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New Accounting Pronouncements (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Changes And Error Corrections [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported Accompanying Consolidated Balance Sheets

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the accompanying Consolidated Balance Sheets that sum to the total of the same such amount shown in the accompanying Consolidated Statements of Cash Flows (in thousands):

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

Cash and cash equivalents

 

$

3,493

 

 

$

1,278

 

Restricted cash

 

 

32,551

 

 

 

32,104

 

Total cash, cash equivalents and restricted cash

 

$

36,044

 

 

$

33,382

 

 

Summary of Impact of Adopting New Accounting Standards on Consolidated Financial Statements

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet was as follows (in thousands):  

 

 

 

Balance at

 

 

Adjustments

 

 

Balance at

 

 

 

December 31,

 

 

due to

 

 

January 1,

 

Balance Sheet

 

2017

 

 

Topic 606

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

$

188,300

 

 

$

9,446

 

 

$

197,746

 

Other current assets

 

 

259,873

 

 

 

80

 

 

 

259,953

 

Other non-current assets

 

 

728,058

 

 

 

728

 

 

 

728,786

 

Total assets

 

$

1,176,231

 

 

$

10,254

 

 

$

1,186,485

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

51,375

 

 

 

6,281

 

 

 

57,656

 

Accrued personnel costs

 

 

45,264

 

 

 

595

 

 

 

45,859

 

Other current liabilities

 

 

237,607

 

 

 

113

 

 

 

237,720

 

Deferred income taxes, net

 

 

3,339

 

 

 

631

 

 

 

3,970

 

Other non-current liabilities

 

 

307,767

 

 

 

1,012

 

 

 

308,779

 

Total liabilities

 

 

645,352

 

 

 

8,632

 

 

 

653,984

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

345,302

 

 

 

1,622

 

 

 

346,924

 

Other stockholders' equity

 

 

185,577

 

 

 

 

 

 

185,577

 

Total stockholders' equity

 

 

530,879

 

 

 

1,622

 

 

 

532,501

 

Total liabilities and stockholders' equity

 

$

1,176,231

 

 

$

10,254

 

 

$

1,186,485

 

The following tables summarize the impact of adopting Topic 606 on our consolidated financial statements for the periods indicated below (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Balances

without

 

September 30, 2018

Balance Sheet

 

As reported

 

 

Adjustments

 

 

adoption of

Topic 606

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

$

234,906

 

 

$

(15,097

)

 

$

219,809

 

Other current assets

 

 

188,931

 

 

 

(80

)

 

 

188,851

 

Other non-current assets

 

 

766,019

 

 

 

(667

)

 

 

765,352

 

Total assets

 

$

1,189,856

 

 

$

(15,844

)

 

$

1,174,012

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

57,764

 

 

$

(10,276

)

 

$

47,488

 

Accrued personnel costs

 

 

55,038

 

 

 

(575

)

 

 

54,463

 

Other current liabilities

 

 

168,995

 

 

 

(114

)

 

 

168,881

 

Deferred income taxes, net

 

 

5,636

 

 

 

(1,038

)

 

 

4,598

 

Other non-current liabilities

 

 

300,508

 

 

 

(925

)

 

 

299,583

 

Total liabilities

 

 

587,941

 

 

 

(12,928

)

 

 

575,013

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

409,467

 

 

 

(2,916

)

 

 

406,551

 

Other stockholders' equity

 

 

192,448

 

 

 

 

 

 

192,448

 

Total shareholders' equity

 

 

601,915

 

 

 

(2,916

)

 

 

598,999

 

Total liabilities and stockholders' equity

 

$

1,189,856

 

 

$

(15,844

)

 

$

1,174,012

 

 

 

 

 

 

 

 

 

 

 

 

Balances

without

 

Three Months Ended September 30, 2018

Income Statement

 

As reported

 

 

Adjustments

 

 

adoption of

Topic 606

 

Revenue

 

$

224,249

 

 

$

(763

)

 

$

223,486

 

Operating expenses

 

 

198,607

 

 

 

(14

)

 

 

198,593

 

Gross margin

 

 

25,642

 

 

 

(749

)

 

 

24,893

 

Corporate general and administrative expenses

 

 

10,279

 

 

 

-

 

 

 

10,279

 

Operating income

 

 

15,363

 

 

 

(749

)

 

 

14,614

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,614

)

 

 

 

 

 

(1,614

)

Gain on sale of operations, net

 

 

 

 

 

 

 

 

 

Other income, net

 

 

3,143

 

 

 

 

 

 

3,143

 

Total other expense, net

 

 

1,529

 

 

 

 

 

 

1,529

 

Income from continuing operations before income tax

   expense

 

 

16,892

 

 

 

(749

)

 

 

16,143

 

Income tax expense

 

 

3,297

 

 

 

(168

)

 

 

3,129

 

Income from continuing operations

 

 

13,595

 

 

 

(581

)

 

 

13,014

 

Loss from discontinued operations, net of tax

 

 

(9

)

 

 

 

 

 

(9

)

Net income

 

$

13,586

 

 

$

(581

)

 

$

13,005

 

 

 

 

 

 

 

 

 

 

 

 

Balances

without

 

Nine Months Ended September 30, 2018

Income Statement

 

As reported

 

 

Adjustments

 

 

adoption of

Topic 606

 

Revenue

 

$

722,980

 

 

$

(1,744

)

 

$

721,236

 

Operating expenses

 

 

608,459

 

 

 

(43

)

 

 

608,416

 

Gross margin

 

 

114,521

 

 

 

(1,701

)

 

 

112,820

 

Corporate general and administrative expenses

 

 

30,300

 

 

 

 

 

 

30,300

 

Operating income

 

 

84,221

 

 

 

(1,701

)

 

 

82,520

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(5,211

)

 

 

 

 

 

(5,211

)

Gain on sale of operations, net

 

 

663

 

 

 

 

 

 

663

 

Other income, net

 

 

2,544

 

 

 

 

 

 

2,544

 

Total other expense, net

 

 

(2,004

)

 

 

 

 

 

(2,004

)

Income from continuing operations before income tax expense

 

 

82,217

 

 

 

(1,701

)

 

 

80,516

 

Income tax expense

 

 

19,691

 

 

 

(407

)

 

 

19,284

 

Income from continuing operations

 

 

62,526

 

 

 

(1,294

)

 

 

61,232

 

Gain from discontinued operations, net of tax

 

 

17

 

 

 

-

 

 

 

17

 

Net income

 

$

62,543

 

 

$

(1,294

)

 

$

61,249

 

 

 

 

 

 

 

 

 

 

 

 

Balances

without

 

Nine Months Ended September 30, 2018

Cash Flow Statement

 

As reported

 

 

Adjustments

 

 

adoption of

Topic 606

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

62,543

 

 

$

(1,294

)

 

$

61,249

 

Adjustments to reconcile net income to net cash provided by operating

   activities:

 

 

27,884

 

 

 

 

 

 

27,884

 

Changes in assets and liabilities, net of acquisitions and divestitures:

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(38,937

)

 

 

5,651

 

 

 

(33,286

)

Other assets

 

 

(3,474

)

 

 

(61

)

 

 

(3,535

)

Accounts payable

 

 

108

 

 

 

(3,995

)

 

 

(3,887

)

Accrued personnel costs

 

 

8,986

 

 

 

20

 

 

 

9,006

 

Other liabilities

 

 

(3,134

)

 

 

(321

)

 

 

(3,455

)

Other

 

 

9,458

 

 

 

 

 

 

9,458

 

Operating cash flows provide by continuing operations

 

 

63,434

 

 

 

 

 

 

63,434

 

Operating cash flows used in discontinued operations

 

 

(162

)

 

 

 

 

 

(162

)

Net cash provided by operating activities

 

 

63,272

 

 

 

 

 

 

63,272

 

Net provided by investing activities

 

 

42,201

 

 

 

 

 

 

42,201

 

Net cash used in financing activities

 

 

(102,838

)

 

 

 

 

 

(102,838

)

Net increase in cash, cash equivalents and restricted cash

 

 

2,635

 

 

 

 

 

 

2,635

 

Cash, cash equivalents and restricted cash at beginning of year

 

 

33,409

 

 

 

 

 

 

33,409

 

Cash, cash equivalents and restricted cash at end of period

 

$

36,044

 

 

 

 

 

$

36,044