are provided primarily to electric power generating plants, petroleum industry, which includes refineries and offshore drilling rigs (includes subsea), chemical plants and other process industries in the Americas (which includes operations in North America, South America and Latin America), EMEA (which includes operations in Europe, the Middle East and Africa) and Asia-Pacific through a wholly owned subsidiary of the Parent Company, Furmanite Worldwide, Inc. (“FWI”), and its domestic and international subsidiaries and affiliates. The Engineering & Project Solutions operating segment provides process management inspection services to contractors and operators participating primarily in the midstream oil and gas market, substantially all of which are in the Americas. A wide range of inspection services are offered, including, mechanical integrity, quality assurance and regulatory compliance services for pipelines and other capital, turnaround, maintenance and mechanical integrity projects. Furmanite currently operates over 30 offices in the United States (“U.S.”) including Saraland, Alabama; Benicia, California; Fairfield, California; Torrance, California; Lombard, Illinois; Hobart, Indiana; Louisville, Kentucky; Baton Rouge, Louisiana; Geismar, Louisiana; Gonzales, Louisiana; Sulphur, Louisiana; Paulsboro, New Jersey; Charlotte, North Carolina; Muskogee, Oklahoma; Tulsa, Oklahoma; Pittsburgh, Pennsylvania; Rock Hill, South Carolina; Beaumont, Texas; Corpus Christi, Texas; Houston, Texas; La Porte, Texas; Salt Lake City, Utah; Norfolk, Virginia; Kent, Washington; Huntington, West Virginia; and Parkersburg, West Virginia. The worldwide operations are further supported by offices currently located on six continents in Australia, Azerbaijan, Bahrain, Belgium, Canada, China, Denmark, France, Germany, Malaysia, The Netherlands, New Zealand, Norway, Singapore, Sweden and the United Kingdom (“U.K.”) and by licensee and agency arrangements which are based in Argentina, Belgium, Brazil, Columbia, Chile, Ecuador, Italy, Japan, Mexico, Peru, Puerto Rico, Qatar, Romania, Russia, Trinidad, Turkey and the United Arab Emirates. The Company’s common stock, no par value, trades on the New York Stock Exchange under the ticker symbol “FRM”. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. The following significant accounting policies are followed by the Company and its subsidiaries in the preparation of its consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. Retrospective Reclassification of the Furmanite Technical Solutions Division to Discontinued Operations In September 2015, a subsidiary of the Company sold the Furmanite Technical Solutions (“FTS”) division of the Company’s Engineering & Project Solutions operating segment. The consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on March 10, 2015, reflected FTS in continuing operations in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). As a result of the sale of FTS, beginning with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the SEC on November 6, 2015, the operating results, assets, liabilities and cash flows of FTS have been presented as discontinued operations, in accordance with U.S. GAAP. The Company is filing these consolidated financial statements to apply this change in presentation retrospectively to the consolidated financial statements, including the accompanying notes, that were included in the Annual Report. Except for the retrospective reclassification described above, these consolidated financial statements, including the accompanying notes, do not include any updates or revisions to reflect any events or occurrences after the date of the filing of the Annual Report. Therefore, these consolidated financial statements should be read in conjunction with the Annual Report and the Company’s other filings made with the SEC subsequent to the filing of the Annual Report, including quarterly reports on Form 10-Q for the quarterly periods ended March 31, 2015, June 30, 2015 and September 30, 2015. Refer to Note 2 for additional information on discontinued operations. Cash and Cash Equivalents Cash is generally invested in high credit quality and highly liquid short-term investments with original maturities of three months or less. Accordingly, uninvested cash in excess of requirements for operating purposes is kept at minimum levels. Cash equivalents are stated at cost, which approximates market value, and are primarily invested in conservative, highly-rated instruments issued by financial institutions or government entities with strong credit ratings. At certain times, such amounts exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company had short-term investments with two financial institutions at December 31, 2014 that were not insured by the FDIC in the amount of $8.2 million. The Company has not experienced any losses on these investments. Cash in foreign bank accounts at December 31, 2014 and 2013 was $19.8 million and $17.2 million, respectively. Accounts Receivable The majority of accounts receivable are due from companies with petroleum refineries, chemical plants, offshore energy production platforms, steel mills, nuclear and conventional power stations, pulp and paper mills, food and beverage processing plants and other flow-processing facilities. Credit is extended based on evaluation of the customer’s financial condition and generally collateral is not required. Accounts receivable outstanding longer than contractual payment terms are considered past due. The Company regularly evaluates and adjusts for doubtful accounts receivable based on a combination of write-off history, aging analysis and information available on specific accounts. The Company writes off accounts receivable when they become uncollectible. Any payments subsequently received on such receivables are credited to the allowance in the period the payment is received. Changes in the allowance for doubtful accounts for the years ended December 31, are as follows (in thousands):
Inventories Inventories are valued at the lower of cost or market. Cost is determined using the weighted average cost method. Inventory quantities on hand are reviewed regularly based on related service levels and functionality, and carrying cost is reduced to net realizable value for inventories in which their cost exceeds their utility, due to physical deterioration, obsolescence, changes in price levels or other causes. The cost of inventories consumed or products sold are included in operating costs. Property and Equipment Property and equipment are carried at historical cost. Certain leases have been capitalized and the leased assets have been included in property and equipment. Additions of new equipment and major renewals and replacements of existing equipment are capitalized. Repairs and minor replacements that do not materially increase values or extend useful lives are expensed in the period in which they are incurred. Depreciation of property and equipment is provided on a straight-line basis at rates based upon the expected useful lives of the various classes of assets. The expected useful lives of property and equipment are as follows: buildings—forty years, machinery and equipment—five to ten years, furniture and fixtures—three to five years, vehicles—four to six years and other property and equipment—two to five years. Long-Lived Assets Property, Plant and Equipment The Company accounts for property, plant and equipment in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment. Under FASB ASC 360, the Company reviews property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Factors that may affect recoverability include changes in planned use of equipment, closing of facilities and discontinuance of service lines. Property and equipment to be held and used is reviewed at least annually for possible impairment. The Company’s impairment review is based on an estimate of the undiscounted cash flow at the lowest level for which identifiable cash flows exist. Impairment occurs when the carrying value of the assets exceeds the estimated future undiscounted cash flows generated by the asset and the impairment is viewed as other than temporary. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value. Depending on the asset, fair market value may be determined either by use of a discounted cash flow model or by reference to estimated selling values of assets in similar condition. No impairment of property, plant and equipment was recorded in 2014 or 2013. Goodwill and Intangible Assets The Company accounts for goodwill and other intangible assets in accordance with the provisions of FASB ASC 350, Intangibles—Goodwill and Other. Under FASB ASC 350, intangible assets with lives restricted by contractual, legal or other means are amortized over their useful lives. Goodwill and other intangible assets not subject to amortization are tested for impairment annually (in the fourth quarter of each calendar year), or more frequently if events or changes in circumstances indicate that the assets might be impaired. Examples of such events or circumstances include a significant adverse change in legal factors or in the business climate, an adverse action or assessment by a regulator, or a loss of key personnel. FASB ASC 350 requires a two-step process for testing goodwill impairment, however it permits an entity the option to first assess qualitative factors to determine whether it is necessary to perform the two-step goodwill impairment test. If it is determined that, based on a qualitative assessment, it is not more likely than not that the Company’s fair value is less than its carrying amount, then the first and second steps of the goodwill impairment test are unnecessary. The Company has elected to bypass the qualitative assessment for all reporting units at December 31, 2014 and 2013 and proceed directly to performing the first step of the goodwill impairment test. Under the first step of the two-step process, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. A reporting unit is an operating segment or one level below an operating segment (referred to as a component). Two or more components of an operating segment shall be aggregated and deemed a single reporting unit if the components have similar economic characteristics. As of December 31, 2014 and 2013, the Company has two reporting units for the purpose of testing goodwill impairment as the business segments are determined to be the reporting units. Second, if an impairment is indicated, the implied fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill and other intangible assets is measured as the excess of the carrying value over the implied fair value. The Company uses a multiple of revenues as the basis for its measurement of fair value as management considers this approach the most meaningful measure for its reporting units, given the nature of the Company’s business. To support the reasonableness of the calculated fair value, the Company compares the sum of the calculated fair values to the market capitalization of the Company as a whole, as the quoted market price provides the best evidence of fair value on a Company-wide basis. Based on valuations performed by the Company at December 31, 2014 and 2013, no impairment was indicated. As of December 31, 2014, goodwill of continuing operations totaled $15.6 million, all of which was associated with the Technical Services operating segment. As of December 31, 2013, goodwill of continuing operations totaled $15.5 million, all of which was associated with the Technical Services operating segment. At both December 31, 2014 and 2013, $2.6 million of indefinite-lived intangible assets (primarily trade names) were included in intangible and other assets on the consolidated balance sheets. Gross finite-lived intangible assets of $11.6 million and $11.7 million, respectively, were also included in intangible and other assets as of December 31, 2014 and 2013, with accumulated amortization of $6.6 million and $4.3 million, respectively. The change in gross finite-lived intangible assets during 2014 was associated with changes in foreign exchange rates on certain intangible assets within the EMEA and Asia-Pacific regions of the Technical Services segment. Amortization expense for finite-lived intangible assets totaled $2.3 million, $2.6 million and $1.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: customer contracts and relationships—one to five years, non-compete agreements—five years, patents, licenses and other—one to ten years. Finite-lived intangible assets are reviewed for impairment in accordance with the provisions of FASB ASC 360. In connection with a review in 2012, the Company recognized an impairment loss of $0.4 million in selling, general and administrative expense related to certain finite-lived assets which were determined to have no value following the termination of a contract. There were no such impairments in 2014 or 2013. Finite-lived intangible assets subject to amortization consisted of the following as of December 31, (in thousands):
As of December 31, 2014, future amortization expense related to finite-lived intangible assets subject to amortization is estimated to be as follows (in thousands):
The weighted-average amortization period for intangible assets subject to amortization is approximately 2.7 years. Revenue Recognition Revenues are recorded in accordance with FASB ASC 605, Revenue Recognition, when realized or realizable, and earned. Revenues are recognized when persuasive evidence of an arrangement exists, services to customers have been rendered or products have been delivered, the selling price is fixed or determinable and collectability is reasonably assured. Revenues are recorded net of sales tax. Substantially all projects are short term in nature and are generally billed on a time and materials basis when the work is completed. Revenue is typically recognized when services are rendered or when product is shipped to the job site and risk of ownership passes to the customer. Infrequently, the Company enters into contracts that are longer in duration that represent multiple element arrangements, which include a combination of services and products. For these contracts, revenues are allocated to the separate deliverables on the basis of stand-alone selling prices and recognized when the services have been rendered or the products delivered to the customer. The Company provides limited warranties to customers, depending upon the service performed. Warranty claim costs were not material during any of the years ended December 31, 2014, 2013 or 2012. Operating Costs Operating costs include direct and indirect labor along with related fringe benefits, materials, freight, travel, engineering, vehicles, equipment rental and restructuring charges, and are expensed as incurred. Direct costs related to projects for which the earnings process have not been completed and therefore not qualifying for revenue recognition are recorded as work-in-process inventory. Selling, General and Administrative Expenses Selling, general and administrative expenses include payroll and related fringe benefits, marketing, travel, rent, information technology, insurance, professional fees and restructuring charges, and are expensed as incurred. Foreign Currency Translation The Company translates the balance sheets of its foreign subsidiaries using year-end exchange rates and translates income statement amounts using the average exchange rates in effect during the year. Gains and losses resulting from the change in exchange rates from year to year are reported separately as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income. The Company has no foreign subsidiaries subject to foreign exchange restrictions. Considering the Company’s global nature, and its exposure to foreign currencies, the financial results in any geographical area can be impacted by changes in currency exchange rates in any given year. Within the Company’s Technical Services segment, financial results in 2014 were favorably impacted in EMEA but were partially offset by unfavorable impacts in Asia-Pacific as a result of currency changes during the year. In 2013, financial results were unfavorably impacted in EMEA and Asia-Pacific and in 2012, the financial results were favorably impacted in EMEA but were partially offset by unfavorable impacts in Asia-Pacific as a result of currency exchange rate changes during the respective years. Stock-Based Compensation All stock-based compensation is recognized as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. The fair value of stock-based payment awards on the date of grant as determined by the Black-Scholes model is affected by the Company’s stock price on the date of the grant as well as other assumptions. Assumptions utilized in the fair value calculations include the expected stock price volatility over the term of the awards (estimated using the historical volatility of the Company’s stock price), the risk free interest rate (based on the U.S. Treasury Note rate over the expected term of the option), the dividend yield (assumed to be zero, as the Company has not paid, nor anticipates paying, any cash dividends), and employee stock option exercise behavior and forfeiture assumptions (based on historical experience and other relevant factors). For performance-based awards, the Company must also make assumptions regarding the likelihood of achieving performance targets. Income Taxes Deferred tax assets and liabilities result from temporary differences between U.S. GAAP and tax treatment of certain income and expense items. The Company must assess and make estimates regarding the likelihood that the deferred tax assets will be recovered. To the extent that it is determined the deferred tax assets will not be recovered, a valuation allowance is established for such assets. In making such a determination, the Company must take into account positive and negative evidence including projections of future taxable income and assessments of potential tax planning strategies. The Company recognizes the tax benefit from uncertain tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by the applicable taxing authorities, based on the technical merits of the position. The tax benefit recognized is based on the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority. Uncertain tax positions in certain foreign jurisdictions would not impact the effective foreign tax rate because unrecognized non-current tax benefits are offset by the foreign net operating loss carryforwards, which are fully reserved. The Company recognizes interest expense on underpayments of income taxes and accrued penalties related to unrecognized non-current tax benefits as part of the income tax provision. Defined Benefit Pension Plan Pension benefit costs and liabilities are dependent on assumptions used in calculating such amounts. The primary assumptions include factors such as discount rates, expected investment return on plan assets, mortality rates and retirement rates. These rates are reviewed annually and adjusted to reflect current conditions. These rates are determined based on reference to yields. The compensation increase rate is based on historical experience. The expected return on plan assets is derived from detailed periodic studies, which include a review of asset allocation strategies, anticipated future long-term performance of individual asset classes, risks (standard deviations) and correlations of returns among the asset classes that comprise the plans’ asset mix. While the studies give appropriate consideration to recent plan performance and historical returns, the assumptions are primarily long-term, prospective rates of return. Mortality and retirement rates are based on actual and anticipated plan experience. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods and, therefore, generally affect recognized expense and the recorded obligation in future periods. While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the pension obligation and future expense. Contingencies Environmental Liabilities are recorded when site restoration or environmental remediation and cleanup obligations are either known or considered probable and can be reasonably estimated. Recoveries of environmental costs through insurance, indemnification arrangements or other sources are recognized when such recoveries become certain. The Company capitalizes environmental costs only if the costs are recoverable and the costs extend the life, increase the capacity, or improve the safety or efficiency of property owned by the Company as compared with the condition of that property when originally constructed or acquired, or if the costs mitigate or prevent environmental contamination that has yet to occur and that otherwise may result from future operations or activities and the costs improve the property compared with its condition when constructed or acquired. All other environmental costs are expensed. Other The Company establishes a liability for all other loss contingencies, when information indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. Exit or Disposal Cost Obligations In 2010 and 2012, the Company committed to cost reduction initiatives, including planned workforce reductions and restructuring of certain functions. The Company has taken these specific actions in order to strategically align its operating, selling, general and administrative costs to revenue. The Company has recorded expenses related to these cost reduction initiatives for severance, lease cancellations, and other restructuring costs in accordance with FASB ASC 420-10, “Exit or Disposal Cost Obligations” and FASB ASC 712-10, “Nonretirement Postemployment Benefits.” Under FASB ASC 420-10, costs associated with restructuring activities are generally recognized when they are incurred. In the case of leases, the expense is estimated and accrued when the property is vacated. In addition, post-employment benefits accrued for workforce reductions related to restructuring activities are accounted for under FASB ASC 712-10. A liability for post-employment benefits is generally recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional provisions or reverse a portion of such provisions. Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include revenue recognition, allowance for doubtful accounts, goodwill, intangible assets and long-lived assets, fair value estimates associated with acquisitions, stock-based compensation, defined benefit pension plan, income taxes, restructuring accruals and contingencies. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides for a single five-step model to be applied in determining the amount and timing of the recognition of revenue related to contracts with customers. The new guidance also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the guidance. There is no option for early adoption. The provisions of the new guidance are effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidations Analysis, which changes the guidance with respect to the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Companies have an option of using either a full retrospective or modified retrospective adoption approach. The updated guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on the consolidated financial position, results of operations or cash flows of the Company. |
Discontinued Operations |
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Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations As discussed in Note 1, the Company has retrospectively reclassified its consolidated financial statements to report the operating results, assets, liabilities and cash flows of FTS as discontinued operations. In accordance with U.S. GAAP, discontinued operations does not include any allocation of general corporate overhead expenses. Interest expense reported within discontinued operations was insignificant for all periods presented. Loss from discontinued operations, net of income tax, included in the consolidated statements of income consists of the following for the years ended December 31, (in thousands):
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Assets and liabilities of discontinued operations included in the consolidated balance sheets consist of the following at December 31, (in thousands):
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Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisitions ENGlobal Engineering & Construction On August 30, 2013, Furmanite America, Inc. (“Furmanite America”), a wholly owned subsidiary of the Company, completed the acquisition of certain assets and the assumption of certain liabilities, all of which relate to operations in the Americas, of the Engineering and Construction segment of ENGlobal Corporation (“ENGlobal”) for a total consideration of approximately $18.8 million. In conjunction with the closing of the transaction, the Company’s FTS division was formed. Assets purchased and liabilities assumed by Furmanite America include working capital assets and liabilities, property and equipment, intangible assets, and lease obligations. The purchase was made pursuant to an Asset Purchase Agreement (“APA”) dated July 15, 2013, with an amendment to the APA reducing the purchase price for the changes in the estimated net working capital balance and $0.5 million, and finalizing the terms and conditions of the transaction. On August 30, 2013, Furmanite America made a cash payment of approximately $15.8 million for the estimated acquired net working capital, net of reserves (the “Estimated Working Capital Payment”). In addition, Furmanite America entered into a four year 4% interest per annum promissory note with ENGlobal in the principal amount of $3.0 million. In connection with the acquisition, the Company borrowed $20.0 million on its existing revolving credit facility, principally to fund the purchase of the acquired working capital, with the remaining funds to be available to cover any transitional short-term cash flow needs. The Estimated Working Capital Payment is subject to adjustment, which was initially to be determined within 90 days from the close of the transaction, for any changes based upon the final balance sheet. However, under mutual agreement by the parties, the determination date has been extended and remains pending as of December 31, 2014. The following amounts represent the determination of the fair value of the assets acquired and liabilities assumed (in thousands):
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FTS was previously reported as a component of the Company’s Engineering & Project Solutions operating segment. As discussed in Note 1, the Company’s consolidated financial statements have been retrospectively reclassified to report the operating results, assets, liabilities and cash flows attributable to FTS as discontinued operations. For additional information, including the revenues and operating results of FTS from the time of its acquisition, refer to Note 2. Houston Service Center On June 29, 2012, Furmanite America entered into and consummated an Asset Purchase Agreement to acquire certain assets, including inventory, equipment and intangible assets, all of which relate to operations in the Americas, of the Houston Service Center (“HSC”) of MCC Holdings, Inc., a wholly owned subsidiary of Crane Energy Flow Solutions, for total cash consideration of $9.3 million. HSC provides valve and actuator repair, maintenance and testing services to customers in the refining, petrochemical and power industries. In connection with the acquisition, the Company borrowed an additional $9.3 million from its existing revolving credit facility. The following amounts represent the determination of the fair value of the assets acquired and liabilities assumed (in thousands):
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The FTS and HSC acquisitions were not material to the Company’s financial position or results of operations, therefore, neither FTS’s nor HSC’s pro forma results would have had material impact on the Company’s results had the acquisition occurred at the beginning of the previous year. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share (“EPS”) are calculated as income from continuing operations, loss from discontinued operations or net income, as applicable, divided by the weighted-average number of shares of common stock outstanding during the period, including restricted stock. Restricted shares of the Company’s common stock have full voting rights and participate equally with common stock in dividends declared, if any, and undistributed earnings. Any dividends paid on restricted shares are non-forfeitable in the event the award does not vest. As participating securities, the shares of restricted stock are included in the calculation of basic EPS using the two-class method. For the periods presented, the amount of earnings allocated to the participating securities was not material. Diluted earnings (loss) per share assumes issuance of the net incremental shares from stock options and restricted stock units when dilutive. The weighted-average common shares outstanding used to calculate diluted earnings per share reflect the dilutive effect of common stock equivalents including options to purchase shares of common stock and restricted stock units, using the treasury stock method. Basic and diluted weighted-average common shares outstanding and earnings per share from continuing operations include the following for the years ended December 31, (in thousands, except per share data):
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Inventories, net |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Inventories consisted of the following at December 31, (in thousands):
Amounts expensed for excess and obsolete inventory were not significant for the years ended December 31, 2014 and 2013. |
Property and Equipment |
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Property and Equipment | Property and Equipment Property and equipment consisted of the following at December 31, (in thousands):
Depreciation and amortization expense of property and equipment for the years ended December 31, 2014, 2013 and 2012 was $9.0 million, $8.3 million and $7.6 million, respectively. Vehicles under capital leases are included in the cost and accumulated depreciation and amortization as follows at December 31, (in thousands):
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Accrued Expenses and Other Current Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses consisted of the following at December 31, (in thousands):
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring The Company committed to certain cost reductions in 2010 and 2012, including planned workforce reductions and restructuring of certain functions. The Company has taken these specific actions in order to more strategically align the Company’s operating, selling, general and administrative costs relative to revenues. 2010 Cost Reduction Initiative In 2010, the Company committed to a cost reduction initiative (the “2010 Cost Reduction Initiative”) primarily related to the restructuring of certain functions within the Company’s EMEA operations in order to improve the operational and administrative efficiency of its EMEA operations. As of December 31, 2014, the Company has substantially completed the 2010 Cost Reduction initiative, with total costs incurred of approximately $3.9 million. Future cash payments of approximately $0.3 million are expected in connection with this initiative, all of which are expected to be paid within the next twelve months. For the twelve months ended December 31, 2014, a reduction to restructuring costs of $0.1 million is included in selling, general and administrative expenses. No restructuring costs were incurred during the twelve months ended December 31, 2013. For the twelve months ended December 31, 2012, restructuring costs incurred of $0.2 million are included selling, general and administrative expenses. 2012 Cost Reduction Initiative In 2012, the Company committed to another cost reduction initiative (the “2012 Cost Reduction Initiative”) related to further restructuring of its European operations within EMEA. This restructuring initiative included additional workforce reductions throughout the Company’s operating, selling, general and administrative functions. The Company took these specific actions in order to further reduce administrative and overhead expenses and streamline its European operations’ structure for improved operational efficiencies in response to the challenging economic conditions in the region. As of December 31, 2014, the Company has substantially completed the 2012 Cost Reduction Initiative, with total restructuring costs incurred of approximately $3.2 million, which primarily relates to one-time termination benefits. Future cash payments in connection with this initiative are expected to be insignificant. For the twelve months ended December 31, 2014 and 2013, reductions to restructuring costs of $41,000 and $0.1 million, respectively, are included in operating costs. For the year ended December 31, 2012, restructuring costs of $2.3 million and $1.1 million are included in operating costs and selling, general and administrative expenses, respectively. Estimated and actual expenses including severance, lease cancellations, and other restructuring costs, in connection with these initiatives, have been recognized in accordance with FASB ASC 420-10, Exit or Disposal Cost Obligations, and FASB ASC 712-10, Nonretirement Postemployment Benefits. Restructuring costs (adjustments) associated with the cost reduction initiatives for the years ended December 31, consisted of the following (in thousands), all of which were associated with the EMEA region in the Technical Services segment:
The activity related to reserves associated with the cost reduction initiatives for the year ended December 31, 2014, is as follows (in thousands):
The activity related to reserves associated with the cost reduction initiatives for the year ended December 31, 2013, is as follows (in thousands):
Total workforce reductions in which severance costs were incurred related to the 2010 and 2012 cost reduction initiatives included terminations for 138 employees, all of which were in the EMEA region of Company’s Technical Services segment. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt is summarized as follows at December 31, (in thousands):
Credit Facilities On March 5, 2012, certain foreign subsidiaries of FWI (the “foreign subsidiary designated borrowers”) and FWI entered into a credit agreement with a banking syndicate led by JPMorgan Chase Bank, N.A., as Administrative Agent (the “Credit Agreement”). The Credit Agreement matures on February 28, 2017. On August 27, 2013, FWI and the foreign subsidiary designated borrowers entered into an Amendment (“the Amendment”) to the Credit Agreement. The Amendment includes several modifications, including increasing the revolving credit facility from $75.0 million to $100.0 million and increasing the portion of the amount available for swing line loans to FWI from $7.5 million to $10.0 million. A portion of the amount available under the Credit Agreement (not in excess of $20.0 million) is available for the issuance of letters of credit. The loans outstanding to the foreign subsidiary designated borrowers under the Credit Agreement may not exceed $50.0 million in the aggregate. The proceeds from the initial borrowing on the Credit Agreement were $30.0 million and were used to repay the amounts outstanding under a previous credit agreement, which was scheduled to mature in January 2013, at which time the previous credit agreement was terminated by the Company. Letters of credit issued under the previous credit agreement were replaced with similar letters of credit under the new Credit Agreement. There were no material circumstances surrounding the termination of the previous credit agreement and no material early termination penalties were incurred by the Company. On June 29, 2012, FWI borrowed an additional $9.3 million under its Credit Agreement to fund the purchase of HSC. On August 30, 2013, FWI borrowed an additional $20.0 million under its Credit Agreement principally to fund the purchase of the acquired working capital associated with the acquisition of the assets of ENGlobal’s Engineering & Construction segment, with the remaining funds to be available to cover any transitional short-term cash flow needs. As of both December 31, 2014 and 2013, $59.3 million was outstanding under the Credit Agreement. Borrowings under the Credit Agreement bear interest at variable rates (based on the prime rate, federal funds rate or Eurocurrency rate, at the option of the borrower, including a margin above such rates, and subject to an adjustment based on a calculated funded debt to Adjusted EBITDA ratio (the “Leverage Ratio” as defined in the Credit Agreement)), which was 1.9% at December 31, 2014. On April 30, 2013, the Company entered into a forward-dated interest rate swap to mitigate the risk of changes in the variable interest rate. The effect of the swap is to fix the interest rate at 0.75% plus the margin and Leverage Ratio adjustment, as described above, beginning April 29, 2014 through February 28, 2017 on $39.3 million of the outstanding amount under the Credit Agreement. See Note 13 for further information regarding the interest rate swap. The Credit Agreement contains a commitment fee, which ranges from 0.25% to 0.30% based on the Leverage Ratio (0.25% at December 31, 2014), and is based on the unused portion of the amount available under the Credit Agreement. Adjusted EBITDA is net income (loss) plus interest, income taxes, depreciation and amortization, and other non-cash expenses minus income tax credits and non-cash items increasing net income (loss) as defined in the Credit Agreement. All obligations under the Credit Agreement are guaranteed by FWI and certain of its subsidiaries under a guaranty and collateral agreement, and are secured by a first priority lien on FWI and certain of its subsidiaries’ assets (which approximates $202.0 million as of December 31, 2014). The Parent Company has granted a security interest in its stock of FWI as collateral security for the lenders under the Credit Agreement, but is not a party to the Credit Agreement. The Credit Agreement includes financial covenants, which require that the Company maintain: (i) a Leverage Ratio of no more than 2.75 to 1.00 as of the last day of each fiscal quarter, measured on a trailing four-quarters basis, (ii) a fixed charge coverage ratio of at least 1.25 to 1.00, defined as Adjusted EBITDA minus capital expenditures / interest plus cash taxes plus scheduled payments of debt plus Restricted Payments made (i.e. all dividends, distributions and other payments in respect of capital stock, sinking funds or similar deposits on account thereof or other returns of capital, redemption or repurchases of equity interests, and any payments to Parent or its subsidiaries (other than FWI and its subsidiaries)), and (iii) a minimum asset coverage of at least 1.50 to 1.00, defined as cash plus net accounts receivable, plus net inventory, plus net property, plant and equipment of FWI and its material subsidiaries that are subject to a first priority perfected lien in favor of the Administrative Agent and the Lenders / Funded Debt. FWI is also subject to certain other compliance provisions including, but not limited to, restrictions on indebtedness, guarantees, dividends and other contingent obligations and transactions. Events of default under the Credit Agreement include customary events, such as change of control, breach of covenants and breach of representations and warranties. At December 31, 2014, FWI was in compliance with all covenants under the Credit Agreement. Considering the outstanding borrowings of $59.3 million, and $2.7 million related to outstanding letters of credit, the unused borrowing capacity under the Credit Agreement was $38.0 million at December 31, 2014. Notes Payable On January 1, 2013, in connection with an asset purchase, the Company issued a $1.9 million promissory note, which bears interest at 5.0% per annum and is due in four equal annual installments of $0.5 million beginning January 1, 2014, with the final installment payment due on January 1, 2017. On February 28, 2013, in connection with an asset purchase, the Company issued a $0.9 million note payable, which was paid at maturity on March 1, 2014. On August 30, 2013, in connection with the acquisition of the assets of the ENGlobal’s Engineering & Construction segment, the Company issued a $3.0 million promissory note, which bears interest at 4.0% per annum and is due in four equal annual installments of approximately $0.8 million beginning September 1, 2014, with the final payment due on September 1, 2017. At December 31, 2014, debt maturities on consolidated debt were as follows (in thousands):
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Retirement Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | Retirement Plans The Company has a defined contribution plan which covers substantially all eligible domestic employees and provides for varying levels of employer matching. Company contributions to this plan were $2.6 million, $1.7 million and $1.4 million for 2014, 2013 and 2012, respectively. The increase in contributions in 2014 compared to 2013 is primarily attributable to the effect of the August 2013 acquisition described in Note 3. Two of the Company’s foreign subsidiaries have defined benefit pension plans, one plan covering certain of its U.K. employees (the “U.K. Plan”) and the other covering certain of its Norwegian employees (the “Norwegian Plan”). As the Norwegian Plan represents approximately three percent of both the Company’s total pension plan liabilities and total pension plan assets, only the schedules of net periodic pension cost and changes in benefit obligation and plan assets include combined amounts from the two plans, while all other assumption, detail and narrative information relates solely to the U.K. Plan. Benefits for the U.K. Plan are based on the average of the employee’s salary for the last three years of employment. Prior to plan amendments in 2013, the employee contributed 6.5% to 12.0% and the employer contributes up to 12.0% of pay. In accordance with plan amendments, accruals for future benefits under the U.K. Plan have ceased effective November 1, 2013, with the affected employees transitioning to the subsidiary’s defined contribution plan. As a result, the Company incurred a curtailment loss of $0.3 million that was recognized as part of net pension cost during the year ended December 31, 2013. Plan assets are primarily invested in unitized pension funds managed by U.K. registered fund managers. The most recent valuation of the U.K. Plan was performed as of December 31, 2014. Estimated defined benefit pension plan contributions for 2015 are expected to be approximately $1.7 million. The Company expects future plan contributions will increase by approximately 3% per year, in accordance with certain funding commitments. Pension benefit costs and liabilities are dependent on assumptions used in calculating such amounts. The primary assumptions include factors such as discount rates, expected investment return on plan assets, mortality rates and retirement rates. The discount rate assumption used to determine end of year benefit obligations was 3.7%. These rates are reviewed annually and adjusted to reflect current conditions. These rates are determined appropriate based on reference to yields. The expected return on plan assets of 5% for 2015 is derived from detailed periodic studies, which include a review of asset allocation strategies, anticipated future long-term performance of individual asset classes, risks (standard deviations) and correlations of returns among the asset classes that comprise the plans’ asset mix. While the studies give appropriate consideration to recent plan performance and historical returns, the assumptions are primarily long-term, prospective rates of return. Mortality and retirement rates are based on actual and anticipated plan experience. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods and, therefore, generally affect recognized expense and the recorded obligation in future periods. While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the pension obligation and future expense. Net pension cost included the following components for the years ended December 31, (in thousands):
The weighted average assumptions used to determine benefit obligations at December 31, are as follows:
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The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, are as follows:
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The plan actuary determines the expected return on plan assets based on a combination of expected yields on equity securities and corporate bonds and considering historical returns. The expected long-term rate of return on plan assets is determined based on the weighted average of expected returns on asset investment categories as follows: 5.0% overall, 6.4% for equities and 2.4% for debt securities. The following table sets forth the changes in the benefit obligation and plan assets for the years ended December 31, (in thousands):
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are $0.5 million for the defined benefit pension plan. The accumulated benefit obligation for the U.K. Plan was $90.4 million and $87.8 million at December 31, 2014 and 2013, respectively. The U.K. Plan has had no new participants added since the plan was frozen in 1994. Additionally, as noted above, accruals for future benefits under the plan ceased effective November 1, 2013. At December 31, 2014, expected future benefit payments, which reflect expected future service, are as follows for the years ended December 31, (in thousands):
The following table summarizes the plan assets of the U.K. Plan measured at fair value on a recurring basis (at least annually) as of December 31, (in thousands):
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The following table sets forth a summary of changes in the fair value of the Level 3 assets for the year ended December 31, 2014:
Based on an assessment of the observability of the inputs used in the measurement of fair value of the plan assets, the Company transferred all Level 3 assets to Level 2 assets during the year ended December 31, 2014. There were no transfers related to the Company’s Level 3 assets during the year ended December 31, 2013. Investment objectives for the U.K. Plan, as of December 31, 2014, are to:
The trustees of the U.K. Plan have established a long-term investment strategy comprising global investment weightings targeted at 65% (range of 60% to 70%) for equity securities/diversified growth funds and 35% (range of 30% to 40%) for debt securities. Diversified growth funds are actively managed absolute return funds that hold a combination of debt and equity securities. Selection of the targeted asset allocation was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations and the timing of benefit payments and contributions. The following table sets forth the weighted average asset allocation and target asset allocations for the years ended December 31, by asset category, as of the measurement dates of the plan:
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity The holders of shares of the Company’s common stock are entitled to one vote for each share held on all matters submitted to a vote of common stockholders. Each share of common stock is entitled to participate equally in dividends, when and if declared, and in the distribution of assets in the event of liquidation, dissolution or winding up of the Company, subject in all cases to any rights of outstanding preferred stock. Series B Preferred Stock On April 15, 2008, the Board of Directors of the Company declared a dividend distribution of one stock purchase right (“Right”) for each outstanding share of common stock to stockholders of record on April 19, 2008. These Rights are substantially similar to, and were issued in replacement of, the rights that expired on April 19, 2008, pursuant to the Company’s then existing Stockholders Rights Plan. Pursuant to the replacement Stockholders Rights Plan, each Right entitles the holder, upon the occurrence of certain events, to purchase from the Company one one-hundredth of a share of Series B Junior Participating Preferred Stock, no par value, at a price of $48, subject to adjustment. The Rights will not become transferable from the common stock or become exercisable until a person or group either acquires beneficial ownership of 15% or more of the Company’s common stock or commences a tender or exchange offer that would result in ownership of 20% or more, whichever occurs earlier. The Rights, which were originally to expire on April 19, 2018, were redeemable in whole, but not in part, at the Company’s option at any time for a price of $0.01 per Right. On March 4, 2015, the Company’s Board of Directors accelerated the expiration of the Rights to March 6, 2015, as discussed further in Note 20. As of December 31, 2014 and 2013, there were 400,000 Series B Preferred Shares authorized and none were outstanding. Equity Compensation Plans The Company has equity compensation plans and agreements for officers, directors and key employees which allow for the issuance of stock options, restricted stock, restricted stock units and stock appreciation rights. The options granted under these plans and agreements generally vest over periods of up to five years and expire between five to ten years after the grant date. All options were granted at prices greater than or equal to the market price at the date of grant. The equity compensation plan has 8,100,000 shares authorized and 2,529,524 shares were available for additional issuance at December 31, 2014. For the years ended December 31, 2014, 2013 and 2012, total compensation cost charged against income and included in selling, general, and administrative expenses, for stock-based compensation arrangements was $2.7 million, $1.1 million and $0.9 million, respectively. The expense for the twelve months ended December 31, 2014 includes $1.0 million in expense associated with the modification of certain outstanding equity awards pursuant to the provisions of a retirement agreement with a Company executive. Under the terms of such modification, the executive’s nonvested awards vested upon continued provision of service through the end of 2014. Additionally, the exercise period of certain outstanding stock options was extended to allow for exercise up to one year after the executive’s retirement. The expense for the twelve months ended December 31, 2012 includes $0.1 million associated with the accelerated vesting of awards in connection with the retirement of one of the Company’s directors. The total tax benefit related to stock options and restricted stock recognized in the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 was $1.1 million, $0.4 million, and $0.4 million, respectively. The unrecognized excess tax benefit related to the disposition of stock options and vesting of restricted stock was $0.2 million for the year ended December 31, 2014, approximately $0.3 million and less than $0.1 million for the years ended December 31, 2013 and 2012, respectively, as described further in Note 14. Stock Options The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) as its method of valuation under FASB ASC 718-10 and a single option award approach. This fair value computation is then amortized on a straight-line basis over the requisite service periods of the options, which is generally the vesting period. The fair value of stock-based payment awards on the date of grant as determined by the Black-Scholes model is affected by the Company’s stock price on the date of the grant as well as other assumptions. Assumptions utilized in the fair value calculations include the expected stock price volatility over the term of the awards (estimated using the historical volatility of the Company’s stock price), the risk free interest rate (based on the U.S. Treasury Note rate over the expected term of the option), the dividend yield (assumed to be zero, as the Company has not paid, nor anticipates paying any cash dividends) and employee stock option exercise behavior and forfeiture assumptions (based on historical experience and other relevant factors). The weighted-average estimated value of employee stock options granted in 2014, 2013 and 2012 were estimated using the Black-Scholes model with the following weighted average assumptions:
The Company granted options to purchase 461,366, 524,463 and 904,158 shares of its common stock during 2014, 2013 and 2012, respectively, that generally vest annually over three to five years. Of the stock options granted in 2012, vesting of 801,658 of these options was subject to achieving certain performance conditions. As the performance criteria under the plan were not met through December 31, 2014, all of these performance-based options have been forfeited, except that 34,195 of these options vested on December 31, 2014 pursuant to the provisions of a retirement agreement with a Company executive. All options were granted at prices equal to the market price at the date of grant. The weighted average fair value of options granted during 2014, 2013 and 2012 was $4.85, $7.40 and $2.63 per option, respectively. The maximum contractual term of the stock options is 10 years. The Company uses authorized but unissued shares of common stock for stock option exercises pursuant to the Company’s stock option plans and treasury stock for issuances outside of the plan. The changes in stock options outstanding for the Company’s plan for the year ended December 31, 2014 were as follows:
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $0.6 million, $1.1 million and $0.2 million, respectively. As of December 31, 2014, the total unrecognized compensation expense related to stock options was $2.4 million. The total unrecognized compensation expense related to stock options will be recognized over a weighted average period of 3.1 years. Cash received from option exercises under the stock option plans for the years ended December 31, 2014, 2013 and 2012 was $0.2 million, $0.6 million and $0.6 million, respectively. Restricted Stock and Restricted Stock Units Restricted stock and restricted stock units are issued under the Company’s stock option plan. Restricted stock is an award of shares of the Company’s common stock (which have full voting rights but are restricted with regard to sale or transfer). Restricted stock is independent of stock option grants and is generally subject to forfeiture if service terminates prior to the vesting of the restricted stock. A restricted stock unit is an award of units of the Company’s common stock. Restricted stock units are generally subject to forfeiture if service or performance requirements are not met. The Company expenses the cost of restricted stock, which is determined to be the fair value of the restricted stock at the date of grant, on a straight-line basis over the vesting period. For these purposes, the fair value of the restricted stock is determined based on the closing price of the Company’s common stock on the grant date. During 2012, the Company granted 40,000 shares of restricted stock to its directors at a grant date fair value of $6.99 per share that cliff vest at the end of three years and may not be sold until they cease to be a director of the Company. The Company also granted 154,721 restricted stock units at a grant date fair value of $6.99 per share that vest over three years and 402,469 restricted stock units at a grant date fair value of $4.63 per share that vest over three years subject to achieving certain performance conditions. As the performance criteria under the plan were not met through December 31, 2014, all of the performance-based restricted stock units have been forfeited, except that 8,261 of these restricted stock units vested and converted to shares of common stock on December 31, 2014 pursuant to the provisions of a retirement agreement with a Company executive. The fair value of the restricted stock and restricted stock units granted in 2012 was determined based on the Company’s closing stock price on the date of grant, and totaled $3.2 million. During 2013, the Company granted 30,000 shares of restricted stock to its directors at a grant date fair value of $6.05 per share that cliff vest at the end of three years and may not be sold until they cease to be a director of the Company. The Company also granted 512,352 restricted stock units to certain employees at a grant date fair value of $7.04 per share subject to achieving certain performance conditions. As the performance criteria under the plan have not been met through December 31, 2014, 66.7% of the performance-based restricted stock units have been forfeited, while 25,907 units vested and converted to shares of common stock on December 31, 2014 pursuant to the provisions of a retirement agreement with a Company executive. The fair value of the restricted stock and restricted stock units granted in 2013 was determined based on the Company’s closing stock price on the date of grant, and totaled $3.8 million. During 2014, the Company granted 34,000 shares of restricted stock to its directors at a weighted average grant date fair value of $11.21 per share that cliff vest at the end of three years and may not be sold until they cease to be a director of the Company. The Company also granted 214,418 restricted stock units at a weighted average grant date fair value of $10.85 per share that vest over three years. Of these restricted stock units, the vesting of 65,381 units is subject to achieving certain performance conditions, except that 12,535 of these restricted stock units vested and converted to shares of common stock on December 31, 2014 pursuant to the provisions of a retirement agreement with a Company executive. The performance criteria under the plan for the performance-based restricted stock units is based on a cumulative metric to be calculated at the end of the three-year performance period. The fair value of the restricted stock and restricted stock units granted in 2014 was determined based on the Company’s closing stock price on the date of grant, and totaled $2.7 million. A summary of the status of the Company’s nonvested restricted stock and restricted stock units for the year ended December 31, 2014, is as follows:
At December 31, 2014, total unrecognized compensation expense related to non-vested restricted stock and restricted stock units of approximately $2.5 million is expected to be recognized over the weighted-average period of 2.8 years. The aggregate fair value of restricted stock and stock units vested during the periods ended December 31, 2014, 2013 and 2012 was $1.4 million, $0.5 million, and $0.4 million, respectively. |
Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the equity section of the consolidated balance sheets includes the following (in thousands):
Changes in accumulated other comprehensive income (loss) by component in the consolidated statements of comprehensive income (loss) include the following for the years ended December 31, 2014, 2013, and 2012 (in thousands):
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Foreign currency translation adjustments generally are not adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company manages economic risk, including interest rate, liquidity and credit risks primarily by managing the amount, sources, and duration of its debt funding and, to a limited extent, the use of derivative instruments. The Company does not enter into derivative instruments for speculative purposes. During the three months ended June 30, 2013, the Company entered into a forward-dated interest rate swap to hedge interest rate risk with respect to $39.3 million of borrowings under its Credit Agreement. The Company’s objective in using the interest rate derivative is to manage exposure to interest rate movements and add stability to interest expense. Upon inception, the interest rate swap has been designated as a cash flow hedge and involves the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement without exchange of the underlying notional amount. The following table summarizes the terms of the interest rate swap outstanding at December 31, 2014 (in thousands).
The tables below presents the fair value of the Company’s derivative financial instrument as well as its classification on the consolidated balance sheets as of December 31, 2014 and 2013 (in thousands).
See Note 18 for additional information on the fair value of the Company’s interest rate swap. The Company has concluded that the hedging relationship for the interest rate swap is highly effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings and included in interest income and other income (expense) on the consolidated statements of income. Amounts reported in other comprehensive income (loss) related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. At December 31, 2014, the Company estimates that approximately $0.2 million will be reclassified from other comprehensive income (loss) as an increase to interest expense over the next twelve months. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of comprehensive income (loss) for the years ended December 31, (in thousands):
Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with major credit-worthy financial institutions. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income from continuing operations before income tax expense is comprised of the following components for the years ended December 31, (in thousands):
Income tax (expense) benefit attributable to continuing operations is comprised of the following components for the years ended December 31, (in thousands):
The differences between the amount of tax expense provided and the amount of tax expense computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for the years ended December 31, are as follows (in thousands):
Income tax expense differs from the expected tax at statutory rates due primarily to the change in valuation allowance for deferred tax assets and different tax rates in the various state and foreign jurisdictions. Additionally, the aggregate tax expense is not always consistent when comparing periods due to the change in mix of income from continuing operations before income taxes between domestic and foreign operations and within the foreign operations. At December 31, 2014, the Company had available domestic alternative minimum tax credit carryforwards of $0.6 million, which can be carried forward indefinitely. At December 31, 2014, the Company had foreign net operating loss carryforwards of $35.4 million, of which approximately $23.5 million can be carried forward indefinitely, with the remainder expiring on various dates through 2034. Deferred tax assets and liabilities result from temporary differences between the U.S. GAAP and tax treatment of certain income and expense items. The Company must assess and make estimates regarding the likelihood that the deferred tax assets will be recovered. To the extent that it is determined the deferred tax assets will not be recovered, a valuation allowance is established for such assets. In making such a determination, the Company must take into account positive and negative evidence, including projections of future taxable income and assessments of potential tax planning strategies. At December 31, 2014 and 2013, the Company’s valuation allowance was $10.0 million and $9.3 million, respectively. The net deferred tax assets at December 31, 2014 and 2013 relate to U.S. federal and state, and foreign tax items. The Company recognizes the excess income tax benefit associated with certain stock compensation deductions when such deductions produce a reduction in the Company’s current tax liability. A portion of such excess tax benefits from prior years totaling $1.0 million was recognized in 2014 as the Company realized a reduction to income taxes payable related to such deductions. Due to cumulative domestic net operating loss carryforwards (“NOLs”) that exceeded the excess income tax benefits, the Company did not recognize the excess benefit of the tax deductions upon the exercise of stock options or vesting of restricted stock in the years ended December 31, 2013 or 2012. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities of continuing operations at December 31, are as follows (in thousands):
Current net deferred tax assets of $6.1 million and $7.4 million and long-term net deferred tax assets of $3.7 million and $4.3 million were recorded at December 31, 2014 and 2013, respectively. Long-term deferred tax liabilities of $3.9 million and $4.9 million were recorded at December 31, 2014 and 2013, respectively. In 2013, deferred tax expense of $0.8 million, related to changes in pension net actuarial loss and prior service credit as well as an unrealized gain on an interest rate swap was recorded in other comprehensive income (loss). Such amount for 2014 was insignificant. A reconciliation of the change in the unrecognized tax benefits for the years ended December 31, is as follows (in thousands):
Unrecognized tax benefits at December 31, 2014, 2013 and 2012 were $0.8 million, $1.1 million and $1.1 million, respectively for uncertain tax positions, related primarily to transfer pricing, are included in other liabilities on the consolidated balance sheets and would impact the effective tax rate for certain foreign jurisdictions if recognized. The Company incurred no significant interest or penalties for any of the years ended December 31, 2014, 2013 or 2012. The Company and its subsidiaries file numerous consolidated and separate income tax returns in the United States as well as various foreign jurisdictions. The Company’s U.S. federal income tax returns for 2011 and subsequent years remain subject to examination. All material foreign income tax matters have been concluded for years through 2009. Undistributed earnings of the Company’s foreign subsidiaries are considered to be permanently reinvested and, accordingly, no provision for U.S. federal or state income taxes has been provided thereon. At this time, it is not practicable to determine the unrecognized deferred tax liability related to these undistributed earnings. The types of events that could trigger U.S. taxes on these undistributed earnings include a repatriation of cash held by foreign subsidiaries, certain foreign corporate restructuring or reorganizations, a decision to exit a particular business or jurisdiction leading to a sale of stock to a third party, and anticipated unfavorable tax law changes that would result in higher taxes on repatriations that occur after such change in law goes into effect. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company leases vehicles, office space, office equipment and other items of personal property under leases expiring at various dates. Management expects that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Total rent expense incurred under operating leases, including short-term leases, was $28.3 million, $24.6 million and $17.6 million for the years ended December 31, 2014, 2013 and 2012, respectively, which includes $2.1 million, $0.7 million and nil, respectively, attributable to discontinued operations. At December 31, 2014, future minimum rental commitments under all capital leases classified as long-term debt and operating leases are as follows (in thousands):
____________________________ 1 Includes $2.8 million, $2.1 million, $1.6 million and $0.4 million for 2015, 2016, 2017 and 2018, respectively, related to discontinued operations. The operations of the Company are subject to federal, state and local laws and regulations in the U.S. and various foreign jurisdictions relating to protection of the environment. Although the Company believes its operations are currently in compliance with applicable environmental regulations, there can be no assurance that costs and liabilities will not be incurred by the Company. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies thereunder, and claims for damages to property or persons resulting from operations of the Company, could result in costs and liabilities to the Company. The Company has recorded, in other liabilities, an undiscounted accrual for environmental liabilities related to the remediation of site contamination for properties in the U.S. in the amount of $0.8 million and $0.9 million as of December 31, 2014 and 2013, respectively. While there is a reasonable possibility due to the inherent nature of environmental liabilities that a loss exceeding amounts already recognized could occur, the Company does not believe such amounts would be material to its financial statements. Furmanite America, Inc., a subsidiary of the Company, is involved in disputes with a customer, INEOS USA LLC, which claims that the subsidiary failed to provide it with satisfactory services at the customer’s facilities. On April 17, 2009, the customer initiated legal action against the subsidiary in the Common Pleas Court of Allen County, Ohio, (the “Court”) alleging that the subsidiary and one of its former employees, who performed data services at one of the customer’s facilities, breached its contract with the customer and failed to provide the customer with adequate and timely information to support the subsidiary’s work at the customer’s facility. In March 2014, the customer’s claims against the former employee were dismissed and the Court granted partial summary judgment in favor of Furmanite America, Inc. That decision is currently under appellate review. The customer’s complaint seeks damages in an amount that the subsidiary believes represents the total proposed civil penalty, plus the cost of unspecified supplemental environmental projects requested by the regulatory agency to reduce air emissions at the customer’s facility, and also seeks unspecified punitive damages. On February 27, 2015, the Norfolk County Retirement System (the “Complainant”) filed a derivative shareholder petition in the Court of Chancery of the State of Delaware, on its behalf and purportedly on behalf of all other similarly situated public stockholders of the Company against certain of the Company’s directors (collectively “the defendants”) and naming the Company as a nominal party. The Complainant seeks relief by requesting the court to declare a specific provision of the Company’s shareholders rights plan (the “Rights Plan”) invalid, unenforceable and severable. Further, the Complainant seeks certain other relief relative to its allegations that the defendants breached their fiduciary responsibilities by (i) not redeeming or repealing the Rights Plan, or amending the Rights Plan to eliminate the challenged provision; and/or (ii) failing to promptly “approve” for purposes of the Rights Plan four dissident nominees for election to the Company’s board of directors nominated by a stockholder of the Company. The Company believes the claim is without merit and will vigorously defend the matter. On March 4, 2015, the Company’s board of directors took action to accelerate the final termination date of the rights under the Rights Plan to the close of business on March 6, 2015, effectively terminating the Rights Plan as of such time. On March 10, 2015, the Complainant notified the court that it anticipates it will dismiss the action without prejudice. While the Company cannot make an assessment of the eventual outcome of all matters or determine the extent, if any, of any potential uninsured liability or damage, accruals of $1.9 million which include the Furmanite America, Inc. litigation, were recorded in accrued expenses and other current liabilities as of both December 31, 2014 and 2013. While there is a reasonable possibility that a loss exceeding amounts already recognized could occur, the Company does not believe such amounts would be material to its financial statements. The Company has other contingent liabilities resulting from litigation, claims and commitments incident to the ordinary course of business. Management believes, after consulting with counsel, that the ultimate resolution of such contingencies will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. |
Business Segment Data and Geographical Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Data and Geographical Information | Business Segment Data and Geographical Information An operating segment is defined as a component of an enterprise about which separate financial information is available that is evaluated regularly by the chief decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company operates in two segments that are based on its service and product offerings: 1) Technical Services and 2) Engineering & Project Solutions. For 2012, all results (excluding Corporate) are reportable under the Technical Services segment. Included in its Technical Services segment are the specialized technical services the Company provides to a global customer base that includes petroleum refineries, chemical plants, pipelines, offshore drilling and production platforms, steel mills, food and beverage processing facilities, power generation and other flow-process industries. The Engineering & Project Solutions segment provides process management inspection services to contractors and operators participating primarily in the midstream oil and gas market, substantially all of which are in the Americas. A wide range of inspection services are offered, including, mechanical integrity, quality assurance and regulatory compliance services for pipelines and other capital, turnaround, maintenance and mechanical integrity projects. Previously, the Engineering & Project Solutions segment also included the operations of the FTS division, which provided professional engineering, construction management and plant asset management services. As discussed in Note 1, due to the sale of FTS in September 2015, the Company has retrospectively reclassified the operating results of FTS to discontinued operations. Accordingly, FTS is excluded from the presentation of segment information below. Prior period segment information has been restated to conform to the current-period presentation. The Company evaluates performance based on the operating income (loss) from each segment which excludes interest income and other income (expense), interest expense, and income tax expense (benefit), which are not allocated to the segments. The accounting policies of the reportable segments are the same as those described in Note 1. Intersegment revenues are recorded at cost plus a profit margin. All transactions and balances between segments are eliminated in consolidation. The following is a summary of the financial information of the Company’s reportable segments as of and for the years ended December 31, 2014, 2013 and 2012 reconciled to the amounts reported in the consolidated financial statements (in thousands):
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The following geographical area information includes total long-lived assets (which consist of all non-current assets, other than goodwill, indefinite-lived intangible assets and deferred tax assets) based on physical location at December 31, (in thousands):
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Significant Customers |
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Dec. 31, 2014 | |
Significant Customers [Abstract] | |
Significant Customers | Significant Customers No single customer accounted for more than 10% of the consolidated revenues during any of the past three fiscal years. |
Fair Value of Financial Instruments and Credit Risk |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments and Credit Risk | Fair Value of Financial Instruments and Credit Risk Fair value is defined under FASB ASC 820, Fair Value Measurements and Disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under FASB ASC 820 must maximize the use of the observable inputs and minimize the use of unobservable inputs. The standard established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.
The following table presents the Company’s fair value hierarchy for its financial instruments that required disclosure of their fair values on a recurring basis as of December 31, 2014 and 2013.
The estimated fair value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the relatively short period to maturity of these instruments. The estimated fair value of all debt as of December 31, 2014 and 2013 approximated the carrying value. These fair values, which are Level 3 measurements, were estimated based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, when quoted market prices were not available. The estimated fair value of the Company’s financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange. There were no transfers between Levels of the fair value hierarchy during the years ended December 31, 2014 or 2013. The Company provides services to an international client base that includes petroleum refineries, chemical plants, offshore energy production platforms, steel mills, nuclear and conventional power stations, pulp and paper mills, food and beverage processing plants, and other flow process facilities. The Company does not believe that it has a significant concentration of credit risk at December 31, 2014, as the Company’s accounts receivable are generated from these business industries with customers located throughout the Americas, EMEA and Asia-Pacific. |
Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarterly operating results for 2014 and 2013 are summarized as follows (in thousands, except per share data):
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Subsequent Event [Abstract] | |
Subsequent Event | Subsequent Event With respect to the Stockholders Rights Plan described in Note 11, on March 4, 2015, the Board of Directors of the Company approved a change to the terms of the Company’s existing Rights Agreement, dated as of April 15, 2008, by and between the Company and The Bank of New York Trust Company, N.A. to accelerate the final expiration date of the Rights to the close of business on March 6, 2015, effectively terminating the Stockholders Rights Plan as of such date. |
Description of Business and Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Business | Description of Business Furmanite Corporation (the “Parent Company”) together with its subsidiaries (collectively, the “Company” or “Furmanite”) conducts business under two operating segments: 1) Technical Services and 2) Engineering & Project Solutions. Technical Services provides specialized technical services, including on-line, off-line and other services. On-line services include leak sealing, hot tapping, line stopping, line isolation, composite repair, valve testing and certain non-destructive testing and inspection services, while off-line services include on-site machining, heat treatment, bolting, valve repair and other non-destructive testing and inspection services. Other services include SmartShimTM services, concrete repair, engineering services, valves and other products and manufacturing. These services and products are provided primarily to electric power generating plants, petroleum industry, which includes refineries and offshore drilling rigs (includes subsea), chemical plants and other process industries in the Americas (which includes operations in North America, South America and Latin America), EMEA (which includes operations in Europe, the Middle East and Africa) and Asia-Pacific through a wholly owned subsidiary of the Parent Company, Furmanite Worldwide, Inc. (“FWI”), and its domestic and international subsidiaries and affiliates. The Engineering & Project Solutions operating segment provides process management inspection services to contractors and operators participating primarily in the midstream oil and gas market, substantially all of which are in the Americas. A wide range of inspection services are offered, including, mechanical integrity, quality assurance and regulatory compliance services for pipelines and other capital, turnaround, maintenance and mechanical integrity projects. Furmanite currently operates over 30 offices in the United States (“U.S.”) including Saraland, Alabama; Benicia, California; Fairfield, California; Torrance, California; Lombard, Illinois; Hobart, Indiana; Louisville, Kentucky; Baton Rouge, Louisiana; Geismar, Louisiana; Gonzales, Louisiana; Sulphur, Louisiana; Paulsboro, New Jersey; Charlotte, North Carolina; Muskogee, Oklahoma; Tulsa, Oklahoma; Pittsburgh, Pennsylvania; Rock Hill, South Carolina; Beaumont, Texas; Corpus Christi, Texas; Houston, Texas; La Porte, Texas; Salt Lake City, Utah; Norfolk, Virginia; Kent, Washington; Huntington, West Virginia; and Parkersburg, West Virginia. The worldwide operations are further supported by offices currently located on six continents in Australia, Azerbaijan, Bahrain, Belgium, Canada, China, Denmark, France, Germany, Malaysia, The Netherlands, New Zealand, Norway, Singapore, Sweden and the United Kingdom (“U.K.”) and by licensee and agency arrangements which are based in Argentina, Belgium, Brazil, Columbia, Chile, Ecuador, Italy, Japan, Mexico, Peru, Puerto Rico, Qatar, Romania, Russia, Trinidad, Turkey and the United Arab Emirates. The Company’s common stock, no par value, trades on the New York Stock Exchange under the ticker symbol “FRM”. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. The following significant accounting policies are followed by the Company and its subsidiaries in the preparation of its consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. |
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Retrospective Reclassification of the Furmanite Technical Solutions Division to Discontinued Operations | Retrospective Reclassification of the Furmanite Technical Solutions Division to Discontinued Operations In September 2015, a subsidiary of the Company sold the Furmanite Technical Solutions (“FTS”) division of the Company’s Engineering & Project Solutions operating segment. The consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on March 10, 2015, reflected FTS in continuing operations in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). As a result of the sale of FTS, beginning with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the SEC on November 6, 2015, the operating results, assets, liabilities and cash flows of FTS have been presented as discontinued operations, in accordance with U.S. GAAP. The Company is filing these consolidated financial statements to apply this change in presentation retrospectively to the consolidated financial statements, including the accompanying notes, that were included in the Annual Report. Except for the retrospective reclassification described above, these consolidated financial statements, including the accompanying notes, do not include any updates or revisions to reflect any events or occurrences after the date of the filing of the Annual Report. Therefore, these consolidated financial statements should be read in conjunction with the Annual Report and the Company’s other filings made with the SEC subsequent to the filing of the Annual Report, including quarterly reports on Form 10-Q for the quarterly periods ended March 31, 2015, June 30, 2015 and September 30, 2015. Refer to Note 2 for additional information on discontinued operations. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash is generally invested in high credit quality and highly liquid short-term investments with original maturities of three months or less. Accordingly, uninvested cash in excess of requirements for operating purposes is kept at minimum levels. Cash equivalents are stated at cost, which approximates market value, and are primarily invested in conservative, highly-rated instruments issued by financial institutions or government entities with strong credit ratings. At certain times, such amounts exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company had short-term investments with two financial institutions at December 31, 2014 that were not insured by the FDIC in the amount of $8.2 million. The Company has not experienced any losses on these investments. Cash in foreign bank accounts at December 31, 2014 and 2013 was $19.8 million and $17.2 million, respectively. |
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Accounts Receivable | Accounts Receivable The majority of accounts receivable are due from companies with petroleum refineries, chemical plants, offshore energy production platforms, steel mills, nuclear and conventional power stations, pulp and paper mills, food and beverage processing plants and other flow-processing facilities. Credit is extended based on evaluation of the customer’s financial condition and generally collateral is not required. Accounts receivable outstanding longer than contractual payment terms are considered past due. The Company regularly evaluates and adjusts for doubtful accounts receivable based on a combination of write-off history, aging analysis and information available on specific accounts. The Company writes off accounts receivable when they become uncollectible. Any payments subsequently received on such receivables are credited to the allowance in the period the payment is received. Changes in the allowance for doubtful accounts for the years ended December 31, are as follows (in thousands):
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Inventories | Inventories Inventories are valued at the lower of cost or market. Cost is determined using the weighted average cost method. Inventory quantities on hand are reviewed regularly based on related service levels and functionality, and carrying cost is reduced to net realizable value for inventories in which their cost exceeds their utility, due to physical deterioration, obsolescence, changes in price levels or other causes. The cost of inventories consumed or products sold are included in operating costs. |
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Property and Equipment | Property and Equipment Property and equipment are carried at historical cost. Certain leases have been capitalized and the leased assets have been included in property and equipment. Additions of new equipment and major renewals and replacements of existing equipment are capitalized. Repairs and minor replacements that do not materially increase values or extend useful lives are expensed in the period in which they are incurred. Depreciation of property and equipment is provided on a straight-line basis at rates based upon the expected useful lives of the various classes of assets. The expected useful lives of property and equipment are as follows: buildings—forty years, machinery and equipment—five to ten years, furniture and fixtures—three to five years, vehicles—four to six years and other property and equipment—two to five years. |
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Long-lived assets | Long-Lived Assets Property, Plant and Equipment The Company accounts for property, plant and equipment in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment. Under FASB ASC 360, the Company reviews property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Factors that may affect recoverability include changes in planned use of equipment, closing of facilities and discontinuance of service lines. Property and equipment to be held and used is reviewed at least annually for possible impairment. The Company’s impairment review is based on an estimate of the undiscounted cash flow at the lowest level for which identifiable cash flows exist. Impairment occurs when the carrying value of the assets exceeds the estimated future undiscounted cash flows generated by the asset and the impairment is viewed as other than temporary. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value. Depending on the asset, fair market value may be determined either by use of a discounted cash flow model or by reference to estimated selling values of assets in similar condition. No impairment of property, plant and equipment was recorded in 2014 or 2013. Goodwill and Intangible Assets The Company accounts for goodwill and other intangible assets in accordance with the provisions of FASB ASC 350, Intangibles—Goodwill and Other. Under FASB ASC 350, intangible assets with lives restricted by contractual, legal or other means are amortized over their useful lives. Goodwill and other intangible assets not subject to amortization are tested for impairment annually (in the fourth quarter of each calendar year), or more frequently if events or changes in circumstances indicate that the assets might be impaired. Examples of such events or circumstances include a significant adverse change in legal factors or in the business climate, an adverse action or assessment by a regulator, or a loss of key personnel. FASB ASC 350 requires a two-step process for testing goodwill impairment, however it permits an entity the option to first assess qualitative factors to determine whether it is necessary to perform the two-step goodwill impairment test. If it is determined that, based on a qualitative assessment, it is not more likely than not that the Company’s fair value is less than its carrying amount, then the first and second steps of the goodwill impairment test are unnecessary. The Company has elected to bypass the qualitative assessment for all reporting units at December 31, 2014 and 2013 and proceed directly to performing the first step of the goodwill impairment test. Under the first step of the two-step process, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. A reporting unit is an operating segment or one level below an operating segment (referred to as a component). Two or more components of an operating segment shall be aggregated and deemed a single reporting unit if the components have similar economic characteristics. As of December 31, 2014 and 2013, the Company has two reporting units for the purpose of testing goodwill impairment as the business segments are determined to be the reporting units. Second, if an impairment is indicated, the implied fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill and other intangible assets is measured as the excess of the carrying value over the implied fair value. The Company uses a multiple of revenues as the basis for its measurement of fair value as management considers this approach the most meaningful measure for its reporting units, given the nature of the Company’s business. To support the reasonableness of the calculated fair value, the Company compares the sum of the calculated fair values to the market capitalization of the Company as a whole, as the quoted market price provides the best evidence of fair value on a Company-wide basis. Based on valuations performed by the Company at December 31, 2014 and 2013, no impairment was indicated. As of December 31, 2014, goodwill of continuing operations totaled $15.6 million, all of which was associated with the Technical Services operating segment. As of December 31, 2013, goodwill of continuing operations totaled $15.5 million, all of which was associated with the Technical Services operating segment. At both December 31, 2014 and 2013, $2.6 million of indefinite-lived intangible assets (primarily trade names) were included in intangible and other assets on the consolidated balance sheets. Gross finite-lived intangible assets of $11.6 million and $11.7 million, respectively, were also included in intangible and other assets as of December 31, 2014 and 2013, with accumulated amortization of $6.6 million and $4.3 million, respectively. The change in gross finite-lived intangible assets during 2014 was associated with changes in foreign exchange rates on certain intangible assets within the EMEA and Asia-Pacific regions of the Technical Services segment. Amortization expense for finite-lived intangible assets totaled $2.3 million, $2.6 million and $1.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: customer contracts and relationships—one to five years, non-compete agreements—five years, patents, licenses and other—one to ten years. Finite-lived intangible assets are reviewed for impairment in accordance with the provisions of FASB ASC 360. In connection with a review in 2012, the Company recognized an impairment loss of $0.4 million in selling, general and administrative expense related to certain finite-lived assets which were determined to have no value following the termination of a contract. There were no such impairments in 2014 or 2013. Finite-lived intangible assets subject to amortization consisted of the following as of December 31, (in thousands):
As of December 31, 2014, future amortization expense related to finite-lived intangible assets subject to amortization is estimated to be as follows (in thousands):
The weighted-average amortization period for intangible assets subject to amortization is approximately 2.7 years. |
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Revenue Recognition | Revenue Recognition Revenues are recorded in accordance with FASB ASC 605, Revenue Recognition, when realized or realizable, and earned. Revenues are recognized when persuasive evidence of an arrangement exists, services to customers have been rendered or products have been delivered, the selling price is fixed or determinable and collectability is reasonably assured. Revenues are recorded net of sales tax. Substantially all projects are short term in nature and are generally billed on a time and materials basis when the work is completed. Revenue is typically recognized when services are rendered or when product is shipped to the job site and risk of ownership passes to the customer. Infrequently, the Company enters into contracts that are longer in duration that represent multiple element arrangements, which include a combination of services and products. For these contracts, revenues are allocated to the separate deliverables on the basis of stand-alone selling prices and recognized when the services have been rendered or the products delivered to the customer. The Company provides limited warranties to customers, depending upon the service performed. Warranty claim costs were not material during any of the years ended December 31, 2014, 2013 or 2012. |
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Operating Costs | Operating Costs Operating costs include direct and indirect labor along with related fringe benefits, materials, freight, travel, engineering, vehicles, equipment rental and restructuring charges, and are expensed as incurred. Direct costs related to projects for which the earnings process have not been completed and therefore not qualifying for revenue recognition are recorded as work-in-process inventory. |
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Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses include payroll and related fringe benefits, marketing, travel, rent, information technology, insurance, professional fees and restructuring charges, and are expensed as incurred. |
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Foreign Currency Translation | Foreign Currency Translation The Company translates the balance sheets of its foreign subsidiaries using year-end exchange rates and translates income statement amounts using the average exchange rates in effect during the year. Gains and losses resulting from the change in exchange rates from year to year are reported separately as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income. The Company has no foreign subsidiaries subject to foreign exchange restrictions. Considering the Company’s global nature, and its exposure to foreign currencies, the financial results in any geographical area can be impacted by changes in currency exchange rates in any given year. Within the Company’s Technical Services segment, financial results in 2014 were favorably impacted in EMEA but were partially offset by unfavorable impacts in Asia-Pacific as a result of currency changes during the year. In 2013, financial results were unfavorably impacted in EMEA and Asia-Pacific and in 2012, the financial results were favorably impacted in EMEA but were partially offset by unfavorable impacts in Asia-Pacific as a result of currency exchange rate changes during the respective years. |
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Stock-Based Compensation | Stock-Based Compensation All stock-based compensation is recognized as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. The fair value of stock-based payment awards on the date of grant as determined by the Black-Scholes model is affected by the Company’s stock price on the date of the grant as well as other assumptions. Assumptions utilized in the fair value calculations include the expected stock price volatility over the term of the awards (estimated using the historical volatility of the Company’s stock price), the risk free interest rate (based on the U.S. Treasury Note rate over the expected term of the option), the dividend yield (assumed to be zero, as the Company has not paid, nor anticipates paying, any cash dividends), and employee stock option exercise behavior and forfeiture assumptions (based on historical experience and other relevant factors). For performance-based awards, the Company must also make assumptions regarding the likelihood of achieving performance targets. |
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Income Taxes | Income Taxes Deferred tax assets and liabilities result from temporary differences between U.S. GAAP and tax treatment of certain income and expense items. The Company must assess and make estimates regarding the likelihood that the deferred tax assets will be recovered. To the extent that it is determined the deferred tax assets will not be recovered, a valuation allowance is established for such assets. In making such a determination, the Company must take into account positive and negative evidence including projections of future taxable income and assessments of potential tax planning strategies. The Company recognizes the tax benefit from uncertain tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by the applicable taxing authorities, based on the technical merits of the position. The tax benefit recognized is based on the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority. Uncertain tax positions in certain foreign jurisdictions would not impact the effective foreign tax rate because unrecognized non-current tax benefits are offset by the foreign net operating loss carryforwards, which are fully reserved. The Company recognizes interest expense on underpayments of income taxes and accrued penalties related to unrecognized non-current tax benefits as part of the income tax provision. |
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Defined Benefit Pension Plan | Defined Benefit Pension Plan Pension benefit costs and liabilities are dependent on assumptions used in calculating such amounts. The primary assumptions include factors such as discount rates, expected investment return on plan assets, mortality rates and retirement rates. These rates are reviewed annually and adjusted to reflect current conditions. These rates are determined based on reference to yields. The compensation increase rate is based on historical experience. The expected return on plan assets is derived from detailed periodic studies, which include a review of asset allocation strategies, anticipated future long-term performance of individual asset classes, risks (standard deviations) and correlations of returns among the asset classes that comprise the plans’ asset mix. While the studies give appropriate consideration to recent plan performance and historical returns, the assumptions are primarily long-term, prospective rates of return. Mortality and retirement rates are based on actual and anticipated plan experience. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods and, therefore, generally affect recognized expense and the recorded obligation in future periods. While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the pension obligation and future expense. |
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Contingencies | Contingencies Environmental Liabilities are recorded when site restoration or environmental remediation and cleanup obligations are either known or considered probable and can be reasonably estimated. Recoveries of environmental costs through insurance, indemnification arrangements or other sources are recognized when such recoveries become certain. The Company capitalizes environmental costs only if the costs are recoverable and the costs extend the life, increase the capacity, or improve the safety or efficiency of property owned by the Company as compared with the condition of that property when originally constructed or acquired, or if the costs mitigate or prevent environmental contamination that has yet to occur and that otherwise may result from future operations or activities and the costs improve the property compared with its condition when constructed or acquired. All other environmental costs are expensed. Other The Company establishes a liability for all other loss contingencies, when information indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. |
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Exit or Disposal Cost Obligations | Exit or Disposal Cost Obligations In 2010 and 2012, the Company committed to cost reduction initiatives, including planned workforce reductions and restructuring of certain functions. The Company has taken these specific actions in order to strategically align its operating, selling, general and administrative costs to revenue. The Company has recorded expenses related to these cost reduction initiatives for severance, lease cancellations, and other restructuring costs in accordance with FASB ASC 420-10, “Exit or Disposal Cost Obligations” and FASB ASC 712-10, “Nonretirement Postemployment Benefits.” Under FASB ASC 420-10, costs associated with restructuring activities are generally recognized when they are incurred. In the case of leases, the expense is estimated and accrued when the property is vacated. In addition, post-employment benefits accrued for workforce reductions related to restructuring activities are accounted for under FASB ASC 712-10. A liability for post-employment benefits is generally recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional provisions or reverse a portion of such provisions. |
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Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include revenue recognition, allowance for doubtful accounts, goodwill, intangible assets and long-lived assets, fair value estimates associated with acquisitions, stock-based compensation, defined benefit pension plan, income taxes, restructuring accruals and contingencies. |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides for a single five-step model to be applied in determining the amount and timing of the recognition of revenue related to contracts with customers. The new guidance also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the guidance. There is no option for early adoption. The provisions of the new guidance are effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidations Analysis, which changes the guidance with respect to the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Companies have an option of using either a full retrospective or modified retrospective adoption approach. The updated guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. |
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Reclassifications | Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on the consolidated financial position, results of operations or cash flows of the Company. |
Description of Business and Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for doubtful accounts | Changes in the allowance for doubtful accounts for the years ended December 31, are as follows (in thousands):
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Finite-lived intangible assets subject to amortization | Finite-lived intangible assets subject to amortization consisted of the following as of December 31, (in thousands):
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Future amortization expense related to finite-lived intangible assets | As of December 31, 2014, future amortization expense related to finite-lived intangible assets subject to amortization is estimated to be as follows (in thousands):
|
Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of discontinued operations details | Loss from discontinued operations, net of income tax, included in the consolidated statements of income consists of the following for the years ended December 31, (in thousands):
____________________________
Assets and liabilities of discontinued operations included in the consolidated balance sheets consist of the following at December 31, (in thousands):
|
Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ENGlobal Engineering & Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following amounts represent the determination of the fair value of the assets acquired and liabilities assumed (in thousands):
____________________________
|
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Houston Service Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following amounts represent the determination of the fair value of the assets acquired and liabilities assumed (in thousands):
______________________________
|
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of basic and diluted weighted-average common shares outstanding and earnings (loss) per share | Basic and diluted weighted-average common shares outstanding and earnings per share from continuing operations include the following for the years ended December 31, (in thousands, except per share data):
|
Inventories, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories consisted of the following at December 31, (in thousands):
|
Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property and equipment | Property and equipment consisted of the following at December 31, (in thousands):
|
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Summary of vehicles under capital leases included in cost and accumulated depreciation and amortization | Vehicles under capital leases are included in the cost and accumulated depreciation and amortization as follows at December 31, (in thousands):
|
Accrued Expenses and Other Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of accrued expenses and other current liabilities | Accrued expenses consisted of the following at December 31, (in thousands):
______________________________
|
Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restructuring costs associated with the cost reduction initiative | Restructuring costs (adjustments) associated with the cost reduction initiatives for the years ended December 31, consisted of the following (in thousands), all of which were associated with the EMEA region in the Technical Services segment:
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Summary of activity related to reserves associated with the remaining cost reduction initiative | The activity related to reserves associated with the cost reduction initiatives for the year ended December 31, 2014, is as follows (in thousands):
The activity related to reserves associated with the cost reduction initiatives for the year ended December 31, 2013, is as follows (in thousands):
|
Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt is summarized as follows at December 31, (in thousands):
|
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Summary of debt maturities | At December 31, 2014, debt maturities on consolidated debt were as follows (in thousands):
|
Retirement Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic pension cost | Net pension cost included the following components for the years ended December 31, (in thousands):
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Summary of weighted average assumptions | The weighted average assumptions used to determine benefit obligations at December 31, are as follows:
______________________________
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, are as follows:
______________________________
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Changes in the benefit obligation and plan assets | The following table sets forth the changes in the benefit obligation and plan assets for the years ended December 31, (in thousands):
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Expected future benefit payments, which reflects expected future service | At December 31, 2014, expected future benefit payments, which reflect expected future service, are as follows for the years ended December 31, (in thousands):
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Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | The following table summarizes the plan assets of the U.K. Plan measured at fair value on a recurring basis (at least annually) as of December 31, (in thousands):
______________________________
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Summary of changes in the fair value of the Level 3 assets | The following table sets forth a summary of changes in the fair value of the Level 3 assets for the year ended December 31, 2014:
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Summary of weighted average asset allocation and target asset allocations by asset category |
______________________________
|
Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of weighted-average estimated value of employee stock options granted using Black-Scholes model | The weighted-average estimated value of employee stock options granted in 2014, 2013 and 2012 were estimated using the Black-Scholes model with the following weighted average assumptions:
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Summary of changes in stock options outstanding | The changes in stock options outstanding for the Company’s plan for the year ended December 31, 2014 were as follows:
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Summary of the status of the Company's nonvested restricted stock | A summary of the status of the Company’s nonvested restricted stock and restricted stock units for the year ended December 31, 2014, is as follows:
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Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of accumulated other comprehensive loss in the equity | Accumulated other comprehensive loss in the equity section of the consolidated balance sheets includes the following (in thousands):
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Other comprehensive income (loss) in the consolidated statement of comprehensive income (loss) | Changes in accumulated other comprehensive income (loss) by component in the consolidated statements of comprehensive income (loss) include the following for the years ended December 31, 2014, 2013, and 2012 (in thousands):
____________________________
|
Derivative Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Interest Rate Swap Outstanding | The following table summarizes the terms of the interest rate swap outstanding at December 31, 2014 (in thousands).
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Schedule of Fair Value of Derivative Financial Instruments in Consolidated Balance Sheets | The tables below presents the fair value of the Company’s derivative financial instrument as well as its classification on the consolidated balance sheets as of December 31, 2014 and 2013 (in thousands).
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Schedule of Derivative Financial Instruments, Effect on Consolidated Statements of Comprehensive Income (Loss) | The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of comprehensive income (loss) for the years ended December 31, (in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of income (loss) from continuing operations before income tax (expense) benefit | Income from continuing operations before income tax expense is comprised of the following components for the years ended December 31, (in thousands):
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Summary of income tax (expense) benefit | Income tax (expense) benefit attributable to continuing operations is comprised of the following components for the years ended December 31, (in thousands):
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Difference between the amount of tax expense provided and the amount of tax expense computed by applying the statutory federal income tax rate to income from continuing operations before income taxes | The differences between the amount of tax expense provided and the amount of tax expense computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for the years ended December 31, are as follows (in thousands):
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Summary of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities of continuing operations at December 31, are as follows (in thousands):
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Summary of reconciliation of change in unrecognized tax benefits | A reconciliation of the change in the unrecognized tax benefits for the years ended December 31, is as follows (in thousands):
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of future minimum rental commitments under all leases | At December 31, 2014, future minimum rental commitments under all capital leases classified as long-term debt and operating leases are as follows (in thousands):
____________________________ 1 Includes $2.8 million, $2.1 million, $1.6 million and $0.4 million for 2015, 2016, 2017 and 2018, respectively, related to discontinued operations. |
Business Segment Data and Geographical Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the financial information of segment reported | The following is a summary of the financial information of the Company’s reportable segments as of and for the years ended December 31, 2014, 2013 and 2012 reconciled to the amounts reported in the consolidated financial statements (in thousands):
______________________________
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Long-lived assets based on physical location | The following geographical area information includes total long-lived assets (which consist of all non-current assets, other than goodwill, indefinite-lived intangible assets and deferred tax assets) based on physical location at December 31, (in thousands):
|
Fair Value of Financial Instruments and Credit Risk (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments | The following table presents the Company’s fair value hierarchy for its financial instruments that required disclosure of their fair values on a recurring basis as of December 31, 2014 and 2013.
|
Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of quarterly operating results | Quarterly operating results for 2014 and 2013 are summarized as follows (in thousands, except per share data):
______________________________
|
Description of Business and Summary of Significant Accounting Policies - Changes in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Changes in the allowance for doubtful accounts | |||
Allowance for doubtful accounts at beginning of year | $ 1,014 | $ 1,648 | $ 1,272 |
Provision for doubtful accounts | 78 | 37 | 1,604 |
Currency adjustments | (77) | (5) | 38 |
Write-offs, net of recoveries | 21 | (666) | (1,266) |
Allowance for doubtful accounts at end of year | $ 1,036 | $ 1,014 | $ 1,648 |
Description of Business and Summary of Significant Accounting Policies - Finite-lived Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 11,566 | $ 11,678 |
Accumulated Amortization | (6,574) | (4,341) |
Net Carrying Amount | 4,992 | 7,337 |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 7,949 | 7,949 |
Accumulated Amortization | (4,075) | (2,475) |
Net Carrying Amount | 3,874 | 5,474 |
Non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 2,231 | 2,313 |
Accumulated Amortization | (1,432) | (1,026) |
Net Carrying Amount | 799 | 1,287 |
Patents, licenses and other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,386 | 1,416 |
Accumulated Amortization | (1,067) | (840) |
Net Carrying Amount | $ 319 | $ 576 |
Description of Business and Summary of Significant Accounting Policies - Future Amortization Expense Related to Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Future amortization expense related to finite-lived intangible assets | ||
2015 | $ 2,040 | |
2016 | 1,718 | |
2017 | 1,207 | |
2018 | 5 | |
2019 | 5 | |
Thereafter | 17 | |
Net Carrying Amount | $ 4,992 | $ 7,337 |
Description of Business and Summary of Significant Accounting Policies - Locations (Details) |
Dec. 31, 2014
office
continet
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of U.S. locations | office | 30 |
Number of continents | continet | 6 |
Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
[3] | Jun. 30, 2014 |
Mar. 31, 2014 |
[3] | Dec. 31, 2013 |
Sep. 30, 2013 |
[4] | Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||||||||
Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||||||||||||
Revenues | [1] | $ 115,768 | $ 37,077 | $ 0 | ||||||||||||||||||||
Operating costs (exclusive of depreciation and amortization) | (105,493) | (35,224) | 0 | |||||||||||||||||||||
Depreciation and amortization expense | (1,285) | (501) | 0 | |||||||||||||||||||||
Selling, general and administrative expense | [2] | (9,903) | (3,659) | 0 | ||||||||||||||||||||
Other income (expense), net | (8) | (5) | 0 | |||||||||||||||||||||
Loss from discontinued operations, before income tax | (921) | (2,312) | 0 | |||||||||||||||||||||
Income tax benefit | 382 | 917 | 0 | |||||||||||||||||||||
Loss from discontinued operations, net of income tax | $ 315 | $ (110) | $ (364) | $ (380) | $ (1,291) | [4] | $ (104) | $ 0 | $ 0 | (539) | (1,395) | 0 | ||||||||||||
Discontinued Operation, Assets, Current [Abstract] | ||||||||||||||||||||||||
Accounts receivable, trade | 17,104 | 21,461 | 17,104 | 21,461 | ||||||||||||||||||||
Inventories, net | 687 | 492 | 687 | 492 | ||||||||||||||||||||
Prepaid expenses and other current assets | 4,872 | 5,045 | 4,872 | 5,045 | ||||||||||||||||||||
Deferred tax assets, current | 1,203 | 1,252 | 1,203 | 1,252 | ||||||||||||||||||||
Current assets of discontinued operations | 23,866 | 28,250 | 23,866 | 28,250 | ||||||||||||||||||||
Discontinued Operation, Assets, Noncurrent [Abstract] | ||||||||||||||||||||||||
Property and equipment, net | 2,075 | 3,112 | 2,075 | 3,112 | ||||||||||||||||||||
Goodwill | 249 | 0 | 249 | 0 | ||||||||||||||||||||
Intangible and other assets, net | 999 | 1,435 | 999 | 1,435 | ||||||||||||||||||||
Total non-current assets | 3,323 | 4,547 | 3,323 | 4,547 | ||||||||||||||||||||
Total assets of discontinued operations | 27,189 | 32,797 | 27,189 | 32,797 | $ 0 | |||||||||||||||||||
Discontinued Operation, Liabilities, Current [Abstract] | ||||||||||||||||||||||||
Accounts payable | 454 | 835 | 454 | 835 | ||||||||||||||||||||
Accrued expenses and other current liabilities | 8,941 | 9,045 | 8,941 | 9,045 | ||||||||||||||||||||
Current liabilities of discontinued operations | 9,395 | 9,880 | 9,395 | 9,880 | ||||||||||||||||||||
Discontinued Operation, Liabilities, Noncurrent [Abstract] | ||||||||||||||||||||||||
Non-current liabilities of discontinued operations | 19 | 330 | 19 | 330 | ||||||||||||||||||||
Total liabilities of discontinued operations | $ 9,414 | $ 10,210 | 9,414 | 10,210 | ||||||||||||||||||||
Furmanite Technical Solutions | ||||||||||||||||||||||||
Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||||||||||||
Management transition and integration-related costs | $ 500 | $ 700 | ||||||||||||||||||||||
|
Acquisitions - Fair Value of Net Assets Acquired - ENGlobal Engineering & Construction (Details) - USD ($) $ in Thousands |
1 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 15,648 | $ 15,524 | ||||||||
ENGlobal Engineering & Construction | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Accounts receivable | [1] | $ 20,852 | ||||||||
Prepayments and other current assets | 562 | |||||||||
Property and equipment | 2,226 | |||||||||
Intangible assets | [2] | 1,282 | ||||||||
Goodwill | [3] | 249 | ||||||||
Deferred tax assets | 1,318 | |||||||||
Accounts payable | (161) | |||||||||
Accrued expenses and other current liabilities | (9,661) | |||||||||
Other non-current liabilities | (218) | |||||||||
Fair value of net assets acquired | 16,449 | |||||||||
Estimated receivable for working capital adjustment | 2,341 | |||||||||
Total purchase consideration | $ 18,790 | |||||||||
|
Acquisitions - Fair Value of Net Assets Acquired - Houston Service Center (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jun. 29, 2012 |
|||||
---|---|---|---|---|---|---|---|---|
Fair value of net assets acquired | ||||||||
Goodwill | $ 15,648 | $ 15,524 | ||||||
Houston Service Center | ||||||||
Fair value of net assets acquired | ||||||||
Inventory | $ 680 | |||||||
Property and equipment | 2,799 | |||||||
Goodwill | [1] | 900 | ||||||
Intangible assets | [2] | 4,924 | ||||||
Accrued expenses | (41) | |||||||
Fair value of net assets acquired | $ 9,262 | |||||||
|
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||
Schedule of Earnings Per Share Basic and Diluted and Exclusion of Anti Dilutive Securities [Line Items] | |||||||||||||||
Income from continuing operations | $ 4,455 | [1] | $ 1,172 | [1] | $ 4,871 | $ 1,396 | $ 3,873 | $ 2,224 | $ 6,761 | $ 2,564 | $ 11,894 | $ 15,422 | $ 805 | ||
Summary of basic and diluted weighted-average common shares outstanding and earnings per share from continuing operations | |||||||||||||||
Basic weighted average common shares outstanding | 37,631 | 37,422 | 37,266 | ||||||||||||
Dilutive effect of common stock equivalents | 236 | 208 | 228 | ||||||||||||
Diluted weighted-average common shares outstanding | 37,867 | 37,630 | 37,494 | ||||||||||||
Earnings per common share from continuing operations: | |||||||||||||||
Basic | $ 0.12 | $ 0.03 | $ 0.13 | $ 0.04 | $ 0.10 | $ 0.06 | $ 0.18 | $ 0.07 | $ 0.31 | $ 0.41 | $ 0.02 | ||||
Diluted | $ 0.12 | $ 0.03 | $ 0.13 | $ 0.04 | $ 0.10 | $ 0.06 | $ 0.18 | $ 0.07 | $ 0.31 | $ 0.41 | $ 0.02 | ||||
Stock Options | |||||||||||||||
Earnings per common share from continuing operations: | |||||||||||||||
Stock options and restricted stock units excluded from diluted weighted-average common shares outstanding because their inclusion would have an anti-dilutive effect: | 430 | 680 | 906 | ||||||||||||
|
Inventories, net - (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Summary of inventories | ||
Raw materials and supplies | $ 27,358 | $ 27,105 |
Work-in-process | 10,851 | 9,578 |
Finished goods | 219 | 231 |
Excess and obsolete reserve | (1,732) | (1,963) |
Total inventories | $ 36,696 | $ 34,951 |
Property and Equipment - (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Summary of property and equipment | ||
Property and equipment | $ 109,266 | $ 106,782 |
Construction in progress | 2,456 | 10,616 |
Less: accumulated depreciation and amortization | (59,411) | (54,547) |
Property and equipment, net | 49,855 | 52,235 |
Land | ||
Summary of property and equipment | ||
Property and equipment | 2,976 | 2,529 |
Buildings | ||
Summary of property and equipment | ||
Property and equipment | 7,602 | 7,267 |
Machinery and equipment | ||
Summary of property and equipment | ||
Property and equipment | 83,048 | 73,503 |
Furnitures and fixtures | ||
Summary of property and equipment | ||
Property and equipment | 7,445 | 6,788 |
Vehicles | ||
Summary of property and equipment | ||
Property and equipment | 2,684 | 2,679 |
Other | ||
Summary of property and equipment | ||
Property and equipment | $ 3,055 | $ 3,400 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 9.0 | $ 8.3 | $ 7.6 |
Property and Equipment - Vehicles Under Capital Leases (Details) - Vehicles - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Summary of vehicles under capital leases included in cost and accumulated depreciation and amortization | ||
Vehicle capital leases | $ 1,561 | $ 1,568 |
Less: accumulated depreciation and amortization | (1,553) | (1,542) |
Net equipment acquired under capital leases | $ 8 | $ 26 |
Accrued Expenses and Other Current Liabilities - (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
---|---|---|---|---|---|---|---|
Other Liabilities Disclosure [Abstract] | |||||||
Compensation and benefits | [1] | $ 15,171 | $ 18,528 | ||||
Estimated potential uninsured liability claims | 1,934 | 1,934 | |||||
Value added tax payable | 1,668 | 1,622 | |||||
Taxes other than income | 1,668 | 1,588 | |||||
Professional, audit and legal fees | 1,050 | 1,451 | |||||
Customer deposits | 651 | 1,370 | |||||
Other employee related expenses | 630 | 373 | |||||
Interest | 356 | 136 | |||||
Leases | 115 | 590 | |||||
Other | [2] | 1,425 | 1,675 | ||||
Total accrued expenses and other current liabilities | $ 24,668 | $ 29,267 | |||||
|
Accrued Expenses and Other Current Liabilities - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Compensation and benefits | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ||
Restructuring Reserve, Current | $ 0.3 | $ 0.3 |
Other accrued expenses and current liabilities | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ||
Restructuring Reserve, Current | $ 0.0 | $ 0.1 |
Restructuring - Costs by Cost Reduction Initiatives (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Summary of restructuring costs associated with the cost reduction initiative | |||
Severance and benefit costs | $ (65) | $ (91) | $ 3,102 |
Lease termination costs | (53) | 0 | 136 |
Other restructuring costs | 0 | 0 | 339 |
Total | $ (118) | $ (91) | $ 3,577 |
Long-Term Debt - (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Long-term debt | ||
Total long-term debt | $ 64,295 | $ 65,307 |
Less current portion of long-term debt | (2,442) | (2,111) |
Total long-term debt, non-current | 61,853 | 63,196 |
Borrowings under the revolving credit facility (the “Credit Agreement”) | ||
Long-term debt | ||
Total long-term debt | 59,300 | 59,300 |
Capital leases | ||
Long-term debt | ||
Total long-term debt | 8 | 23 |
Notes Payable | ||
Long-term debt | ||
Total long-term debt | 4,896 | 5,801 |
Other debt | ||
Long-term debt | ||
Total long-term debt | $ 91 | $ 183 |
Long-Term Debt - Maturities (Details) $ in Thousands |
Dec. 31, 2014
USD ($)
|
---|---|
Summary of debt maturities | |
2015 | $ 2,434 |
2016 | 1,249 |
2017 | 60,604 |
2018 | 0 |
2019 | 0 |
Total long-term debt | 64,287 |
Capital leases | 8 |
Total long-term debt and capital leases | $ 64,295 |
Retirement Plans - Net Pension Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Net periodic pension cost: | |||
Service cost | $ 300 | $ 778 | $ 1,032 |
Interest cost | 4,042 | 3,482 | 3,588 |
Expected return on plan assets | (4,351) | (3,555) | (3,174) |
Amortization of prior service credit | 0 | (96) | (97) |
Amortization of net actuarial loss | 495 | 1,350 | 941 |
Curtailment loss | 0 | 317 | 0 |
Net periodic pension cost | $ 486 | $ 2,276 | $ 2,290 |
Retirement Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Details) |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Summary of weighted average assumptions used to determine benefit obligations | ||
Discount rate | 3.70% | 4.60% |
Inflation | 2.90% | 3.30% |
Retirement Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summary of weighted average assumptions used to determine net periodic benefit cost | ||
Discount rate | 4.60% | 4.30% |
Expected long-term return on plan assets | 6.20% | 5.70% |
Rate of compensation increase | 2.70% | |
Inflation | 3.30% | 2.70% |
Retirement Plans - Changes in the Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Projected benefit obligation: | |||
Beginning of year | $ 90,445 | $ 85,058 | |
Service cost | 300 | 778 | $ 1,032 |
Interest cost | 4,042 | 3,482 | 3,588 |
Participants’ contributions | 0 | 194 | |
Actuarial loss (gain) | 8,371 | 2,211 | |
Benefits paid | (3,829) | (3,468) | |
Curtailment loss | 0 | 618 | |
Foreign currency translation adjustment and other | (6,004) | 1,572 | |
End of year | 93,325 | 90,445 | 85,058 |
Fair value of plan assets: | |||
Beginning of year | 72,540 | 66,522 | |
Actual gain on plan assets | 9,993 | 5,980 | |
Employer contributions | 2,028 | 2,227 | |
Participants’ contributions | 0 | 194 | |
Benefits paid | (3,829) | (3,468) | |
Foreign currency translation adjustment | (4,522) | 1,085 | |
End of year | 76,210 | 72,540 | $ 66,522 |
Excess projected obligation under (over) fair value of plan assets at end of year | (17,115) | (17,905) | |
Amounts recognized in accumulated other comprehensive loss: | |||
Net actuarial loss | 22,180 | 21,524 | |
Prior service cost (credit) | 0 | 0 | |
Net amount recognized in accumulated other comprehensive loss | $ 22,180 | $ 21,524 |
Retirement Plans - Expected Future Benefit Payments (Details) $ in Thousands |
Dec. 31, 2014
USD ($)
|
---|---|
Expected future benefit payments, which reflects expected future service | |
2015 | $ 3,220 |
2016 | 3,458 |
2017 | 3,714 |
2018 | 3,803 |
2019 | 4,146 |
2020-2024 | 25,093 |
Total | $ 43,434 |
Retirement Plans - Plan Assets of the U.K. Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | $ 76,210 | $ 72,540 | $ 66,522 | |||||||||||||||||||||||||||||||||
Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 74,209 | 70,515 | ||||||||||||||||||||||||||||||||||
Cash | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 572 | 555 | ||||||||||||||||||||||||||||||||||
U.K. equity | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [1] | 13,424 | 14,533 | |||||||||||||||||||||||||||||||||
U.S. equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [2] | 3,468 | 3,596 | |||||||||||||||||||||||||||||||||
European equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [3] | 3,229 | 3,677 | |||||||||||||||||||||||||||||||||
Pacific rim equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [4] | 2,565 | 2,476 | |||||||||||||||||||||||||||||||||
Japanese equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [5] | 2,026 | 2,254 | |||||||||||||||||||||||||||||||||
Emerging markets equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [6] | $ 2,066 | 2,087 | |||||||||||||||||||||||||||||||||
Diversified growth fund | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Return on investments in diversified portfolio of equity, bonds, alternatives and cash markets | Libor GBP 3 month +3% Index | |||||||||||||||||||||||||||||||||||
Diversified growth fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [7] | $ 13,859 | 14,357 | |||||||||||||||||||||||||||||||||
Global absolute return fund | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Return on investments in diversified portfolio of equity, bonds, alternatives and cash markets | cash plus 5% per year, gross of fees | |||||||||||||||||||||||||||||||||||
Global absolute return fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [8] | $ 6,916 | ||||||||||||||||||||||||||||||||||
Cash fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [9] | 3,482 | ||||||||||||||||||||||||||||||||||
Corporate bonds | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [10] | 13,592 | ||||||||||||||||||||||||||||||||||
U.K. government fixed income securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 9,649 | 2,694 | [11] | |||||||||||||||||||||||||||||||||
U.K. government index-linked securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 12,953 | [12] | 10,694 | [13] | ||||||||||||||||||||||||||||||||
Level 1 | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 572 | 555 | ||||||||||||||||||||||||||||||||||
Level 1 | Cash | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 572 | 555 | ||||||||||||||||||||||||||||||||||
Level 1 | U.K. equity | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [1] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | U.S. equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [2] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | European equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [3] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | Pacific rim equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [4] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | Japanese equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [5] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | Emerging markets equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [6] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | Diversified growth fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [7] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 1 | Global absolute return fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [8] | 0 | ||||||||||||||||||||||||||||||||||
Level 1 | Cash fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [9] | 0 | ||||||||||||||||||||||||||||||||||
Level 1 | Corporate bonds | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [10] | 0 | ||||||||||||||||||||||||||||||||||
Level 1 | U.K. government fixed income securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 0 | [14] | 0 | [11] | ||||||||||||||||||||||||||||||||
Level 1 | U.K. government index-linked securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | 0 | [12] | 0 | [13] | ||||||||||||||||||||||||||||||||
Level 2 | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 73,637 | 31,517 | |||||||||||||||||||||||||||||||||
Level 2 | Cash | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 2 | U.K. equity | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [1],[15] | 13,424 | 14,533 | |||||||||||||||||||||||||||||||||
Level 2 | U.S. equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [2],[15] | 3,468 | 3,596 | |||||||||||||||||||||||||||||||||
Level 2 | European equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [3],[15] | 3,229 | 0 | |||||||||||||||||||||||||||||||||
Level 2 | Pacific rim equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [4],[15] | 2,565 | 0 | |||||||||||||||||||||||||||||||||
Level 2 | Japanese equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [5],[15] | 2,026 | 0 | |||||||||||||||||||||||||||||||||
Level 2 | Emerging markets equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [6],[15] | 2,066 | 0 | |||||||||||||||||||||||||||||||||
Level 2 | Diversified growth fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [7],[15] | 13,859 | 0 | |||||||||||||||||||||||||||||||||
Level 2 | Global absolute return fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [8],[15] | 6,916 | ||||||||||||||||||||||||||||||||||
Level 2 | Cash fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [9],[15] | 3,482 | ||||||||||||||||||||||||||||||||||
Level 2 | Corporate bonds | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [10],[15] | 0 | ||||||||||||||||||||||||||||||||||
Level 2 | U.K. government fixed income securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 9,649 | [14] | 2,694 | [11] | |||||||||||||||||||||||||||||||
Level 2 | U.K. government index-linked securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 12,953 | [12] | 10,694 | [13] | |||||||||||||||||||||||||||||||
Level 3 | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 0 | 38,443 | |||||||||||||||||||||||||||||||||
Level 3 | Cash | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 3 | U.K. equity | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [1],[15] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 3 | U.S. equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [2],[15] | 0 | 0 | |||||||||||||||||||||||||||||||||
Level 3 | European equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [3],[15] | 0 | 3,677 | |||||||||||||||||||||||||||||||||
Level 3 | Pacific rim equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [4],[15] | 0 | 2,476 | |||||||||||||||||||||||||||||||||
Level 3 | Japanese equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [5],[15] | 0 | 2,254 | |||||||||||||||||||||||||||||||||
Level 3 | Emerging markets equity index | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [6],[15] | 0 | 2,087 | |||||||||||||||||||||||||||||||||
Level 3 | Diversified growth fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [7],[15] | 0 | 14,357 | |||||||||||||||||||||||||||||||||
Level 3 | Global absolute return fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [8],[15] | 0 | ||||||||||||||||||||||||||||||||||
Level 3 | Cash fund | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [9],[15] | 0 | ||||||||||||||||||||||||||||||||||
Level 3 | Corporate bonds | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [10],[15] | 13,592 | ||||||||||||||||||||||||||||||||||
Level 3 | U.K. government fixed income securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | 0 | [14] | 0 | [11] | |||||||||||||||||||||||||||||||
Level 3 | U.K. government index-linked securities | Fair Value, Measurements, Recurring | UK Pension Plan | ||||||||||||||||||||||||||||||||||||
Summary of the plan assets of the U.K. Plan measured at fair value on a recurring basis | ||||||||||||||||||||||||||||||||||||
Total | [15] | $ 0 | [12] | $ 0 | [13] | |||||||||||||||||||||||||||||||
|
Retirement Plans - Summary of Changes in the Fair Value of the Level 3 Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summary of changes in the fair value of the Level 3 assets | ||
Foreign currency translation adjustment | $ (4,522) | $ 1,085 |
UK Pension Plan | Level 3 | ||
Summary of changes in the fair value of the Level 3 assets | ||
Balance | 38,443 | |
Transfers out | (38,443) | |
Purchases | 0 | |
Sales | 0 | |
Gain (loss) | 0 | |
Foreign currency translation adjustment | 0 | |
Balance | $ 0 | $ 38,443 |
Retirement Plans - Weighted Average Asset Allocation and Target Asset Allocation by Asset Category (Details) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Summary of weighted average asset allocation and target asset allocations by asset category | |||||||
Asset Allocations | 100.00% | 100.00% | |||||
Target Asset Allocations | 100.00% | 100.00% | |||||
Equity securities and diversified growth funds | |||||||
Summary of weighted average asset allocation and target asset allocations by asset category | |||||||
Asset Allocations | [1] | 64.10% | 60.90% | ||||
Target Asset Allocations | [1] | 65.00% | 60.00% | ||||
Debt securities | |||||||
Summary of weighted average asset allocation and target asset allocations by asset category | |||||||
Asset Allocations | [2] | 35.10% | 38.30% | ||||
Target Asset Allocations | [2] | 35.00% | 40.00% | ||||
Other | |||||||
Summary of weighted average asset allocation and target asset allocations by asset category | |||||||
Asset Allocations | 0.80% | 0.80% | |||||
Target Asset Allocations | 0.00% | 0.00% | |||||
|
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
USD ($)
Vote
$ / shares
shares
|
Dec. 31, 2013
USD ($)
$ / shares
shares
|
Dec. 31, 2012
USD ($)
$ / shares
shares
|
|
Stockholders' Equity (Textual) [Abstract] | |||
Number of vote entitled each shareholder | Vote | 1 | ||
Par value of one-hundredth shares of series B Junior Participating Preferred Stock | $ / shares | $ 0.00 | ||
Price share of Series B Junior Participating Preferred Stock | $ / shares | $ 48 | ||
Rights expiration date | Apr. 19, 2018 | ||
Rights expiration date, accelerated date | Mar. 06, 2015 | ||
Stock option expiration period | 10 years | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 1,100 | $ 400 | $ 400 |
Granted (in shares) | 461,366 | 524,463 | 904,158 |
Vesting period | 5 years | ||
Authorized shares under stock option plan | 8,100,000 | ||
Shares available for additional issuance | 2,529,524 | ||
Stock-based compensation expense | $ | $ 2,723 | $ 1,065 | $ 893 |
Unrecognized tax benefit related to disposition of stock option and vesting of restricted stock | $ | 200 | $ 300 | $ 100 |
Total unrecognized compensation expense related to stock options | $ | $ 2,400 | ||
Company granted option with grant date fair market value | $ / shares | $ 4.85 | $ 7.40 | $ 2.63 |
Cash received from option exercises under the stock option plans | $ | $ 200 | $ 600 | $ 600 |
Intrinsic value of stock options exercised | $ | 600 | 1,100 | 200 |
Selling, general and administrative expenses | |||
Stockholders' Equity (Textual) [Abstract] | |||
Stock-based compensation expense | $ | 2,700 | $ 1,100 | 900 |
Executive Officer | |||
Stockholders' Equity (Textual) [Abstract] | |||
Expense associated with the modification of certain outstanding equity awards | $ | $ 1,000 | ||
Director | |||
Stockholders' Equity (Textual) [Abstract] | |||
Expenses associated with the accelerated vesting of awards in connection with the retirement | $ | $ 100 | ||
Stock Options | |||
Stockholders' Equity (Textual) [Abstract] | |||
Weighted average period of unrecognized compensation expense | 3 years 1 month 6 days | ||
Performance Options | |||
Stockholders' Equity (Textual) [Abstract] | |||
Granted (in shares) | 801,658 | ||
Restricted Stock | Directors | |||
Stockholders' Equity (Textual) [Abstract] | |||
Weighted- Average Grant-Date Fair Value, Granted | $ / shares | $ 11.21 | $ 6.05 | $ 6.99 |
Shares / Units Granted | 34,000 | 30,000 | 40,000 |
Vesting period | 3 years | 3 years | 3 years |
Performance Shares | Other Employees | |||
Stockholders' Equity (Textual) [Abstract] | |||
Weighted- Average Grant-Date Fair Value, Granted | $ / shares | $ 7.04 | $ 4.63 | |
Shares / Units Granted | 65,381 | 512,352 | 402,469 |
Vesting period | 3 years | 3 years | |
Restricted Stock Units (RSUs) | Other Employees | |||
Stockholders' Equity (Textual) [Abstract] | |||
Weighted- Average Grant-Date Fair Value, Granted | $ / shares | $ 10.85 | $ 6.99 | |
Shares / Units Granted | 214,418 | 154,721 | |
Vesting period | 3 years | 3 years | |
Restricted stock and stock units | |||
Stockholders' Equity (Textual) [Abstract] | |||
Weighted- Average Grant-Date Fair Value, Granted | $ / shares | $ 10.90 | ||
Fair value, totaled | $ | $ 2,700 | $ 3,800 | $ 3,200 |
Shares / Units Granted | 248,418 | ||
Total unrecognized compensation expense related to non-vested restricted stock | $ | $ 2,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 152,001 | ||
Weighted average period of unrecognized compensation expense | 2 years 9 months 18 days | ||
Aggregate fair value of restricted stock | $ | $ 1,400 | $ 500 | $ 400 |
Maximum | |||
Stockholders' Equity (Textual) [Abstract] | |||
Stock option expiration period | 10 years | ||
Maximum | Stock Options | |||
Stockholders' Equity (Textual) [Abstract] | |||
Vesting period | 5 years | ||
Minimum | |||
Stockholders' Equity (Textual) [Abstract] | |||
Stock option expiration period | 5 years | ||
Minimum | Stock Options | |||
Stockholders' Equity (Textual) [Abstract] | |||
Vesting period | 3 years | ||
Series B Preferred Stock | |||
Stockholders' Equity (Textual) [Abstract] | |||
Minimum percentage require to transfer the shares | 15.00% | ||
Increase in Minimum percentage require to transfer the shares due to exchange offer | 20.00% | ||
Right per share | $ / shares | $ 0.01 | ||
Authorized Series B preferred stock | 400,000 | 400,000 | |
Outstanding series B preferred stock | 0 | 0 | |
2012 awards | Performance Options | Executive Officer | |||
Stockholders' Equity (Textual) [Abstract] | |||
Number of options vested | 34,195 | ||
2012 awards | Performance Shares | Executive Officer | |||
Stockholders' Equity (Textual) [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 8,261 | ||
2013 awards | Performance Shares | |||
Stockholders' Equity (Textual) [Abstract] | |||
Share-based compensation arrangement by share-based payment award forfeited percentage | 66.70% | ||
2013 awards | Performance Shares | Executive Officer | |||
Stockholders' Equity (Textual) [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 25,907 | ||
2014 awards | Performance Shares | Executive Officer | |||
Stockholders' Equity (Textual) [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 12,535 |
Stockholders' Equity - Weighted Average Estimated Value of Employee Stock Options Granted (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Summary of weighted-average estimated value of employee stock options granted | |||
Expected volatility, Minimum | 60.60% | 61.40% | 61.10% |
Expected volatility, Maximum | 61.60% | 62.70% | 61.80% |
Risk-free interest rate, Minimum | 1.80% | 1.00% | 0.90% |
Risk-free interest rate, Maximum | 2.00% | 2.10% | 1.10% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Minimum | |||
Summary of weighted-average estimated value of employee stock options granted | |||
Expected term in years | 6 years | 6 years | 6 years |
Maximum | |||
Summary of weighted-average estimated value of employee stock options granted | |||
Expected term in years | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Stockholders' Equity - Changes in Stock Options Granted (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Summary of changes in stock options outstanding | |||
Outstanding, Beginning Balance (in shares) | 1,210,209 | ||
Granted (in shares) | 461,366 | 524,463 | 904,158 |
Exercised (in shares) | (98,523) | ||
Forfeited or expired (in shares) | (385,222) | ||
Outstanding, Ending Balance (in shares) | 1,187,830 | 1,210,209 | |
Fully vested and expected to vest (in shares) | 1,116,047.4 | ||
Exercisable (in shares) | 470,004 | ||
Beginning Balance, Weighted Average Exercise Price | $ 5.82 | ||
Granted, Weighted Average Exercise Price | 8.40 | ||
Exercised, Weighted Average Exercise Price | 3.13 | ||
Forfeited or expired, Weighted Average Exercise Price | 6.42 | ||
Ending Balance, Weighted Average Exercise Price | 6.85 | $ 5.82 | |
Fully vested and expected to vest, Weighted Average Exercise Price | 6.80 | ||
Exercisable, Weighted Average Exercise Price | $ 5.72 | ||
Outstanding, Aggregate Intrinsic Value | $ 1,553 | ||
Fully vested and expected to vest, Aggregate Intrinsic Value | 1,503 | ||
Exercisable, Aggregate Intrinsic Value | $ 1,058 | ||
Outstanding, Weighted Average Remaining Contractual Life in Years | 7 years 1 month 6 days | ||
Fully vested and expected to vest, Weighted Average Remaining Contractual Life in Years | 7 years | ||
Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 3 months 18 days |
Stockholders' Equity - Nonvested Restricted Stock and Restricted Stock Units (Details) - Restricted stock and stock units |
12 Months Ended |
---|---|
Dec. 31, 2014
$ / shares
shares
| |
Summary of the status of the Company's nonvested restricted stock | |
Shares / Units Outstanding, Nonvested | shares | 665,075 |
Shares / Units Granted | shares | 248,418 |
Shares / Units Vested | shares | (152,001) |
Shares / Units Forfeited | shares | (324,021) |
Shares / Units Outstanding, Nonvested | shares | 437,471 |
Weighted- Average Grant-Date Fair Value, Nonvested, Beginning Balance | $ / shares | $ 6.59 |
Weighted- Average Grant-Date Fair Value, Granted | $ / shares | 10.90 |
Weighted- Average Grant-Date Fair Value, vested | $ / shares | 7.52 |
Weighted- Average Grant-Date Fair Value, Forfeited | $ / shares | 6.50 |
Weighted- Average Grant-Date Fair Value, Nonvested, Ending Balance | $ / shares | $ 8.78 |
Accumulated Other Comprehensive Loss - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
---|---|---|---|---|
Summary of accumulated other comprehensive loss in the equity | ||||
Net actuarial loss and prior service credit | $ (22,180) | $ (21,524) | ||
Less: deferred tax benefit | 4,523 | 4,574 | ||
Net of tax | (17,657) | (16,950) | ||
Change in fair value of interest rate swap | 95 | 220 | ||
Less: deferred tax liability | (38) | (88) | ||
Net of tax | 57 | 132 | ||
Foreign currency translation adjustment | (3,853) | 1,206 | ||
Total accumulated other comprehensive loss | $ (21,453) | $ (15,612) | $ (14,614) | $ (12,522) |
Accumulated Other Comprehensive Loss - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, net | $ (15,612) | $ (14,614) | $ (12,522) | |||||||
Other comprehensive income (loss) before reclassifications | [1] | (6,331) | (1,777) | (2,728) | ||||||
Amounts reclassified from accumulated other comprehensive income | [2],[3] | 490 | 779 | 636 | ||||||
Net other comprehensive income (loss) | (5,841) | (998) | (2,092) | |||||||
Ending balance, net | (21,453) | (15,612) | (14,614) | |||||||
Defined Benefit Pension Items | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, net | (16,950) | (16,853) | (12,524) | |||||||
Other comprehensive income (loss) before reclassifications | [1] | (1,103) | (876) | (4,965) | ||||||
Amounts reclassified from accumulated other comprehensive income | [2],[3] | 396 | 779 | 636 | ||||||
Net other comprehensive income (loss) | (707) | (97) | (4,329) | |||||||
Ending balance, net | (17,657) | (16,950) | (16,853) | |||||||
Interest Rate Swap | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, net | 132 | 0 | 0 | |||||||
Other comprehensive income (loss) before reclassifications | [1] | (169) | 132 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income | [2],[3] | 94 | 0 | 0 | ||||||
Net other comprehensive income (loss) | (75) | 132 | 0 | |||||||
Ending balance, net | 57 | 132 | 0 | |||||||
Foreign Currency Items | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, net | 1,206 | 2,239 | 2 | |||||||
Other comprehensive income (loss) before reclassifications | [1] | (5,059) | (1,033) | 2,237 | ||||||
Amounts reclassified from accumulated other comprehensive income | [2],[3] | 0 | 0 | 0 | ||||||
Net other comprehensive income (loss) | (5,059) | (1,033) | 2,237 | |||||||
Ending balance, net | $ (3,853) | $ 1,206 | $ 2,239 | |||||||
|
Accumulated Other Comprehensive Loss - Statement of Comprehensive Income (Income Tax) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Defined Benefit Pension Items | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax expense (benefit) for defined benefit pension plans | $ 0.8 | $ (1.1) | |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax expense (benefit) for interest rate swap | $ (0.1) | 0.1 | |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Items | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax expense (benefit) for defined benefit pension plans | 0.1 | $ 0.2 | $ 0.2 |
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax expense (benefit) for interest rate swap | $ 0.1 |
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2014
USD ($)
| |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Gain (loss) to be reclassified to interest expense over next twelve months | $ (0.2) |
Borrowings under the revolving credit facility (the “Credit Agreement”) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Borrowings outstanding for which interest rate hedging is in place | $ 39.3 |
Derivative Instruments and Hedging Activities - Summary of Interest Rate Swap Outstanding (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2014
USD ($)
| |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Interest rate swap, fixed rate | 0.75% |
Interest Rate Swap | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Interest rate swap, effective date | Apr. 29, 2014 |
Interest rate swap, maturity date | Feb. 28, 2017 |
Interest rate swap, fixed rate | 0.75% |
Interest rate swap, floating rate | 1 Month LIBOR |
Interest rate swap, notional amount | $ 39,300 |
Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Financial Instruments in Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset derivative instruments | $ 95 | $ 220 |
Liability derivative instruments | 0 | 0 |
Interest Rate Swap | Current Liability | Accrued Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability derivative instruments | 0 | 0 |
Interest Rate Swap | Noncurrent Liability | Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability derivative instruments | 0 | 0 |
Interest Rate Swap | Current Asset | Prepaid Expenses and Other Current Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset derivative instruments | 0 | 0 |
Interest Rate Swap | Non Current Assets | Intangible and Other Assets, Net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset derivative instruments | $ 95 | $ 220 |
Derivative Instruments and Hedging Activities - Summary of Derivative Financial Instruments, Effects on Consolidated Statements of Comprehensive Income (Details) - Interest Rate Swap - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax (effective portion) | $ (169) | $ 132 | $ 0 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of loss reclassified from accumulated other comprehensive loss into interest income (expense) and other income (expense) for the interest rate swap, net of tax | (94) | 0 | 0 |
Amount of loss reclassified from accumulated other comprehensive loss into interest income and other income (expense) for the interest rate swap, net of tax (ineffective portion) | $ 0 | $ 0 | $ 0 |
Income Taxes - Income from Continuing Operations Before Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Summary of income (loss) from continuing operations before income tax (expense) benefit | |||
Domestic operations | $ 9,882 | $ 17,714 | $ 7,565 |
Foreign operations | 9,823 | 7,441 | (1,395) |
Income from continuing operations before income taxes | $ 19,705 | $ 25,155 | $ 6,170 |
Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Summary of income tax (expense) benefit | |||
Current, Federal | $ (2,772) | $ (1,290) | $ (170) |
Current, Foreign | (3,035) | (3,004) | (2,995) |
Current, State | (1,121) | (1,442) | (759) |
Current, Total | (6,928) | (5,736) | (3,924) |
Deferred, Federal | (345) | (4,418) | (2,386) |
Deferred, Foreign | (696) | 259 | 1,090 |
Deferred, State | 158 | 162 | (145) |
Deferred, Total | (883) | (3,997) | (1,441) |
Total income tax (expense) benefit, Federal | (3,117) | (5,708) | (2,556) |
Total income tax (expense) benefit, Foreign | (3,731) | (2,745) | (1,905) |
Total income tax (expense) benefit, State | (963) | (1,280) | (904) |
Total income tax expense | $ (7,811) | $ (9,733) | $ (5,365) |
- Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Difference the amount of tax expense provided and the amount of tax expense computed by applying the statutory federal income tax rate to income from continuing operations before income taxes | |||
Expected tax expense at the statutory federal rate of 35% | $ (6,897) | $ (8,804) | $ (2,160) |
Statutory federal rate | 35.00% | 35.00% | 35.00% |
(Increase) decrease in taxes resulting from: | |||
Change in valuation allowance | $ (770) | $ (726) | $ (2,422) |
State income taxes, net | (626) | (917) | (588) |
Foreign tax rate differences | 659 | 828 | 374 |
Non-deductible expenses | (206) | (351) | (316) |
Stock-based compensation and other | 29 | 237 | (253) |
Total income tax expense | $ (7,811) | $ (9,733) | $ (5,365) |
- Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|
Income Taxes (Textual) [Abstract] | ||||
Company's valuation allowance on deferred tax | $ 10,028 | $ 9,258 | ||
Current net deferred tax assets | 6,100 | 7,400 | ||
Long-term net deferred tax assets | 3,700 | 4,300 | ||
Long-term deferred tax liability | 3,900 | 4,900 | ||
Deferred tax, other comprehensive income | 1 | 849 | $ (1,110) | |
Unrecognized tax benefits for uncertain tax positions | 779 | 1,139 | 1,149 | $ 1,053 |
Interest or penalties | 0 | $ 0 | $ 0 | |
Excess tax benefits from stock-based compensation | 989 | |||
Domestic Federal | ||||
Income Taxes (Textual) [Abstract] | ||||
Domestic federal alternative minimum tax credit carryforwards | 600 | |||
Foreign Tax Authority [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Operating Loss Carryforwards | $ 35,400 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2034 | |||
Indefinite [Member] | Foreign Tax Authority [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Operating Loss Carryforwards | $ 23,500 |
- Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Deferred tax assets: | ||
Alternative minimum tax credit carryforwards | $ 0 | $ 86 |
State net operating loss carryforwards | 513 | 605 |
Accrued expenses | 3,457 | 3,257 |
Foreign subsidiaries, primarily NOLs, pension and accrued expenses | 15,204 | 15,340 |
Other | 1,685 | 1,843 |
Total gross deferred tax assets | 20,859 | 21,131 |
Deferred tax liabilities: | ||
Property and equipment and other long-term assets | (4,659) | (4,659) |
Foreign deferred tax liabilities, primarily property and equipment | (309) | (400) |
Net deferred tax asset before valuation allowance | 15,891 | 16,072 |
Less valuation allowance | (10,028) | (9,258) |
Net deferred tax asset | $ 5,863 | $ 6,814 |
- Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Summary of reconciliation of change in unrecognized tax benefits | |||
Balance at beginning of year | $ 1,139 | $ 1,149 | $ 1,053 |
Additions based on tax positions | 193 | 398 | 381 |
Reductions for tax positions of prior years | (349) | 0 | 0 |
Reductions due to lapses of statutes of limitations | (204) | (408) | (285) |
Balance at end of year | $ 779 | $ 1,139 | $ 1,149 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Commitments and Contingencies (Textual) [Abstract] | |||
Total rent expense incurred under operating leases | $ 28.3 | $ 24.6 | $ 17.6 |
Uninsured Risk | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Undiscounted accrual for environmental liabilities | 0.8 | 0.9 | |
Accrual for uninsured liability or damage reserve | 1.9 | 1.9 | |
Discontinued Operations | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Total rent expense incurred under operating leases | $ 2.1 | $ 0.7 | $ 0.0 |
Commitments and Contingencies - Future Minimum Rental Commitments Under All Capital and Operating Leases (Details) $ in Thousands |
Dec. 31, 2014
USD ($)
|
|||
---|---|---|---|---|
Capital Leases: | ||||
2015 | $ 9 | |||
2016 | 0 | |||
2017 | 0 | |||
2018 | 0 | |||
2019 | 0 | |||
Thereafter | 0 | |||
Total minimum lease payments | 9 | |||
Less amounts representing interest | (1) | |||
Present value of future minimum lease payments | 8 | |||
Operating Leases: | ||||
2015 | 14,019 | [1] | ||
2016 | 11,177 | [1] | ||
2017 | 8,177 | [1] | ||
2018 | 3,995 | [1] | ||
2019 | 2,261 | |||
Thereafter | 2,815 | |||
Total minimum lease payments | 42,444 | |||
Discontinued Operations | ||||
Operating Leases: | ||||
2015 | 2,800 | [1] | ||
2016 | 2,100 | [1] | ||
2017 | 1,600 | [1] | ||
2018 | $ 400 | [1] | ||
|
Business Segment Data and Geographical Information - Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | $ 106,124 | $ 95,160 | $ 116,114 | $ 96,031 | $ 102,793 | $ 90,010 | $ 108,376 | $ 89,038 | $ 413,429 | $ 390,217 | $ 326,492 | |||||||||||||||||
Operating income (loss) | 7,179 | [1] | $ 2,451 | [1] | $ 8,895 | $ 3,075 | 6,750 | $ 4,655 | $ 11,624 | $ 4,078 | 21,600 | 27,107 | 7,512 | |||||||||||||||
Depreciation and amortization | 11,294 | 10,917 | 8,889 | |||||||||||||||||||||||||
Total assets | 284,171 | 285,167 | 284,171 | 285,167 | 231,628 | |||||||||||||||||||||||
Capital expenditures | 7,903 | 17,354 | 9,286 | |||||||||||||||||||||||||
Operating Segments | Technical Services | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | [2] | 376,120 | 368,587 | 326,492 | ||||||||||||||||||||||||
Operating income (loss) | [3],[4] | 41,279 | 43,822 | 25,185 | ||||||||||||||||||||||||
Depreciation and amortization | 10,067 | 9,723 | 8,249 | |||||||||||||||||||||||||
Total assets | [5],[6],[7] | 233,243 | 228,227 | 233,243 | 228,227 | 211,693 | ||||||||||||||||||||||
Capital expenditures | 7,290 | 16,636 | 7,984 | |||||||||||||||||||||||||
Operating Segments | Engineering & Project Solutions | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | [2] | 37,309 | 21,630 | 0 | ||||||||||||||||||||||||
Operating income (loss) | [3],[4] | 522 | 304 | 0 | ||||||||||||||||||||||||
Depreciation and amortization | 603 | 607 | 0 | |||||||||||||||||||||||||
Total assets | [5],[6],[7] | 8,207 | 6,116 | 8,207 | 6,116 | 0 | ||||||||||||||||||||||
Capital expenditures | 0 | 21 | 0 | |||||||||||||||||||||||||
Operating Segments | Corporate | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | [2] | 0 | 0 | 0 | ||||||||||||||||||||||||
Operating income (loss) | [3],[4] | (20,201) | (17,019) | (17,673) | ||||||||||||||||||||||||
Depreciation and amortization | 624 | 587 | 640 | |||||||||||||||||||||||||
Total assets | [5],[6],[7] | 15,532 | 18,027 | 15,532 | 18,027 | 19,935 | ||||||||||||||||||||||
Capital expenditures | 613 | 697 | 1,302 | |||||||||||||||||||||||||
Reconciling Items | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | [2] | 0 | 0 | 0 | ||||||||||||||||||||||||
Operating income (loss) | [3],[4] | 0 | 0 | 0 | ||||||||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||||||||||||||
Total assets | [5],[6],[7] | $ 27,189 | $ 32,797 | 27,189 | 32,797 | 0 | ||||||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||||||||||||||||
Intersegment Eliminations | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||||||||||
Intersegment Eliminations | Technical Services | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||||||||||
Intersegment Eliminations | Engineering & Project Solutions | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||||||||||
Intersegment Eliminations | Corporate | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||
Revenues | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
|
Business Segment Data and Geographical Information - Narrative (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2014
USD ($)
SegmentCount
|
Dec. 31, 2014
USD ($)
Segment
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 2 | 2 | ||
Goodwill | $ 15,648 | $ 15,648 | $ 15,524 | |
Technical Services | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 15,600 | $ 15,600 | $ 15,500 | $ 15,500 |
Business Segment Data and Geographical Information - Revenues by Geographic Area (Details) - Reportable Geographical Components - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 257.9 | $ 248.4 | $ 178.6 |
Foreign | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 155.5 | 141.8 | 147.9 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 67.5 | $ 60.2 | $ 57.2 |
Business Segment Data and Geographical Information - Certain Expenses by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Schedule of Certain Expenses by Segment [Line Items] | |||||
Restructuring charges (adjustments) | $ (118) | $ (91) | $ 3,577 | ||
Technical Services | |||||
Schedule of Certain Expenses by Segment [Line Items] | |||||
Restructuring charges (adjustments) | (100) | $ (100) | 3,600 | ||
Impairment charges | 400 | ||||
Corporate | |||||
Schedule of Certain Expenses by Segment [Line Items] | |||||
Corporate headquarter relocation charges | $ 1,600 | ||||
Executive Officer | |||||
Schedule of Certain Expenses by Segment [Line Items] | |||||
Incremental compensation expenses related to retirement agreement | $ 800 | $ 900 | |||
Executive Officer | Corporate | |||||
Schedule of Certain Expenses by Segment [Line Items] | |||||
Incremental compensation expenses related to retirement agreement | $ 1,700 |
Business Segment Data and Geographical Information - U.S. Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | $ 284,171 | $ 285,167 | $ 231,628 |
Total assets of discontinued operations | 27,189 | 32,797 | 0 |
Reportable Geographical Components | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 191,500 | 189,800 | 136,800 |
Total assets of discontinued operations | $ 27,200 | $ 32,800 | $ 0 |
Business Segment Data and Geographical Information - Long-lived Assets by Geographical Area (Details) - Reportable Geographical Components - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 59,339 | $ 66,046 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 46,958 | 51,646 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 5,005 | 5,172 |
All other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 7,376 | $ 9,228 |
Significant Customers - (Details) - Customer |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Significant Customers (Textual) [Abstract] | |||
Number of customers that has more than 10% of the consolidated revenues | 0 | 0 | 0 |
Fair Value of Financial Instruments and Credit Risk - (Details) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | $ 95 | $ 220 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 95 | 220 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | $ 0 | $ 0 |
Quarterly Financial Data (Unaudited) - Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||||||
Summary of quarterly operating results | ||||||||||||||||||||||
Revenues | $ 106,124 | $ 95,160 | $ 116,114 | $ 96,031 | $ 102,793 | $ 90,010 | $ 108,376 | $ 89,038 | $ 413,429 | $ 390,217 | $ 326,492 | |||||||||||
Operating income (loss) | 7,179 | [1] | 2,451 | [1] | 8,895 | 3,075 | 6,750 | 4,655 | 11,624 | 4,078 | 21,600 | 27,107 | 7,512 | |||||||||
Income from continuing operations | 4,455 | [1] | 1,172 | [1] | 4,871 | 1,396 | 3,873 | 2,224 | 6,761 | 2,564 | 11,894 | 15,422 | 805 | |||||||||
Income (loss) from discontinued operations, net of income tax | 315 | (110) | [2] | (364) | (380) | [2] | (1,291) | [3] | (104) | [3] | 0 | 0 | (539) | (1,395) | 0 | |||||||
Net income | $ 4,770 | [1] | $ 1,062 | [1] | $ 4,507 | $ 1,016 | $ 2,582 | $ 2,120 | $ 6,761 | $ 2,564 | $ 11,355 | $ 14,027 | $ 805 | |||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||||
Continuing operations | $ 0.12 | $ 0.03 | $ 0.13 | $ 0.04 | $ 0.10 | $ 0.06 | $ 0.18 | $ 0.07 | $ 0.31 | $ 0.41 | $ 0.02 | |||||||||||
Discontinued operations | 0.01 | 0.00 | (0.01) | (0.01) | (0.03) | 0.00 | 0.00 | 0.00 | (0.01) | (0.04) | 0.00 | |||||||||||
Net income | 0.13 | 0.03 | 0.12 | 0.03 | 0.07 | 0.06 | 0.18 | 0.07 | 0.30 | 0.37 | 0.02 | |||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||||
Continuing operations | 0.12 | 0.03 | 0.13 | 0.04 | 0.10 | 0.06 | 0.18 | 0.07 | 0.31 | 0.41 | 0.02 | |||||||||||
Discontinued operations | 0.01 | 0.00 | (0.01) | (0.01) | (0.03) | 0.00 | 0.00 | 0.00 | (0.01) | (0.04) | 0.00 | |||||||||||
Net income | $ 0.13 | $ 0.03 | $ 0.12 | $ 0.03 | $ 0.07 | $ 0.06 | $ 0.18 | $ 0.07 | $ 0.30 | $ 0.37 | $ 0.02 | |||||||||||
|
Quarterly Financial Data (Unaudited) - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
|
Executive Officer | |||||
Components of Operating Income by Quarter [Line Items] | |||||
Incremental compensation expenses related to retirement agreement | $ 0.8 | $ 0.9 | |||
Incremental compensation expenses related to retirement agreement, net of tax | $ 0.5 | 0.5 | |||
Furmanite Technical Solutions | |||||
Components of Operating Income by Quarter [Line Items] | |||||
Management transition and integration costs, net of tax | $ 0.2 | $ 0.1 | $ 0.3 | $ 0.1 |
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