0001552781-16-002022.txt : 20161028 0001552781-16-002022.hdr.sgml : 20161028 20161028110827 ACCESSION NUMBER: 0001552781-16-002022 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161028 DATE AS OF CHANGE: 20161028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROLLINS INC CENTRAL INDEX KEY: 0000084839 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TO DWELLINGS & OTHER BUILDINGS [7340] IRS NUMBER: 510068479 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04422 FILM NUMBER: 161957417 BUSINESS ADDRESS: STREET 1: 2170 PIEDMONT RD NE CITY: ATLANTA STATE: GA ZIP: 30324 BUSINESS PHONE: 4048882000 MAIL ADDRESS: STREET 1: 2170 PIEDMONT ROAD NE CITY: ATLANTA STATE: GA ZIP: 30324 10-Q 1 e00546_rol-10q.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
     
 
 
FORM 10–Q
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2016
 
Commission File Number 1-4422
 
 
ROLLINS, INC.
(Exact name of registrant as specified in its charter)

 

Delaware 51-0068479
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

2170 Piedmont Road, N.E., Atlanta, Georgia
(Address of principal executive offices)
 
30324
(Zip Code)
 
(404) 888-2000
(Registrant’s telephone number, including area code)

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
       

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☐ No ☒

 

Rollins, Inc. had 217,830,498 shares of its $1 par value Common Stock outstanding as of October 15, 2016.

 

 

ROLLINS, INC. AND SUBSIDIARIES
 
PART 1 FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
 
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(in thousands except share data)

 

   September 30,   December 31, 
   2016   2015 
   (unaudited)     
ASSETS          
Cash and cash equivalents  $139,263   $134,574 
Trade receivables, net of allowance for doubtful accounts of $11,779 and $10,348, respectively   99,113    79,864 
Financed receivables, short-term, net of allowance for doubtful accounts of $1,765 and $1,844, respectively   15,984    13,830 
Materials and supplies   13,787    12,801 
Other current assets   31,759    28,365 
Total current assets   299,906    269,434 
Equipment and property, net   134,166    121,356 
Goodwill   260,154    249,939 
Customer contracts   116,642    92,815 
Other intangible assets   45,243    46,116 
Financed receivables, long-term, net of allowance for doubtful accounts of $1,402 and $1,444, respectively   16,282    13,636 
Deferred income taxes   32,749    40,665 
Other assets   16,373    14,690 
Total assets  $921,515   $848,651 
LIABILITIES          
Accounts payable  $26,436   $24,919 
Accrued insurance   26,544    24,874 
Accrued compensation and related liabilities   72,569    73,607 
Unearned revenues   110,848    96,192 
Other current liabilities   35,249    33,394 
Total current liabilities   271,646    252,986 
Accrued insurance, less current portion   32,443    30,402 
Accrued pension   6,320    9,735 
Long-term accrued liabilities   36,877    31,499 
Total liabilities   347,286    324,622 
Commitments and Contingencies          
STOCKHOLDERS’ EQUITY          
Preferred stock, without par value; 500,000 shares authorized, zero shares issued   —    — 
Common stock, par value $1 per share; 375,000,000 shares authorized, 217,830,498 and 218,753,011 shares issued and outstanding, respectively   217,830    218,753 
Treasury stock, par value $1 per share; 0 and 200,000 shares, respectively   —    (200)
Paid in capital   74,289    69,762 
Accumulated other comprehensive loss   (66,756)   (71,178)
Retained earnings   348,866    306,892 
Total stockholders’ equity   574,229    524,029 
Total liabilities and stockholders’ equity  $921,515   $848,651 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 2

 

ROLLINS, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(in thousands per except share data)
(unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2016   2015   2016   2015 
REVENUES                    
Customer services  $423,994   $399,746   $1,187,863   $1,122,805 
COSTS AND EXPENSES                    
Cost of services provided   205,608    195,489    579,353    553,741 
Depreciation and amortization   13,083    11,156    37,073    33,182 
Sales, general and administrative   125,407    121,944    364,207    346,141 
Gain on sale of assets, net   (52)   (1,255)   (720)   (1,504)
Interest income, net   (18)   (21)   (156)   (134)
INCOME BEFORE INCOME TAXES   79,966    72,433    208,106    191,379 
PROVISION FOR INCOME TAXES   30,315    27,387    78,744    70,979 
NET INCOME  $49,651   $45,046   $129,362   $120,400 
NET INCOME PER SHARE - BASIC AND DILUTED  $0.23   $0.21   $0.59   $0.55 
DIVIDENDS PAID PER SHARE  $0.10   $0.08   $0.30   $0.24 
Weighted average participating shares outstanding - basic and diluted   218,039    218,594    218,386    218,583 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 3

 

ROLLINS, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(in thousands)
(unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2016   2015   2016   2015 
NET INCOME  $49,651   $45,046   $129,362   $120,400 
Other comprehensive earnings (loss), net of tax                    
Foreign currency translation adjustments   (2,957)   (8,719)   4,422    (14,940)
Other comprehensive earnings (loss)   (2,957)   (8,719)   4,422    (14,940)
Comprehensive earnings  $46,694   $36,327   $133,784   $105,460 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 4

 

ROLLINS, INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Rollins, Inc. and Subsidiaries
(In thousands)

 

                       Accumulated         
                       Other         
   Common Stock   Treasury   Paid-   Comprehensive   Retained     
   Shares   Amount   Shares   Amount   In-Capital   Income / (Loss)   Earnings   Total 
Balance at December 31, 2014   218,483   $218,483    (200)  $(200)  $62,839   $(65,488)  $247,042   $462,676 
Net Income                                 152,149    152,149 
                                         
Other Comprehensive Income, Net of Tax                                        
Pension Liability Adjustment   —    —    —    —    —    9,070    —    9,070 
Foreign Currency Translation Adjustments   —    —    —    —    —    (14,760)   —    (14,760)
Cash Dividends   —    —    —    —    —    —    (91,755)   (91,755)
Common Stock Purchased (1)   (19)   (19)   —    —    —    —    (416)   (435)
Stock Compensation   597    597    —    —    11,731    —    (218)   12,110 
Employee Stock Buybacks   (308)   (308)   —    —    (6,754)   —    90    (6,972)
Excess Tax Benefit on Share-based payments   —    —    —    —    1,946    —    —    1,946 
Balance at December 31, 2015   218,753   $218,753    (200)  $(200)  $69,762   $(71,178)  $306,892   $524,029 
Net Income                                 129,362    129,362 
                                         
Other Comprehensive Income, Net of Tax                                        
Foreign Currency Translation Adjustments   —    —    —    —    —    4,422    —    4,422 
Cash Dividends   —    —    —    —    —    —    (65,506)   (65,506)
Common Stock Purchased (1)   (836)   (836)   —    —    —    —    (21,882)   (22,718)
Common Stock Retired   (200)   (200)   200    200    —                
Stock Compensation   427    427    —    —    9,002    —    —    9,429 
Employee Stock Buybacks   (314)   (314)   —    —    (8,011)   —    —    (8,325)
Excess Tax Benefit on Share-based payments   —    —    —    —    3,536    —    —    3,536 
Balance at September 30, 2016   217,830   $217,830    —   $—   $74,289   $(66,756)  $348,866   $574,229 

 

(1)Charges to Retained Earnings are from purchases of the Company’s Common Stock.

 

The accompanying notes are an integral part of these consolidated financial statements.

 5

 

ROLLINS, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(in thousands)
(unaudited)

 

   Nine Months Ended 
   September 30, 
   2016   2015 
OPERATING ACTIVITIES          
Net income  $129,362   $120,400 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   37,073    33,182 
Provision for deferred income taxes   4,954    690 
Provision for bad debts   8,320    6,966 
Stock - based compensation expense   9,429    9,374 
Excess tax benefits from share-based payments   (3,536)   (1,763)
Other, net   (700)   (1,692)
Changes in operating assets and liabilities   (26,743)   (23,333)
Net cash provided by operating activities   158,159    143,824 
INVESTING ACTIVITIES          
Cash used for acquisitions of companies, net of cash acquired   (40,824)   (31,391)
Purchases of equipment and property   (27,128)   (28,613)
Proceeds from sales of franchises   199    365 
Other   1,133    2,055 
Net cash used in investing activities   (66,620)   (57,584)
FINANCING ACTIVITIES          
Cash paid for common stock purchased   (31,043)   (7,407)
Dividends paid   (65,506)   (52,436)
Excess tax benefits from share-based payments   3,536    1,763 
Net cash used in financing activities   (93,013)   (58,080)
Effect of exchange rate changes on cash   6,163    (2,222)
Net decrease in cash and cash equivalents   4,689    25,938 
Cash and cash equivalents at beginning of period   134,574    108,372 
Cash and cash equivalents at end of period  $139,263   $134,310 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 6

 

ROLLINS, INC. AND SUBSIDIARIES

 

NOTE 1.  BASIS OF PREPARATION AND OTHER

 

Basis of Preparation - The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (the “Company”) for the year ended December 31, 2015. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2015 Annual Report on Form 10-K.

 

The preparation of interim financial statements requires management to make estimates and assumptions for the amounts reported in the condensed consolidated financial statements. Specifically, the Company makes estimates in its interim condensed consolidated financial statements for the termite accrual which includes future costs including termiticide life expectancy and government regulations, the insurance accrual which includes self insurance and worker’s compensation, inventory adjustments, discounts and volume incentives earned, among others.

 

In the opinion of management, all adjustments necessary for a fair presentation of the Company’s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three and nine month period ended September 30, 2016 are not necessarily indicative of results for the entire year.

 

The Company has only one reportable segment, its pest and termite control business. The Company’s results of operations and its financial condition are not reliant upon any single customer, or a few customers, or the Company’s foreign operations.

 

Three-for-two stock split - The Board of Directors at its quarterly meeting on January 27, 2015, authorized a three-for-two stock split by the issuance on March 10, 2015 of one additional common share for each two common shares held of record at February 10, 2015.

 

All share and per share information has been retroactively adjusted for the three-for-two stock split effective March 10, 2015 for shareholders of record February 10, 2015.

 

NOTE 2.  RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently adopted accounting standards

 

In November 2015, the FASB issued ASU No. (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We have elected to early adopt ASU 2015-17 retrospectively in the first quarter of 2016. As a result, we have presented all deferred tax assets and liabilities as noncurrent on our consolidated balance sheets, and have reclassified current deferred tax assets and liabilities on our consolidated balance sheet as of December 31, 2015. There was no net impact on our results of operations as a result of the adoption of ASU 2015-17.

 

Recently issued accounting standards to be adopted in 2016 or later

 

In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB issued ASU 2015-14, which deferred the effective date of this new standard to periods beginning after December 15, 2017 for public entities. Early application is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. Entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the impact of this standard on its consolidated financial statements and the method of adoption. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 7

 

ROLLINS, INC. AND SUBSIDIARIES

 

In February 2016, FASB issued ASU No. 2016-02, Leases, which require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of this standard on its consolidated financial statements. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 

In March 2016, FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2016, and interim periods within annual periods. Earlier adoption is permitted for any entity in any interim or annual reporting period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact of this standard on its consolidated financial statements. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 

In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flow Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods. Earlier adoption is permitted for any entity in any interim or annual reporting period. The Company is currently evaluating the impact of this standard on its consolidated financial statements. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 

NOTE 3.  EARNINGS PER SHARE

 

The Company follows ASC 260, Earnings Per Share (ASC 260) that requires the reporting of both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period.

 

Basic and diluted earnings per share attributable to common and restricted shares of common stock for the period were as follows:

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2016   2015   2016   2015 
Basic and diluted earnings per share                    
Common stock  $0.23   $0.21   $0.59   $0.55 
Restricted shares of common stock  $0.23   $0.21   $0.59   $0.55 

 

NOTE 4.  CONTINGENCIES

 

In the normal course of business, certain of the Company’s subsidiaries are defendants in a number of lawsuits, claims or arbitrations which allege that the subsidiaries’ services caused damage.  In addition, the Company defends employment related cases and claims from time to time. We are involved in certain environmental matters primarily arising in the normal course of business. We are actively contesting each of these matters. 

 

On December 2, 2014, Plaintiff Killian Pest Control sued Rollins, Inc. and its subsidiary HomeTeam Pest Defense alleging that HomeTeam’s exclusive use of its “tubes in the walls” system violates the federal Sherman Antitrust Act, and California’s Cartwright Act and Business and Professions Code. Plaintiffs seek a declaratory judgment that the alleged misconduct violates the Sherman and Cartwright Acts, and the Business and Professions Code; a permanent injunction against continuing alleged violations; and monetary damages. The lawsuit is pending in the United States District Court, Northern District of California. Because discovery remains open and there are unresolved questions of fact and law, the Company cannot currently estimate the loss, if any, and intends to defend this matter vigorously.

 8

 

ROLLINS, INC. AND SUBSIDIARIES

 

On December 2, 2014, Plaintiff Jose Luis Garnica, on behalf of himself and a class of similarly situated customers, sued Rollins, Inc. and its subsidiary HomeTeam Pest Defense alleging that HomeTeam’s exclusive use of its “tubes in the walls” system violates the federal Sherman Antitrust Act. The Plaintiff seeks a declaratory judgment that the alleged misconduct violates the Sherman Act; a permanent injunction against continuing violations; and monetary damages. The lawsuit is pending in the United States District Court, Northern District of California. Because discovery remains open and there are unresolved questions of fact and law, the Company cannot currently estimate the loss, if any, and intends to defend this matter vigorously.

 

Management does not believe that any pending claim, proceeding or litigation, either alone or in the aggregate will have a material adverse effect on the Company’s financial position, results of operations or liquidity; however, it is possible that an unfavorable outcome of some or all of the matters, however unlikely, could result in a charge that might be material to the results of an individual quarter or year.

 

NOTE 5.  FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, notes receivable, accounts payable and other short-term liabilities. The carrying amounts of these financial instruments approximate their fair values.  The Company has a Revolving Credit Agreement with SunTrust Bank and Bank of America, N.A. for an unsecured line of credit of up to $175.0 million, which includes a $75.0 million letter of credit subfacility and a $25.0 million swingline subfacility. There were no outstanding borrowings at September 30, 2016 and December 31, 2015.

 

NOTE 6.  STOCKHOLDERS’ EQUITY

 

During the nine months ended September 30, 2016 the Company paid $65.5 million or $0.30 per share in cash dividends compared to $52.4 million or $0.24 per share during the same period in 2015.

 

During the third quarter ended September 30, 2016, the Company repurchased 0.4 million shares from the open market of its $1 par value common stock at a weighted average price of $27.77 per share. No shares were repurchased during the same period in 2015. During the nine months ended September 30, 2016, the Company repurchased from the open market approximately 0.8 million shares of its $1 par value common stock at a weighted average price of $27.19 per share compared to approximately 19,000 shares that were repurchased at a weighted average price of $22.42 during the same period in 2015.

 

The Company also repurchases shares from employees for the payment of taxes on vesting restricted shares. For this purpose, the Company repurchased $0.9 million of common stock during the third quarter ended September 30, 2016 and the Company did not repurchase any of its common stock for the third quarter ended September 30, 2015, and repurchased $8.3 million and $7.0 million of common stock for the nine months ended September 30, 2016 and 2015, respectively.

 

As more fully discussed in Note 14 of the Company’s notes to the consolidated financial statements in its 2015 Annual Report on Form 10-K, stock options, time lapse restricted shares (TLRS’s) and restricted stock units have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. At September 30, 2016, approximately 4.6 million shares of the Company’s common stock were reserved for issuance.

 

Time Lapse Restricted Shares and Restricted Stock Units

 

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
(in thousands)  2016   2015   2016   2015 
Time lapse restricted stock:                    
Pre-tax compensation expense  $3,049   $3,255   $9,429   $9,374 
Tax benefit   (1,180)   (1,260)   (3,649)   (3,628)
Restricted stock expense, net of tax  $1,869   $1,995   $5,780   $5,746 

 

The Company recognized a deferred tax benefit of approximately $0.4 million and a deferred tax benefit of $0.1 million during the third quarters ended September 30, 2016 and 2015 respectively, and a deferred tax benefit of approximately $3.5 million, $1.8 million and $1.9 million for the nine months ended September 30, 2016 and 2015 and the year ended December 31, 2015, respectively, related to the vesting of restricted shares which have been recorded as increases to paid-in capital.

 9

 

ROLLINS, INC. AND SUBSIDIARIES

 

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2016:

 

   Number of
Shares		   Weighted-
Average Grant-
Date Fair Value		 
Unvested Restricted Stock Units at December 31, 2015   2,751   $17.21 
Forfeited   (76)   19.56 
Vested   (876)   14.48 
Granted   503    26.45 
Unvested Restricted Stock Units at September 30, 2016   2,301   $20.19 

 

At September 30, 2016 and December 31, 2015, the Company had $33.7 million and $31.3 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 3.9 years and 3.8 years, respectively.

 

NOTE 7.  PENSION AND POST RETIREMENT BENEFIT PLANS

 

The following table represents the net periodic pension benefit costs and related components in accordance with FASB ASC 715 “Compensation - Retirement Benefits”:

 

Components of Net Pension Benefit Gain                
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
(in thousands)  2016   2015   2016   2015 
Interest and service cost  $2,350   $2,250   $7,050   $6,750 
Expected return on plan assets   (3,305)   (3,197)   (9,915)   (9,591)
Amortization of net loss   816    940    2,448    2,820 
Net periodic benefit  $(139)  $(7)  $(417)  $(21)

 

During the nine months ended September 30, 2016 and 2015, the Company made $3.0 million and $5.0 million in contributions, respectively to its defined benefit retirement plans (the “Plans”). The Company made $5.0 million in contributions for the year ended December 31, 2015. The Company is planning on making further contributions to the Plans during the fiscal year ending December 31, 2016 of approximately $0.3 million.

 

 10

 

ROLLINS, INC. AND SUBSIDIARIES

 

NOTE 8.  BUSINESS COMBINATIONS

 

The Company made twenty eight acquisitions during the nine month period ended September 30, 2016, and twelve acquisitions for the year ended December 31, 2015, respectively, as disclosed on various press releases and related Form 8-Ks.

 

Total cash purchase price for the Company’s acquisitions for the nine months ended September 30, 2016 was $40.8 million net of cash acquired.

 

The preliminary values of major classes of assets acquired and liabilities assumed recorded at the date of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):

 

   September 30, 
   2016 
Accounts receivable  $3,185 
Materials and supplies   352 
Equipment and property   4,039 
Goodwill   8,613 
Customer contracts   40,861 
Other intangible assets   1,065 
Current liabilities   (6,836)
Other assets and liabilities, net   (2,836)
Total consideration paid  $48,443 
Less:  Contingent consideration liability   (7,619)
Total cash purchase price  $40,824 

 

Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $260.2 million and $249.9 million at September 30, 2016 and December 31, 2015, respectively. Goodwill generally changes due to the timing of acquisitions, finalization of allocation of purchase prices of previous acquisitions and foreign currency translations. The carrying amount of goodwill in foreign countries was $47.2 million at September 30, 2016 and $36.9 million at December 31, 2015.

 

The Company completed its most recent annual impairment analyses as of September 30, 2016. Based upon the results of these analyses, the Company has concluded that no impairment of its goodwill or other intangible assets was indicated.

 

The carrying amount of customer contracts and other intangible assets was $116.6 million and $45.2 million, respectively, at September 30, 2016, and $92.8 million and $46.1 million, respectively, at December 31, 2015. The carrying amount of customer contracts and other intangible assets in foreign countries was $32.1 million and $4.4 million, respectively, at September 30, 2016, and $14.9 million and $4.2 million, respectively, at December 31, 2015.

 

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September 30, 2016 (in thousands):

 

   Carrying   Useful Life
Intangible Asset  Value   in Years
Customer contracts  $116,642    3 - 12.5
Trademarks and tradenames   32,933    0 - 20
Non-compete agreements   4,830    3 - 20
Patents   3,221    3 - 15
Other assets   2,031   10
Internet domains   2,228    n/a
Total customer contracts and other intangible assets  $161,885    

 11

 

ROLLINS, INC. AND SUBSIDIARIES

 

NOTE 9.  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

Risk Management Objective of Using Derivatives

 

The Company is exposed to certain risk arising from both its business operations and economic conditions. To manage this risk, the Company enters into derivative financial instruments from time to time. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments from time to time to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar.

 

Hedges of Foreign Exchange Risk

 

The Company is exposed to fluctuations in various foreign currencies against its functional currency, the US dollar. The Company uses foreign currency derivatives, specifically vanilla foreign currency forwards, to manage its exposure to fluctuations in the USD-CAD and AUD-USD exchange rates. Currency forward agreements involve fixing the foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date.

 

The Company does not currently designate any of these foreign exchange forwards under hedge accounting, but rather reflects the changes in fair value immediately in earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign exchange rates. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were equal to a gain of $0.1 million for the quarter ended September 30, 2016 and a loss of $0.5 million for the nine months ended September 30, 2016. As of September 30, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):

 

Non-Designated Derivative Summary
   Number of
Instruments		   Sell Notional   Buy Notional 
FX Forward Contracts               
Sell AUD/Buy USD Fwd Contract   1   $300   $210 
Sell CAD/Buy USD Fwd Contract   1   $4,200   $3,098 
Total   2        $3,308 

 

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2016 and December 31, 2015 (in thousands):

 

   Tabular Disclosure of Fair Values of Derivative Instruments 
   Derivatives Asset   Derivative Liabilities 
   Fair Value as of: 
   September 30,   December 31,   September 30,   December 31, 
   2016   2015   2016   2015 
Derivatives Not Designated as Hedging Instruments                    
FX Forward Contracts                    
Balance Sheet Location  Other Assets   Other Assets   Other Current
Liabilities		   Other Current
Liabilities		 
Sell AUD/Buy USD Fwd Contract  $0   $0   $(19)  $0 
Sell CAD/Buy USD Fwd Contract  $0   $0   $(103)  $0 
Total  $0   $0   $(122)  $0 

 12

 

ROLLINS, INC. AND SUBSIDIARIES

 

The table below presents the effect of the Company’s derivative financial instruments on the Income Statement as of September 30, 2016 and September 30, 2015 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated
as Hedging Instruments for the Three and  Nine Months Ended September 30, 2016 and 2015
Derivatives Not Designated as
Hedging Instruments		  Location of Gain or
(Loss) Recognized
in Income		  Amount of Gain or
(Loss) Recognized
in Income
Three Months
Ended
September 30,		   Amount of Gain or
(Loss) Recognized in
Income
Nine Months Ended
September 30,		 
      2016   2015   2016   2015 
Sell AUD/Buy USD Fwd Contract  Other Inc/Exp  $(9)  $0   $(36)  $0 
Sell CAD/Buy USD Fwd Contract  Other Inc/Exp   103    0    (476)   0 
Total     $94   $0   $(512)  $0 

 

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September 30, 2016 (in thousands):

 

   Recurring Fair Value Measurements 
   Quoted Prices in Active
Markets for Identical
Assets and Liabilities		   Significant Other
Observable Inputs		   Significant
Unobservable Inputs		   Total Fair Value 
   (Level 1)   (Level 2)   (Level 3)   at As of 
   September 30,   September 30,   September 30,   September 30, 
   2016   2015   2016   2015   2016   2015   2016   2015 
Assets                                        
Derivative Financial Instruments  $0   $0   $0   $0   $0   $0   $0   $0 
Liabilities                                        
Derivative Financial Instruments  $0   $0   $(122)  $0   $0   $0   $(122)  $0 

 

As of September 30, 2016, the fair value of derivatives in a net liability position was $0.1 million inclusive of counterparty credit risk. As of the balance sheet date, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2016, it could have been required to settle its obligations under the agreements at their termination value of $0.1 million.

 

NOTE 10.  SUBSEQUENT EVENTS

 

On October 25, 2016, the Company announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.10 per share plus a special year-end dividend of $0.10 per share both payable December 9, 2016 to shareholders of record as of November 10, 2016.

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Overview

 

On October 26, 2016, the Company reported its 42nd consecutive quarter of improved revenue and earnings. Net income was $49.7 million for the third quarter ended September 30, 2016, as compared to $45.0 million for the prior year quarter, a 10.2% improvement.  Revenues increased by 6.1% to $424.0 million for the third quarter 2016 as compared to $399.7 million for the prior year third quarter.  The Company saw a negative impact on the exchange rate of the Canadian and Australian dollars and British pounds to U.S. dollars reducing revenues and pre-tax earnings by $9.0 million and $1.5 million, respectively. Earnings for the quarter ended September 30, 2016 increased to $0.23 per diluted share, as compared to $0.21 per diluted share for the same period in 2015.

 

During the quarter, the Company announced the retirement of the President of Orkin North America, Gene Iarocci who had completed 12 years with Rollins after an illustrious 48-year business career. Freeman Elliott was promoted to President of Orkin U.S., Jerry Gahlhoff has been elevated to oversee operations of Specialty Brands and Steve Leavitt has been given the responsibility of Emerging Markets which include our international companies as well as other initiatives.

 13

 

ROLLINS, INC. AND SUBSIDIARIES

 

The Company also announced the acquisition of Scientific Pest Management, which provides pest control service all over Australia through owned, franchise and partner companies. Scientific Pest Management was founded in 1974 and operated by Chris Jones. With more than 50 employees, the company offers commercial pest control and termite services, specializing in large contracts.

 

Rollins continued its solid financial performance generating $158.2 million in cash from operations year to date.

 

Results of Operations:

 

THREE MONTHS ENDED SEPTEMBER 30, 2016 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2015

 

Revenue

 

Revenues for the third quarter ended September 30, 2016 increased $24.2 million or 6.1% to $424.0 million compared to $399.7 million for the third quarter ended September 30, 2015.  Growth occurred across all service lines. Substantially all of this increase in revenues was due to growth in customers and pricing while less than 1% of the increase was attributable to current year acquisitions.

 

The Company has three primary service offerings: commercial, residential and termite including ancillary services. During the third quarter ended September 30, 2016, commercial pest control revenue approximated 40% of the Company’s revenues, residential pest control approximated 43% of the Company’s revenues, and termite and ancillary service revenue approximated 16% of the Company’s revenues. Comparing third quarter 2016 to third quarter 2015, the Company’s commercial pest control revenue grew 4.9%, residential pest control revenue grew 7.0%, and termite and ancillary services revenue grew 7.2%.  Foreign operations accounted for approximately 8% and 7% of total revenues during the third quarters of 2016 and 2015, respectively.

 

Revenues are impacted by the seasonal nature of the Company’s pest and termite control services. The increase in pest activity, as well as the metamorphosis of termites in the spring and summer (the occurrence of which is determined by the change in seasons), has historically resulted in an increase in the Company’s revenues as evidenced by the following chart:

 

Consolidated Net Revenues
(in thousands)
   2016   2015   2014 
First Quarter  $352,736   $330,909   $313,388 
Second Quarter   411,133    392,150    369,357 
Third Quarter   423,994    399,746    384,870 
Fourth Quarter   —    362,500    343,951 
Year ended December 31,  $N/A   $1,485,305   $1,411,566 

 

Cost of Services Provided

 

Cost of Services provided for the third quarter ended September 30, 2016 increased $10.1 million or 5.2%, compared to the quarter ended September 30, 2015. Gross margin for the quarter increased to 51.5% for the third quarter versus 51.1% prior year third quarter. The margin for the quarter benefited from improved efficiencies in routing and scheduling technology which also helped to lower salaries as a percent of revenue. This also caused reductions in fleet expenses with gasoline expense down 11.9%. Personnel related expenses were down as a percent of revenue as group insurance expense was down quarter-over-quarter. We recorded lower insurance expense as auto liability expenses were lower quarter-over-quarter. We saw an expected increase in maintenance expense and software costs related to BOSS, our new CRM and operating system. The Company experienced good cost controls across most spending categories.

 

Depreciation and Amortization

 

Depreciation and Amortization expenses for the third quarter ended September 30, 2016 increased $1.9 million to $13.1 million, an increase of 17.3%. Depreciation increased due to expenditures associated with the rollout of BOSS as well as acquisitions and equipment purchases while amortization of intangible assets increased due to amortization of customer contracts included in acquisitions.

 

Sales, General and Administrative

 

Sales, General and Administrative Expenses for the third quarter ended September 30, 2016 increased $3.5 million or 2.8%, to 29.6% of revenues, down 0.9 percentage points from 30.5% for the third quarter ended September 30, 2015.  The decrease in the percent of revenue is due to lower administrative salaries as percent of revenues as we maintain a quality support center staff while continuing to grow revenues. The Company experienced reduced personnel related expenses from lower group insurance expense, reduced telephone costs due to a change of data service providers. As planned, the Company experienced increased sales salaries and advertising expenses directed toward increased revenue production.

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ROLLINS, INC. AND SUBSIDIARIES

 

Gain on Sale of assets, Net

 

Gain on sales of assets, net was a net gain of $0.1 million for the third quarter ended September 30, 2016, down from $1.3 million prior year. The Company sold a building in 2015.

 

Income Taxes

 

Income Taxes for the third quarter ended September 30, 2016 increased $2.9 million or 10.7% to $30.3 million from $27.4 million reported for third quarter ended September 30, 2015. This was due to increased pretax earnings. The effective tax rate was 37.9% for the third quarter ended September 30, 2016 and 37.8% for the third quarter ended September 30, 2015 primarily due to differences in investment credits, deferred taxes and state tax rates.

 

NINE MONTHS ENDED SEPTEMBER 30, 2016 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2015

 

Revenue

 

Revenues for the nine months ended September 30, 2016 increased $65.1 million or 5.8% to $1.188 billion compared to $1.123 billion for the nine months ended September 30, 2015.    The Company saw an increase in leads and closure on sales to new customers while average price remained relatively flat in most categories. Acquisitions contributed less than 1% of revenues for the first nine months. The higher sales to new customers resulted in growth across all service lines.

 

Commercial pest control revenue approximated 40% of the Company’s revenues during the nine months ended September 30, 2016, residential pest control revenue approximated 42% of revenues, and termite and ancillary service revenues, made up approximately 17% of the Company’s revenues. The Company’s commercial pest control revenue grew 4.0%, residential pest control revenue grew 7.1%, and termite and ancillary services revenue grew 6.5%. Foreign operations accounted for approximately 7% of total revenues for each of the first nine months of 2016 and 2015, respectively.

 

Cost of Services Provided

 

Cost of Services provided for the nine months ended September 30, 2016 increased $25.6 million or 4.6% to $579.4 million compared to $553.7 million for the nine months ended September 30, 2015. The year-to-date margin benefited from lower personnel related expense margins, the Company recording lower insurance and claims expense as auto liability expense was down from 2015. Although salary expenses increased, they were down as a percentage of revenue. Fleet expenses continued to decline as a percent of revenue as gasoline expense was down 12.5%. The Company maintained good cost controls across most spending categories.

 

Depreciation and Amortization

 

Depreciation and Amortization expenses for the nine months ended September 30, 2016 increased $3.9 million to $37.1 million, an increase of 11.7%, increasing 0.1 percentage point as a percent of revenue to 3.1% of revenue compared to 3.0% of revenue the prior year. The dollar increase was due to expenditures associated with the rollout of our CRM system, BOSS, while amortization of intangible assets increased due to amortized customer contracts included in acquisitions.

 

Sales, General and Administrative

 

Sales, General and Administrative expenses for the nine months ended September 30, 2016 increased $18.1 million or 5.2% to $364.2 million while decreasing to 30.7% of revenues, from $346.1 million or 30.8% of revenues in the prior year period. The decrease in percentage of revenue was primarily due to the Company’s lower administrative and sales salaries, advertising, bad debt expense, and maintenance agreements as a percent of revenue. We continue to be cost conscious and maintain control of expenses.

 

Gain on Sale of assets, Net

 

Gain on sales of assets, net was a net gain of $0.7 million for the nine month period ended September 30, 2016 a decrease of $0.8 million from $1.5 million for the nine months ended September 30, 2015. In 2016 the Company sold its wildlife service franchise supplier and a branch location while in 2015 we sold a building. The Company also recognized net gains from the sale of Company owned vehicles and property in 2016 and 2015.

 

Income Taxes

 

Income taxes for the nine months ended September 30, 2016 increased to $78.7 million, a 10.9% increase from $71.0 million reported for the same period in 2015, and reflect increased pre-tax income over the prior year period. The effective tax rate was 37.8% for the nine months ended September 30, 2016 versus 37.1% for the nine months ended September 30, 2015 primarily due to certain discrete items within each period.

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ROLLINS, INC. AND SUBSIDIARIES

 

Liquidity and Capital Resources

 

The Company believes its current cash and cash equivalents balances, future cash flows expected to be generated from operating activities and available borrowings under its $175.0 million credit facility will be sufficient to finance its current operations and obligations, and fund expansion of the business for the foreseeable future. The Company’s operating activities generated net cash of $158.2 million and $143.8 million for the nine months ended September 30, 2016, and 2015, respectively. During the nine months ended September 30, 2016, the Company made contributions of $3.0 million to its defined benefit retirement plans (the “Plans”) compared to $5.0 million in contributions during the same period in 2015. The Company is considering making further contributions of $0.3 million to the Plans during the fiscal year ending December 31, 2016. In the opinion of management, Plan contributions will not have a material effect on the Company’s financial position, results of operations or liquidity for 2016.

 

The Company invested approximately $27.1 million in capital expenditures, exclusive of expenditures for business acquisitions, during the nine months ended September 30, 2016, compared to $28.6 million during the same period in 2015, and expects to invest approximately $6.0 million for the remainder of 2016. Capital expenditures for the first nine months consisted primarily of the purchase of operating equipment replacements and technology related projects. During the nine months ended September 30, 2016, the Company made expenditures for acquisitions totaling $40.8 million, compared to $31.4 million during the same period in 2015. A total of $65.5 million was paid in cash dividends ($0.30 per share) during the first nine months of 2016, compared to $52.4 million or ($0.24 per share) during the same period in 2015. On October 25, 2016, the Company announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.10 per share plus a special year-end dividend of $0.10 per share both payable December 9, 2016 to stockholders of record at the close of business November 10, 2016 to be funded with existing cash balances. The Company expects to continue to pay cash dividends to common stockholders, subject to the earnings and financial condition of the Company and other relevant factors. The Company repurchased approximately 0.8 million shares at a weighted average price of $27.19 from the open market during the first nine months of 2016 compared to the repurchase of approximately 19,000 shares at a weighted average price of $22.42 during the first nine months of 2015. The Company has had a buyback program in place for a number of years and has routinely purchased shares when it felt the opportunity was desirable. The Board authorized the purchase of 7.5 million additional shares of the Company’s common stock in July 2012. These authorizations enable the Company to continue the purchase of Company common stock when appropriate, which is an important benefit resulting from the Company’s strong cash flows. The stock buy-back program has no expiration date. In total, 5.1 million additional shares may be purchased under the share repurchase program. The Company repurchased $8.3 million and $7.0 million of common stock for the nine months ended September 30, 2016 and 2015, respectively, from employees for the payment of taxes on vesting restricted shares. The acquisitions, capital expenditures, share repurchases and cash dividends were funded through existing cash balances and operating activities.

 

The Company’s balance sheet as of September 30, 2016 and December 31, 2015 includes short-term unearned revenues of $110.8 million and $96.2 million, respectively, representing approximately 7% of our annual revenue. This represents cash paid to the Company by its customers in advance of services that will be recognized over the next twelve months. The Company’s $139.3 million of total cash at September 30, 2016, is held at various banking institutions. Approximately $41.3 million is held in cash accounts at foreign bank institutions and the remaining $98.0 million is primarily held in non-interest-bearing accounts at various domestic banks. The Company’s international business is expanding and we intend to continue to grow the business in foreign markets in the future through reinvestment of foreign deposits and future earnings as well as acquisitions of unrelated companies. Repatriation of cash from the Company’s foreign subsidiaries is not a part of the Company’s current business plan. The Company maintains a large cash position in the United States while having little third-party debt to service. The Company maintains adequate liquidity and capital resources that are directed to finance domestic operations and obligations and to fund expansion of its domestic business for the foreseeable future without regard to its foreign deposits.

 

On October 31, 2012, the Company entered into a Revolving Credit Agreement with SunTrust Bank and Bank of America, N.A. for an unsecured line of credit of up to $175.0 million, which includes a $75.0 million letter of credit subfacility, and a $25.0 million swingline subfacility.   The Company had no outstanding borrowings under the line of credit or under the swingline subfacility as of September 30, 2016.    The Company remained in compliance with applicable debt covenants through the date of this filing and expects to maintain compliance through 2016.

 

Litigation

 

In the normal course of business, certain of the Company’s subsidiaries are defendants in a number of lawsuits, claims or arbitrations which allege that the subsidiaries’ services caused damage.  In addition, the Company defends employment related cases and claims from time to time. We are involved in certain environmental matters primarily arising in the normal course of business. We are actively contesting each of these matters.

 

On December 2, 2014, Plaintiff Killian Pest Control sued Rollins, Inc. and its subsidiary HomeTeam Pest Defense alleging that HomeTeam’s exclusive use of its “tubes in the walls” system violates the federal Sherman Antitrust Act, and California’s Cartwright Act and Business and Professions Code. Plaintiffs seek a declaratory judgment that the alleged misconduct violates the Sherman and Cartwright Acts, and the Business and Professions Code; a permanent injunction against continuing alleged violations; and monetary damages. The lawsuit is pending in the United States District Court, Northern District of California. Because discovery remains open and there are unresolved questions of fact and law, the Company cannot currently estimate the loss, if any, and intends to defend this matter vigorously.

 16

 

ROLLINS, INC. AND SUBSIDIARIES

 

On December 2, 2014, Plaintiff Jose Luis Garnica, on behalf of himself and a class of similarly situated customers, sued Rollins, Inc. and its subsidiary HomeTeam Pest Defense alleging that HomeTeam’s exclusive use of its “tubes in the walls” system violates the federal Sherman Antitrust Act. The Plaintiff seeks a declaratory judgment that the alleged misconduct violates the Sherman Act; a permanent injunction against continuing violations; and monetary damages. The lawsuit is pending in the United States District Court, Northern District of California. Because discovery remains open and there are unresolved questions of fact and law, the Company cannot currently estimate the loss, if any, and intends to defend this matter vigorously.

 

Management does not believe that any pending claim, proceeding or litigation, either alone or in the aggregate will have a material adverse effect on the Company’s financial position, results of operations or liquidity; however, it is possible that an unfavorable outcome of some or all of the matters, however unlikely, could result in a charge that might be material to the results of an individual quarter or year.

 

Critical Accounting Policies

 

There have been no changes to the Company’s critical accounting policies since the filing of its Form 10-K for the year ended December 31, 2015.

 

New Accounting Standards

 

See Note 2 of the Notes to Condensed Consolidated Financial Statements for a description of recent accounting pronouncements, including the expected dates of adoption and estimated effects on results of operations and financial condition.

 

Forward-Looking Statements

 

This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, the effect of the future adoption of recent accounting pronouncements on the Company’s financial statements; statements regarding management’s expectation regarding the effect of the ultimate resolution of pending claims, proceedings or litigation on the Company’s financial position, results of operation and liquidity; the Company’s belief that its current cash and cash equivalent balances, future cash flows expected to be generated from operating activities and available borrowings will be sufficient to finance its current operations and obligations, and fund expansion of the business for the foreseeable future; our expectation that the Company will continue to pay dividends; our intention to continue to grow the business in foreign markets in the future through reinvestment of foreign deposits and future earnings as well as acquisitions of unrelated companies and that repatriation of cash is not a part of the Company’s business plan; possible defined benefit retirement plan contributions and their effect on the Company’s financial position, results of operations and liquidity; the Company’s expectation regarding capital expenditure for the remainder of 2016; the Company’s expectation to maintain compliance with debt covenants; and the Company’s belief that interest rate exposure and foreign exchange rate risk will not have a material effect on the Company’s results of operations going forward. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation, the possibility of an adverse ruling against the Company in pending litigation; general economic conditions; market risk; changes in industry practices or technologies; the degree of success of the Company’s termite process and pest control selling and treatment methods; the Company’s ability to identify and integrate potential acquisitions; climate and weather conditions; competitive factors and pricing practices; our ability to attract and retain skilled workers, and potential increases in labor costs; and changes in various government laws and regulations, including environmental regulations. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. A more detailed discussion of potential risks facing the Company can be found in the Company’s Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015. The Company does not undertake to update its forward looking statements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As of September 30, 2016, the Company maintained an investment portfolio (included in cash and cash equivalents) subject to short-term interest rate risk exposure. The Company is subject to interest rate risk exposure through borrowings on its $175 million credit facility. The Company is also exposed to market risks arising from changes in foreign exchange rates. See note 9 to Part I, Item 1 for a discussion of the Company’s investments in derivative financial instruments to manage risks of fluctuations in foreign exchange rates. The Company believes that this foreign exchange rate risk will not have a material impact upon the Company’s results of operations going forward. There have been no material changes to the Company’s market risk exposure since the end of fiscal year 2015.

 17

 

ROLLINS, INC. AND SUBSIDIARIES

 

ITEM 4. CONTROLS AND PROCEDURES

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of September 30, 2016 (the “Evaluation Date”). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the Evaluation Date to ensure that the information required to be included in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

In addition, management’s quarterly evaluation identified no changes in our internal control over financial reporting during the second quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. As of September 30, 2016 we did not identify any material weaknesses in our internal controls, and therefore no corrective actions were taken.

 


PART II OTHER INFORMATION
   
Item 1. Legal Proceedings.
   
See Note 4 to Part I, Item 1 for discussion of certain litigation.
   
Item 1A.   Risk Factors
 
See the Company’s risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

 

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds.

 

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

Shares repurchased by Rollins and affiliated purchases during the third quarter ended September 30, 2016 were as follows:

 

Period  Total Number
of shares
Purchased  (1)		   Weighted-Average
Price paid per
Share		   Total number of
shares purchased
as part of publicly
announced
repurchases (2)		   Maximum number of
shares that may yet be
purchased under the
repurchase plans		 
July 1 to 31, 2016   —   $—         5,489,841 
August 1 to 31, 2016   416,515    27.77    416,230    5,073,611 
September 1 to 30, 2016   29,913    29.28    —    5,073,611 
Total   446,428   $27.87    416,230    5,073,611 

 

(1)Includes repurchases from employees for the payment of taxes on vesting of restricted shares in the following amounts: July 2016: 0; August 2016: 285; and September 2016: 29,913

 

(2)The Company has a share repurchase plan, adopted in 2012, to repurchase up to 7.5 million shares of the Company’s common stock. The plan has no expiration date.

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ROLLINS, INC. AND SUBSIDIARIES

 

Item 6.   Exhibits.

 

(a)Exhibits

 

(3) (i)(A) Restated Certificate of Incorporation of Rollins, Inc. dated July 28, 1981, incorporated herein by reference to Exhibit (3)(i)(A) as filed with the registrant’s Form 10-Q filed August 1, 2005.

 

 (B) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated August 20, 1987, incorporated herein by reference to Exhibit 3(i)(B) filed with the registrant’s 10-K filed March 11, 2005.

 

 (C) Certificate of Change of Location of Registered Office and of Registered Agent dated March 22, 1994, incorporated herein by reference to Exhibit (3)(i)(C) filed with the registrant’s Form 10-Q filed August 1, 2005.

 

 (D) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated April 25, 2006, incorporated herein by reference to Exhibit 3(i)(D) filed with the registrant’s 10-Q filed October 31, 2006.

 

 (E) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated April, 26, 2011, incorporated herein by reference to Exhibit 3(i)(E) filed with the Registrant’s 10-K filed February 25, 2015.

 

 (F) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated April 28, 2015, incorporated herein by reference to Exhibit 3(i)(F) filed with the Registrant’s 10-Q filed on July 29, 2015.

 

(ii)Amended and Restated By-laws of Rollins, Inc., incorporated herein by reference to Exhibit 3.1 filed with the Registrant’s 10-Q filed October 29, 2014

 

(4)Form of Common Stock Certificate of Rollins, Inc., incorporated herein by reference to Exhibit (4) as filed with its Form 10-K for the year ended December 31, 1998.

 

(31.1)Certification of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

(31.2)Certification of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

(32.1)Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

(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
   

 19

 

ROLLINS, INC. AND SUBSIDIARIES

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

   ROLLINS, INC.  
   (Registrant)  
        
Date:  October 28, 2016  By: /s/ Gary W. Rollins  
     Gary W. Rollins  
     Vice Chairman and Chief Executive Officer  
     (Principal Executive Officer)  
        
Date:  October 28, 2016  By: /s/ Paul E. Northen  
     Paul E. Northen  
     Vice President, Chief Financial Officer and Treasurer  
     (Principal Financial and Accounting Officer)  

 

 20

 EX-31.1 2 e00546_ex31-1.htm

Exhibit 31.1

 

I, Gary W. Rollins, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Rollins, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

Date: October 28, 2016 /s/ Gary W. Rollins
  Gary W. Rollins,
Vice Chairman and Chief Executive Officer
  (Principle Executive Officer)

 

 

 EX-31.2 3 e00546_ex31-2.htm

Exhibit 31.2

 

I, Paul E. Northen, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Rollins, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

Date:  October 28,  2016 /s/ Paul E. Northen
  Paul E. Northen
  Vice President, Chief Financial Officer and Treasurer
  (Principal Financial and Accounting Officer)

 

 

 EX-32.1 4 e00546_ex32-1.htm

Exhibit 32.1

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Rollins, Inc., a Delaware corporation (the “Company”), on Form 10-Q for the period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U.S.C. sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

 

 

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

Date: October 28, 2016   By:   /s/ Gary W. Rollins

 

 

       Gary W. Rollins
Vice Chairman and Chief Executive Officer
(Principle Executive Officer)
         
Date: October 28, 2016   By:   /s/ Paul E. Northen
        Paul E. Northen
Vice President, Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)

 

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

 

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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2016
Oct. 15, 2016
Document And Entity Information    
Entity Registrant Name ROLLINS INC  
Entity Central Index Key 0000084839  
Document Type 10-Q  
Document Period End Date Sep. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   217,830,498
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 139,263 $ 134,574
Trade receivables, net of allowance for doubtful accounts of $11,779 and $10,348, respectively 99,113 79,864
Financed receivables, short-term, net of allowance for doubtful accounts of $1,765 and $1,844, respectively 15,984 13,830
Materials and supplies 13,787 12,801
Other current assets 31,759 28,365
Total Current Assets 299,906 269,434
Equipment and property, net 134,166 121,356
Goodwill 260,154 249,939
Customer contracts 116,642 92,815
Other intangible assets, net 45,243 46,116
Financed receivables, long-term, net of allowance for doubtful accounts of $1,402 and $1,444, respectively 16,282 13,636
Deferred income taxes, net 32,749 40,665
Other assets 16,373 14,690
Total Assets 921,515 848,651
LIABILITIES    
Accounts payable 26,436 24,919
Accrued insurance 26,544 24,874
Accrued compensation and related liabilities 72,569 73,607
Unearned revenues 110,848 96,192
Other current liabilities 35,249 33,394
Total current liabilities 271,646 252,986
Accrued insurance, less current portion 32,443 30,402
Accrued pension 6,320 9,735
Long-term accrued liabilities 36,877 31,499
Total Liabilities 347,286 324,622
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Preferred stock, without par value; 500,000 shares authorized, zero shares issued
Common stock, par value $1 per share; 375,000,000 shares authorized, 217,830,498 and 218,753,011 shares issued and outstanding, respectively 217,830 218,753
Treasury stock, par value $1 per share; 0 and 200,000 shares, respectively (200)
Paid in capital 74,289 69,762
Accumulated other comprehensive loss (66,756) (71,178)
Retained earnings 348,866 306,892
Total Stockholders' Equity 574,229 524,029
Total Liabilities and Stockholders' Equity $ 921,515 $ 848,651
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Trade receivables, short-term, allowance for doubtful accounts (in dollars) $ 11,779 $ 10,348
Financed receivables, short-term, allowance for doubtful accounts (in dollars) 1,765 1,844
Financed receivables, long-term, allowance for doubtful accounts (in dollars) $ 1,402 $ 1,444
Preferred stock, shares authorized 500,000 500,000
Preferred stock, shares issued 0 0
Preferred stock, no par value (in dollars per share)
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized 375,000,000 375,000,000
Common stock, shares issued 217,830,498 218,753,011
Common stock, shares outstanding 217,830,498 218,753,011
Treasury Stock, par value $ 1 $ 1
Treasury Stock, Shares 0 200,000
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
REVENUES        
Customer services $ 423,994 $ 399,746 $ 1,187,863 $ 1,122,805
COSTS AND EXPENSES        
Cost of services provided 205,608 195,489 579,353 553,741
Depreciation and amortization 13,083 11,156 37,073 33,182
Sales, general and administrative 125,407 121,944 364,207 346,141
Gain on sale of assets (52) (1,255) (720) (1,504)
Interest income, net (18) (21) (156) (134)
INCOME BEFORE INCOME TAXES 79,966 72,433 208,106 191,379
PROVISION FOR INCOME TAXES 30,315 27,387 78,744 70,979
NET INCOME $ 49,651 $ 45,046 $ 129,362 $ 120,400
NET INCOME PER SHARE - BASIC AND DILUTED (in dollars per share) $ 0.23 $ 0.21 $ 0.59 $ 0.55
DIVIDENDS PAID PER SHARE (in dollars per share) $ .10 $ 0.08 $ .30 $ 0.24
Weighted average participating shares outstanding - basic and diluted (in shares) 218,039 218,594 218,386 218,583
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 49,651 $ 45,046 $ 129,362 $ 120,400
Other comprehensive earnings (loss), net of tax        
Foreign currency translation adjustments (2,957) (8,719) 4,422 (14,940)
Other comprehensive earnings (loss) (2,957) (8,719) 4,422 (14,940)
Comprehensive earnings $ 46,694 $ 36,327 $ 133,784 $ 105,460
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Treasury Stock
Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Total
Balance at Dec. 31, 2014 $ 218,483 $ (200) $ 62,839 $ (65,488) $ 247,042 $ 462,676
Balance (in shares) at Dec. 31, 2014 218,483,000 (200,000)        
Increase (Decrease) in Shareholders' Equity            
Net Income         152,149 152,149
Pension Liability Adjustment       9,070 9,070
Foreign Currency Translation Adjustments       (14,760) (14,760)
Cash Dividends         (91,755) (91,755)
Common Stock Purchased [1] $ (19)       (416) (435)
Common Stock Purchased (in shares) [1] (19,000)          
Stock Compensation $ 597 11,731 (218) 12,110
Stock Compensation (in shares) 597,000        
Employee Stock Buybacks and Common Stock Options Exercised $ (308) (6,754) 90 (6,972)
Employee Stock Buybacks and Common Stock Options Exercised (in shares) (308,000)        
Excess Tax Benefit on Restricted Stock, Dividend Compensation and Non-Qualified Stock Options 1,946 1,946
Balance at Dec. 31, 2015 $ 218,753 $ (200) 69,762 (71,178) 306,892 524,029
Balance (in shares) at Dec. 31, 2015 218,753,000 (200,000)        
Increase (Decrease) in Shareholders' Equity            
Net Income         129,362 129,362
Foreign Currency Translation Adjustments       4,422 4,422
Cash Dividends       (65,506) (65,506)
Common Stock Purchased [1] $ (836)     (21,882) $ (22,718)
Common Stock Purchased (in shares) (836,000) [1]         800,000
Common Stock Retired $ (200) $ 200        
Common Stock Retired (in shares) (200,000) 200,000        
Stock Compensation $ 427   9,002 $ 9,429
Stock Compensation (in shares) 427,000          
Employee Stock Buybacks and Common Stock Options Exercised $ (314)   (8,011) (8,325)
Employee Stock Buybacks and Common Stock Options Exercised (in shares) (314,000)          
Excess Tax Benefit on Restricted Stock, Dividend Compensation and Non-Qualified Stock Options     3,536 3,536
Balance at Sep. 30, 2016 $ 217,830 $ 74,289 $ (66,756) $ 348,866 $ 574,229
Balance (in shares) at Sep. 30, 2016 217,830,000        
[1] Charges to Retained Earnings are from purchases of the Company's Common Stock.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net Income $ 129,362 $ 120,400
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,073 33,182
Provision for deferred income taxes 4,954 690
Provision for bad debts 8,320 6,966
Stock based compensation expense 9,429 9,374
Excess tax benefits from share-based payments (3,536) (1,763)
Other, net (700) (1,692)
Changes in operating assets and liabilities (26,743) (23,333)
Net cash provided by operating activities 158,159 143,824
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (40,824) (31,391)
Purchases of equipment and property (27,128) (28,613)
Proceeds from sales of franchises 199 365
Other 1,133 2,055
Net cash used in investing activities (66,620) (57,584)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (31,043) (7,407)
Dividends paid (65,506) (52,436)
Excess tax benefits from share-based payments 3,536 1,763
Net cash used in financing activities (93,013) (58,080)
Effect of exchange rate changes on cash 6,163 (2,222)
Net decrease in cash and cash equivalents 4,689 25,938
Cash and cash equivalents at beginning of period 134,574 108,372
Cash and cash equivalents at end of period $ 139,263 $ 134,310
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BASIS OF PREPARATION AND OTHER
 9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PREPARATION AND OTHER
  NOTE 1. BASIS OF PREPARATION AND OTHER

 

Basis of Preparation - The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (the “Company”) for the year ended December 31, 2015. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2015 Annual Report on Form 10-K.

 

The preparation of interim financial statements requires management to make estimates and assumptions for the amounts reported in the condensed consolidated financial statements. Specifically, the Company makes estimates in its interim condensed consolidated financial statements for the termite accrual which includes future costs including termiticide life expectancy and government regulations, the insurance accrual which includes self insurance and worker’s compensation, inventory adjustments, discounts and volume incentives earned, among others.

 

In the opinion of management, all adjustments necessary for a fair presentation of the Company’s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three and nine month period ended September 30, 2016 are not necessarily indicative of results for the entire year.

 

The Company has only one reportable segment, its pest and termite control business. The Company’s results of operations and its financial condition are not reliant upon any single customer, or a few customers, or the Company’s foreign operations.

 

Three-for-two stock split - The Board of Directors at its quarterly meeting on January 27, 2015, authorized a three-for-two stock split by the issuance on March 10, 2015 of one additional common share for each two common shares held of record at February 10, 2015.

 

All share and per share information has been retroactively adjusted for the three-for-two stock split effective March 10, 2015 for shareholders of record February 10, 2015.
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RECENT ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently adopted accounting standards

 

In November 2015, the FASB issued ASU No. (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We have elected to early adopt ASU 2015-17 retrospectively in the first quarter of 2016. As a result, we have presented all deferred tax assets and liabilities as noncurrent on our consolidated balance sheets, and have reclassified current deferred tax assets and liabilities on our consolidated balance sheet as of December 31, 2015. There was no net impact on our results of operations as a result of the adoption of ASU 2015-17.

 

Recently issued accounting standards to be adopted in 2016 or later

 

In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB issued ASU 2015-14, which deferred the effective date of this new standard to periods beginning after December 15, 2017 for public entities. Early application is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. Entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the impact of this standard on its consolidated financial statements and the method of adoption. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 

In February 2016, FASB issued ASU No. 2016-02, Leases, which require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of this standard on its consolidated financial statements. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 

In March 2016, FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2016, and interim periods within annual periods. Earlier adoption is permitted for any entity in any interim or annual reporting period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact of this standard on its consolidated financial statements. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.

 

In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flow Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update are effective for the Company’s financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods. Earlier adoption is permitted for any entity in any interim or annual reporting period. The Company is currently evaluating the impact of this standard on its consolidated financial statements. We do not expect this standard to have a material impact on the Company’s reported results of operations or financial position.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
  NOTE 3. EARNINGS PER SHARE

 

The Company follows ASC 260, Earnings Per Share (ASC 260) that requires the reporting of both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period.

 

Basic and diluted earnings per share attributable to common and restricted shares of common stock for the period were as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Basic and diluted earnings per share                                
Common stock   $ 0.23     $ 0.21     $ 0.59     $ 0.55  
Restricted shares of common stock   $ 0.23     $ 0.21     $ 0.59     $ 0.55  
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONTINGENCIES
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES
NOTE 4. CONTINGENCIES

 

In the normal course of business, certain of the Company’s subsidiaries are defendants in a number of lawsuits, claims or arbitrations which allege that the subsidiaries’ services caused damage.  In addition, the Company defends employment related cases and claims from time to time. We are involved in certain environmental matters primarily arising in the normal course of business. We are actively contesting each of these matters. 

 

On December 2, 2014, Plaintiff Killian Pest Control sued Rollins, Inc. and its subsidiary HomeTeam Pest Defense alleging that HomeTeam’s exclusive use of its “tubes in the walls” system violates the federal Sherman Antitrust Act, and California’s Cartwright Act and Business and Professions Code. Plaintiffs seek a declaratory judgment that the alleged misconduct violates the Sherman and Cartwright Acts, and the Business and Professions Code; a permanent injunction against continuing alleged violations; and monetary damages. The lawsuit is pending in the United States District Court, Northern District of California. Because discovery remains open and there are unresolved questions of fact and law, the Company cannot currently estimate the loss, if any, and intends to defend this matter vigorously.

 

On December 2, 2014, Plaintiff Jose Luis Garnica, on behalf of himself and a class of similarly situated customers, sued Rollins, Inc. and its subsidiary HomeTeam Pest Defense alleging that HomeTeam’s exclusive use of its “tubes in the walls” system violates the federal Sherman Antitrust Act. The Plaintiff seeks a declaratory judgment that the alleged misconduct violates the Sherman Act; a permanent injunction against continuing violations; and monetary damages. The lawsuit is pending in the United States District Court, Northern District of California. Because discovery remains open and there are unresolved questions of fact and law, the Company cannot currently estimate the loss, if any, and intends to defend this matter vigorously.

 

Management does not believe that any pending claim, proceeding or litigation, either alone or in the aggregate will have a material adverse effect on the Company’s financial position, results of operations or liquidity; however, it is possible that an unfavorable outcome of some or all of the matters, however unlikely, could result in a charge that might be material to the results of an individual quarter or year.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, notes receivable, accounts payable and other short-term liabilities. The carrying amounts of these financial instruments approximate their fair values.  The Company has a Revolving Credit Agreement with SunTrust Bank and Bank of America, N.A. for an unsecured line of credit of up to $175.0 million, which includes a $75.0 million letter of credit subfacility and a $25.0 million swingline subfacility. There were no outstanding borrowings at September 30, 2016 and December 31, 2015.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
  NOTE 6. STOCKHOLDERS’ EQUITY

 

During the nine months ended September 30, 2016 the Company paid $65.5 million or $0.30 per share in cash dividends compared to $52.4 million or $0.24 per share during the same period in 2015.

 

During the third quarter ended September 30, 2016, the Company repurchased 0.4 million shares from the open market of its $1 par value common stock at a weighted average price of $27.77 per share. No shares were repurchased during the same period in 2015. During the nine months ended September 30, 2016, the Company repurchased from the open market approximately 0.8 million shares of its $1 par value common stock at a weighted average price of $27.19 per share compared to approximately 19,000 shares that were repurchased at a weighted average price of $22.42 during the same period in 2015.

 

The Company also repurchases shares from employees for the payment of taxes on vesting restricted shares. For this purpose, the Company repurchased $0.9 million of common stock during the third quarter ended September 30, 2016 and the Company did not repurchase any of its common stock for the third quarter ended September 30, 2015, and repurchased $8.3 million and $7.0 million of common stock for the nine months ended September 30, 2016 and 2015, respectively.

 

As more fully discussed in Note 14 of the Company’s notes to the consolidated financial statements in its 2015 Annual Report on Form 10-K, stock options, time lapse restricted shares (TLRS’s) and restricted stock units have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. At September 30, 2016, approximately 4.6 million shares of the Company’s common stock were reserved for issuance.

 

Time Lapse Restricted Shares and Restricted Stock Units

 

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2016     2015     2016     2015  
Time lapse restricted stock:                                
Pre-tax compensation expense   $ 3,049     $ 3,255     $ 9,429     $ 9,374  
Tax benefit     (1,180 )     (1,260 )     (3,649 )     (3,628 )
Restricted stock expense, net of tax   $ 1,869     $ 1,995     $ 5,780     $ 5,746  

 

The Company recognized a deferred tax benefit of approximately $0.4 million and a deferred tax benefit of $0.1 million during the third quarters ended September 30, 2016 and 2015 respectively, and a deferred tax benefit of approximately $3.5 million, $1.8 million and $1.9 million for the nine months ended September 30, 2016 and 2015 and the year ended December 31, 2015, respectively, related to the vesting of restricted shares which have been recorded as increases to paid-in capital.

 

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2016:

 

    Number of
Shares		     Weighted-
Average Grant-
Date Fair Value		  
Unvested Restricted Stock Units at December 31, 2015     2,751     $ 17.21  
Forfeited     (76 )     19.56  
Vested     (876 )     14.48  
Granted     503       26.45  
Unvested Restricted Stock Units at September 30, 2016     2,301     $ 20.19  

 

At September 30, 2016 and December 31, 2015, the Company had $33.7 million and $31.3 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 3.9 years and 3.8 years, respectively.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
PENSION AND POST RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2016
Pension and Other Postretirement Benefit Expense [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLANS
  NOTE 7. PENSION AND POST RETIREMENT BENEFIT PLANS

 

The following table represents the net periodic pension benefit costs and related components in accordance with FASB ASC 715 “Compensation - Retirement Benefits”:

 

Components of Net Pension Benefit Gain                        
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2016     2015     2016     2015  
Interest and service cost   $ 2,350     $ 2,250     $ 7,050     $ 6,750  
Expected return on plan assets     (3,305 )     (3,197 )     (9,915 )     (9,591 )
Amortization of net loss     816       940       2,448       2,820  
Net periodic benefit   $ (139 )   $ (7 )   $ (417 )   $ (21 )

 

During the nine months ended September 30, 2016 and 2015, the Company made $3.0 million and $5.0 million in contributions, respectively to its defined benefit retirement plans (the “Plans”). The Company made $5.0 million in contributions for the year ended December 31, 2015. The Company is planning on making further contributions to the Plans during the fiscal year ending December 31, 2016 of approximately $0.3 million.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
BUSINESS COMBINATIONS
 9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
BUSINESS COMBINATIONS
  NOTE 8. BUSINESS COMBINATIONS

 

The Company made twenty eight acquisitions during the nine month period ended September 30, 2016, and twelve acquisitions for the year ended December 31, 2015, respectively, as disclosed on various press releases and related Form 8-Ks.

 

Total cash purchase price for the Company’s acquisitions for the nine months ended September 30, 2016 was $40.8 million net of cash acquired.

 

The preliminary values of major classes of assets acquired and liabilities assumed recorded at the date of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):

 

    September 30,  
    2016  
Accounts receivable   $ 3,185  
Materials and supplies     352  
Equipment and property     4,039  
Goodwill     8,613  
Customer contracts     40,861  
Other intangible assets     1,065  
Current liabilities     (6,836 )
Other assets and liabilities, net     (2,836 )
Total consideration paid   $ 48,443  
Less:  Contingent consideration liability     (7,619 )
Total cash purchase price   $ 40,824  

 

Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $260.2 million and $249.9 million at September 30, 2016 and December 31, 2015, respectively. Goodwill generally changes due to the timing of acquisitions, finalization of allocation of purchase prices of previous acquisitions and foreign currency translations. The carrying amount of goodwill in foreign countries was $47.2 million at September 30, 2016 and $36.9 million at December 31, 2015.

 

The Company completed its most recent annual impairment analyses as of September 30, 2016. Based upon the results of these analyses, the Company has concluded that no impairment of its goodwill or other intangible assets was indicated.

 

The carrying amount of customer contracts and other intangible assets was $116.6 million and $45.2 million, respectively, at September 30, 2016, and $92.8 million and $46.1 million, respectively, at December 31, 2015. The carrying amount of customer contracts and other intangible assets in foreign countries was $32.1 million and $4.4 million, respectively, at September 30, 2016, and $14.9 million and $4.2 million, respectively, at December 31, 2015.

 

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September 30, 2016 (in thousands):

 

    Carrying     Useful Life
Intangible Asset   Value     in Years
Customer contracts   $ 116,642      3 - 12.5
Trademarks and tradenames     32,933      0 - 20
Non-compete agreements     4,830      3 - 20
Patents     3,221      3 - 15
Other assets     2,031     10
Internet domains     2,228      n/a
Total customer contracts and other intangible assets   $ 161,885      
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
NOTE 9. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

Risk Management Objective of Using Derivatives

 

The Company is exposed to certain risk arising from both its business operations and economic conditions. To manage this risk, the Company enters into derivative financial instruments from time to time. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments from time to time to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar.

 

Hedges of Foreign Exchange Risk

 

The Company is exposed to fluctuations in various foreign currencies against its functional currency, the US dollar. The Company uses foreign currency derivatives, specifically vanilla foreign currency forwards, to manage its exposure to fluctuations in the USD-CAD and AUD-USD exchange rates. Currency forward agreements involve fixing the foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date.

 

The Company does not currently designate any of these foreign exchange forwards under hedge accounting, but rather reflects the changes in fair value immediately in earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign exchange rates. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were equal to a gain of $0.1 million for the quarter ended September 30, 2016 and a loss of $0.5 million for the nine months ended September 30, 2016. As of September 30, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):

 

Non-Designated Derivative Summary
    Number of
Instruments		     Sell Notional     Buy Notional  
FX Forward Contracts                        
Sell AUD/Buy USD Fwd Contract     1     $ 300     $ 210  
Sell CAD/Buy USD Fwd Contract     1     $ 4,200     $ 3,098  
Total     2             $ 3,308  

 

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2016 and December 31, 2015 (in thousands):

 

    Tabular Disclosure of Fair Values of Derivative Instruments  
    Derivatives Asset     Derivative Liabilities  
    Fair Value as of:  
    September 30,     December 31,     September 30,     December 31,  
    2016     2015     2016     2015  
Derivatives Not Designated as Hedging Instruments                                
FX Forward Contracts                                
Balance Sheet Location   Other Assets     Other Assets     Other Current
Liabilities		     Other Current
Liabilities		  
Sell AUD/Buy USD Fwd Contract   $ 0     $ 0     $ (19 )   $ 0  
Sell CAD/Buy USD Fwd Contract   $ 0     $ 0     $ (103 )   $ 0  
Total   $ 0     $ 0     $ (122 )   $ 0  

 

The table below presents the effect of the Company’s derivative financial instruments on the Income Statement as of September 30, 2016 and September 30, 2015 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated
as Hedging Instruments for the Three and  Nine Months Ended September 30, 2016 and 2015
Derivatives Not Designated as
Hedging Instruments		   Location of Gain or
(Loss) Recognized
in Income		   Amount of Gain or
(Loss) Recognized
in Income
Three Months
Ended
September 30,		     Amount of Gain or
(Loss) Recognized in
Income
Nine Months Ended
September 30,		  
        2016     2015     2016     2015  
Sell AUD/Buy USD Fwd Contract   Other Inc/Exp   $ (9 )   $ 0     $ (36 )   $ 0  
Sell CAD/Buy USD Fwd Contract   Other Inc/Exp     103       0       (476 )     0  
Total       $ 94     $ 0     $ (512 )   $ 0  

 

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September 30, 2016 (in thousands):

 

    Recurring Fair Value Measurements  
    Quoted Prices in Active
Markets for Identical
Assets and Liabilities		     Significant Other
Observable Inputs		     Significant
Unobservable Inputs		              
    (Level 1)     (Level 2)     (Level 3)     Total Fair Value at As of  
    September 30,     September 30,     September 30,     September 30,  
    2016     2015     2016     2015     2016     2015     2016     2015  
Assets                                                                
Derivative Financial Instruments   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
Liabilities                                                                
Derivative Financial Instruments   $ 0     $ 0     $ (122 )   $ 0     $ 0     $ 0     $ (122 )   $ 0  

 

As of September 30, 2016, the fair value of derivatives in a net liability position was $0.1 million inclusive of counterparty credit risk. As of the balance sheet date, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2016, it could have been required to settle its obligations under the agreements at their termination value of $0.1 million.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 10. SUBSEQUENT EVENTS

 

On October 25, 2016, the Company announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.10 per share plus a special year-end dividend of $0.10 per share both payable December 9, 2016 to shareholders of record as of November 10, 2016.
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Schedule of basic and diluted earnings per share

Basic and diluted earnings per share attributable to common and restricted shares of common stock for the period were as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Basic and diluted earnings per share                                
Common stock   $ 0.23     $ 0.21     $ 0.59     $ 0.55  
Restricted shares of common stock   $ 0.23     $ 0.21     $ 0.59     $ 0.55  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
Components of the stock-based compensation programs recorded as expense

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2016     2015     2016     2015  
Time lapse restricted stock:                                
Pre-tax compensation expense   $ 3,049     $ 3,255     $ 9,429     $ 9,374  
Tax benefit     (1,180 )     (1,260 )     (3,649 )     (3,628 )
Restricted stock expense, net of tax   $ 1,869     $ 1,995     $ 5,780     $ 5,746  
Summarized information on unvested restricted stock units outstanding

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2016:

 

    Number of
Shares		     Weighted-
Average Grant-
Date Fair Value		  
Unvested Restricted Stock Units at December 31, 2015     2,751     $ 17.21  
Forfeited     (76 )     19.56  
Vested     (876 )     14.48  
Granted     503       26.45  
Unvested Restricted Stock Units at September 30, 2016     2,301     $ 20.19  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
PENSION AND POST RETIREMENT BENEFIT PLANS (Tables)
 9 Months Ended
Sep. 30, 2016
Pension and Other Postretirement Benefit Expense [Abstract]  
Schedule of Net Pension Benefit Gain
Components of Net Pension Benefit Gain                        
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2016     2015     2016     2015  
Interest and service cost   $ 2,350     $ 2,250     $ 7,050     $ 6,750  
Expected return on plan assets     (3,305 )     (3,197 )     (9,915 )     (9,591 )
Amortization of net loss     816       940       2,448       2,820  
Net periodic benefit   $ (139 )   $ (7 )   $ (417 )   $ (21 )
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
BUSINESS COMBINATIONS (Tables)
 9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Schedule of purchase price allocation

The preliminary values of major classes of assets acquired and liabilities assumed recorded at the date of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):

 

    September 30,  
    2016  
Accounts receivable   $ 3,185  
Materials and supplies     352  
Equipment and property     4,039  
Goodwill     8,613  
Customer contracts     40,861  
Other intangible assets     1,065  
Current liabilities     (6,836 )
Other assets and liabilities, net     (2,836 )
Total consideration paid   $ 48,443  
Less:  Contingent consideration liability     (7,619 )
Total cash purchase price   $ 40,824  
Schedule of components of intangible assets

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September 30, 2016 (in thousands):

 

    Carrying     Useful Life
Intangible Asset   Value     in Years
Customer contracts   $ 116,642      3 - 12.5
Trademarks and tradenames     32,933      0 - 20
Non-compete agreements     4,830      3 - 20
Patents     3,221      3 - 15
Other assets     2,031     10
Internet domains     2,228      n/a
Total customer contracts and other intangible assets   $ 161,885      
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments And Hedging Activities Tables  
Schedule of outstanding derivatives not designated as hedges in qualifying hedging relationships [Table TextBlock]

As of September 30, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):

 

Non-Designated Derivative Summary
    Number of
Instruments		     Sell Notional     Buy Notional  
FX Forward Contracts                        
Sell AUD/Buy USD Fwd Contract     1     $ 300     $ 210  
Sell CAD/Buy USD Fwd Contract     1     $ 4,200     $ 3,098  
Total     2             $ 3,308  
Schedule of fair value of the Company's derivative financial instruments [Table TextBlock]

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2016 and December 31, 2015 (in thousands):

 

    Tabular Disclosure of Fair Values of Derivative Instruments  
    Derivatives Asset     Derivative Liabilities  
    Fair Value as of:  
    September 30,     December 31,     September 30,     December 31,  
    2016     2015     2016     2015  
Derivatives Not Designated as Hedging Instruments                                
FX Forward Contracts                                
Balance Sheet Location   Other Assets     Other Assets     Other Current
Liabilities		     Other Current
Liabilities		  
Sell AUD/Buy USD Fwd Contract   $ 0     $ 0     $ (19 )   $ 0  
Sell CAD/Buy USD Fwd Contract   $ 0     $ 0     $ (103 )   $ 0  
Total   $ 0     $ 0     $ (122 )   $ 0  
Schedule of Effect of Derivative Instruments on the Income Statement [Table TextBlock]

The table below presents the effect of the Company’s derivative financial instruments on the Income Statement as of September 30, 2016 and September 30, 2015 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated
as Hedging Instruments for the Three and  Nine Months Ended September 30, 2016 and 2015
Derivatives Not Designated as
Hedging Instruments		   Location of Gain or
(Loss) Recognized
in Income		   Amount of Gain or
(Loss) Recognized
in Income
Three Months
Ended
September 30,		     Amount of Gain or
(Loss) Recognized in
Income
Nine Months Ended
September 30,		  
        2016     2015     2016     2015  
Sell AUD/Buy USD Fwd Contract   Other Inc/Exp   $ (9 )   $ 0     $ (36 )   $ 0  
Sell CAD/Buy USD Fwd Contract   Other Inc/Exp     103       0       (476 )     0  
Total       $ 94     $ 0     $ (512 )   $ 0  
Schedule of total fair value classification of derivative transactions [Table TextBlock]

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September 30, 2016 (in thousands):

 

    Recurring Fair Value Measurements  
    Quoted Prices in Active
Markets for Identical
Assets and Liabilities		     Significant Other
Observable Inputs		     Significant
Unobservable Inputs		              
    (Level 1)     (Level 2)     (Level 3)     Total Fair Value at As of  
    September 30,     September 30,     September 30,     September 30,  
    2016     2015     2016     2015     2016     2015     2016     2015  
Assets                                                                
Derivative Financial Instruments   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
Liabilities                                                                
Derivative Financial Instruments   $ 0     $ 0     $ (122 )   $ 0     $ 0     $ 0     $ (122 )   $ 0  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PREPARATION AND OTHER (Details Narrative)
 9 Months Ended
Sep. 30, 2016
Number
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of Reportable Segment 1
Stock Split Ratio

Three-for-two stock split- The Board of Directors at its quarterly meeting on January 27, 2015, authorized a three-for-two stock split by the issuance on March 10, 2015 of one additional common share for each two common shares held of record at February 10, 2015.
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Common Stock [Member]        
Total shares of common stock, basic (in dollars per share) $ .23 $ 0.21 $ 0.59 $ 0.55
Total shares of common stock, diluted (in dollars per share) 0.23 0.21 0.59 0.55
Restricted Stock [Member]        
Total shares of common stock, basic (in dollars per share) 0.23 0.21 0.59 0.55
Total shares of common stock, diluted (in dollars per share) $ 0.23 $ 0.21 $ 0.59 $ 0.55
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Line of Credit [Member]    
Short-term Debt [Line Items]    
Line of credit maximum borrowing capacity $ 175,000  
Outstanding borrowings 0 $ 0
Letter of Credit [Member]    
Short-term Debt [Line Items]    
Line of credit maximum borrowing capacity 75,000  
Swingline Credit Facility [Member]    
Short-term Debt [Line Items]    
Line of credit maximum borrowing capacity $ 25,000  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Cash dividend paid     $ 65,506 $ 52,436  
Cash dividend per share (in dollars per share) $ .10 $ 0.08 $ .30 $ 0.24  
Number of shares repurchased (in shares) 400,000   800,000 19,000  
Par value of common stock (in dollars per share) $ 1   $ 1   $ 1
Weighted average stock price of shares repurchased (in dollars per share) $ 27.77   $ 27.19 $ 22.42  
Repurchase of common stock from employees   $ 900 $ 8,300 $ 7,000  
Common stock reserved for issuance upon exercise of stock options (in shares) 4,600   4,600    
Tax benefits from share-based payments $ 400 $ 100 $ 3,500 $ 1,800 $ 1,900
Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation cost $ 33,700   $ 33,700   $ 31,300
Unrecognized compensation cost, period for recognition     3 years 10 months 24 days   3 years 9 months 18 days
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY (Details 1) - Time Lapse Restricted Shares and Restricted Stock Units - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Time lapse restricted stock:        
Pre-tax compensation expense $ 3,049 $ 3,255 $ 9,429 $ 9,374
Tax benefit (1,180) (1,260) (3,649) (3,628)
Restricted stock expense, net of tax $ 1,869 $ 1,995 $ 5,780 $ 5,746
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY (Details 2) - Restricted Stock Units (RSUs) [Member]
 9 Months Ended
Sep. 30, 2016
$ / shares
shares
Unvested restricted stock activity  
Balance outstanding at the beginning of the period (in shares) | shares 2,751
Forfeited (in shares) | shares (53)
Vested (in shares) | shares (876)
Granted (in shares) | shares 503
Balance outstanding at the end of the period (in shares) | shares 2,301
Weighted-Average Grant-Date Fair Value  
Balance at the beginning of the period (in dollars per share) | $ / shares $ 17.21
Forfeited (in dollars per share) | $ / shares 19.56
Vested (in dollars per share) | $ / shares 14.48
Granted (in dollars per share) | $ / shares 26.45
Balance at the end of the period (in dollars per share) | $ / shares $ 20.19
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
PENSION AND POST RETIREMENT BENEFIT PLANS (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Contribution by employer $ 3,000 $ 5,000   $ 5,000
Subsequent Event [Member]        
Further contributions to defined benefit retirement plan during the fiscal year     $ 300  
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
PENSION AND POST RETIREMENT BENEFIT PLANS (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Components of net periodic pension benefit Gain        
Interest and service cost $ 2,350 $ 2,250 $ 7,050 $ 6,750
Expected return on plan assets (3,305) (3,197) (9,915) (9,591)
Amortization of net loss 816 940 2,448 2,820
Net periodic loss/(benefit) $ (139) $ (7) $ (417) $ (21)
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
BUSINESS COMBINATIONS (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Business Acquisition [Line Items]    
Carrying amount of goodwill $ 260,154 $ 249,939
Carrying amount of goodwill in foreign countries 47,200 36,900
Customer contracts    
Business Acquisition [Line Items]    
Carrying amount of finite lived intangible assets 116,600 92,800
Carrying amount of finite lived intangible assets in foreign countries 32,100 14,900
Other intangible assets    
Business Acquisition [Line Items]    
Carrying amount of finite lived intangible assets 45,200 46,100
Carrying amount of finite lived intangible assets in foreign countries $ 4,400 $ 4,200
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
BUSINESS COMBINATIONS (Details) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Business Acquisition [Line Items]    
Goodwill $ 260,154 $ 249,939
Acquisition [Member]    
Business Acquisition [Line Items]    
Accounts receivable 3,185  
Materials and supplies 352  
Equipment and property 4,039  
Goodwill 8,613  
Customer contracts 40,861  
Other intangible assets 1,065  
Current liabilities (6,836)  
Other assets and liabilities, net (2,836)  
Total consideration paid 48,443  
Less: Contingent consideration liability (7,619)  
Total cash purchase price $ 40,824  
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
BUSINESS COMBINATIONS (Details 1)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
USD ($)
Business Acquisition [Line Items]  
Finite lived intangible assets fair value $ 161,885
Internet domains  
Business Acquisition [Line Items]  
Infinite lived intangible assets fair value 2,228
Customer contracts  
Business Acquisition [Line Items]  
Finite lived intangible assets fair value $ 116,642
Customer contracts | Minimum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 3 years
Customer contracts | Maximum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 12 years 6 months
Trademarks and tradenames  
Business Acquisition [Line Items]  
Finite lived intangible assets fair value $ 32,933
Trademarks and tradenames | Minimum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 0 years
Trademarks and tradenames | Maximum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 20 years
Non-compete agreements  
Business Acquisition [Line Items]  
Finite lived intangible assets fair value $ 4,830
Non-compete agreements | Minimum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 3 years
Non-compete agreements | Maximum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 20 years
Patents  
Business Acquisition [Line Items]  
Finite lived intangible assets fair value $ 3,221
Patents | Minimum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 3 years
Patents | Maximum  
Business Acquisition [Line Items]  
Finite lived intangible assets useful life 15 years
Other Assets  
Business Acquisition [Line Items]  
Finite lived intangible assets fair value $ 2,031
Finite lived intangible assets useful life 10 years
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details)
$ in Thousands
Sep. 30, 2016
USD ($)
Number
Number of Instruments | Number 2
Buy Notional $ 3,308
Sell AUD/Buy USD Fwd Contract [Member]  
Number of Instruments | Number 1
Sell Notional $ 300
Buy Notional $ 210
Sell CAD/Buy USD Fwd Contract [Member]  
Number of Instruments | Number 1
Sell Notional $ 4,200
Buy Notional $ 3,098
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2)
$ in Thousands
Sep. 30, 2016
USD ($)
Other Derivative Liabilities $ (122)
Sell AUD/Buy USD Fwd Contract [Member]  
Other Derivative Liabilities (19)
Sell CAD/Buy USD Fwd Contract [Member]  
Other Derivative Liabilities $ (103)
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2016
Amount of Gain or (Loss) Recognized in Income $ 94 $ (512)
Sell AUD/Buy USD Fwd Contract [Member]    
Location of Gain or (Loss) Recognized in Income   Other Inc/Exp
Amount of Gain or (Loss) Recognized in Income (9) $ (36)
Sell CAD/Buy USD Fwd Contract [Member]    
Location of Gain or (Loss) Recognized in Income   Other Inc/Exp
Amount of Gain or (Loss) Recognized in Income $ 103 $ (476)
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 4)
$ in Thousands
Sep. 30, 2016
USD ($)
Derivative Liabilities $ (122)
Fair Value, Measurements, Recurring [Member]  
Derivative Liabilities (122)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]  
Derivative Liabilities $ (122)
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]
Oct. 25, 2016
$ / shares
Dividend declared quarterly (in dollars per share) $ .10
Special year-end dividend (in dollars per share) $ 0.10
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