FORM 10-K |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
EMCOR Group, Inc. |
(Exact name of registrant as specified in its charter) |
Delaware | 11-2125338 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
301 Merritt Seven Norwalk, Connecticut | 06851-1092 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | ¨ | Non-accelerated filer | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
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• | Electric power transmission and distribution systems; |
• | Premises electrical and lighting systems; |
• | Low-voltage systems, such as fire alarm, security and process control systems; |
• | Voice and data communications systems; |
• | Roadway and transit lighting and fiber optic lines; |
• | Heating, ventilation, air conditioning, refrigeration and clean-room process ventilation systems; |
• | Fire protection systems; |
• | Plumbing, process and high-purity piping systems; |
• | Controls and filtration systems; |
• | Water and wastewater treatment systems; |
• | Central plant heating and cooling systems; |
• | Crane and rigging services; |
• | Millwright services; and |
• | Steel fabrication, erection, and welding services. |
• | Commercial and government site-based operations and maintenance; |
• | Facility maintenance and services, including reception, security and catering services; |
• | Outage services to utilities and industrial plants; |
• | Military base operations support services; |
• | Mobile mechanical maintenance and services; |
• | Floor care and janitorial services; |
• | Landscaping, lot sweeping and snow removal; |
• | Facilities management; |
• | Vendor management; |
• | Call center services; |
• | Installation and support for building systems; |
• | Program development, management and maintenance for energy systems; |
• | Technical consulting and diagnostic services; |
• | Infrastructure and building projects for federal, state and local governmental agencies and bodies; and |
• | Small modification and retrofit projects. |
• | On-site repairs, maintenance and service of heat exchangers, towers, vessels and piping; |
• | Design, manufacturing, repair and hydro blast cleaning of shell and tube heat exchangers and related equipment; |
• | Refinery turnaround planning and engineering services; |
• | Specialty welding services; |
• | Overhaul and maintenance of critical process units in refineries and petrochemical plants; and |
• | Specialty technical services for refineries and petrochemical plants. |
• | customers cancel a significant number of contracts; |
• | we fail to win a significant number of our existing contracts upon re-bid; |
• | we complete a significant number of non-recurring projects and cannot replace them with similar projects; or |
• | we fail to reduce operating and overhead expenses consistent with any decrease in our revenues. |
• | expand the range of services offered to customers to address their evolving needs; |
• | attract new customers; and |
• | increase the number of projects performed for existing customers. |
• | our certificate of incorporation permits our board of directors to issue “blank check” preferred stock and to adopt amendments to our bylaws; |
• | our bylaws contain restrictions regarding the right of our stockholders to nominate directors and to submit proposals to be considered at stockholder meetings; |
• | our certificate of incorporation and bylaws limit the right of our stockholders to call a special meeting of stockholders and to act by written consent; and |
• | we are subject to provisions of Delaware law, which prohibit us from engaging in any of a broad range of business transactions with an “interested stockholder” for a period of three years following the date such stockholder becomes classified as an interested stockholder. |
Approximate Square Feet | Lease Expiration Date, Unless Owned | |||
1168 Fesler Street El Cajon, California (b) | 67,560 | 8/31/2020 | ||
22302 Hathaway Avenue Hayward, California (b) | 105,000 | 7/31/2021 | ||
4462 Corporate Center Drive Los Alamitos, California (a) | 57,863 | 12/31/2019 | ||
18111 South Santa Fe Avenue Rancho Dominguez, California (d) | 66,246 | 12/31/2016 | ||
940 Remillard Court San Jose, California (c) | 119,560 | 7/31/2024 | ||
5101 York Street Denver, Colorado (b) | 77,553 | 2/28/2019 | ||
345 Sheridan Boulevard Lakewood, Colorado (a) | 63,000 | Owned | ||
3100 Woodcreek Drive Downers Grove, Illinois (a) | 56,551 | 7/31/2017 | ||
2219 Contractors Drive Fort Wayne, Indiana (b) | 175,000 | 7/31/2023 | ||
7614 and 7720 Opportunity Drive Fort Wayne, Indiana (b) | 144,695 | 10/31/2018 | ||
2655 Garfield Avenue Highland, Indiana (a) | 57,765 | 6/30/2019 | ||
4250 Highway 30 St. Gabriel, Louisiana (d) | 90,000 | Owned | ||
1750 Swisco Road Sulphur, Louisiana (d) | 112,000 | Owned | ||
111-01 and 111-21 14th Avenue College Point, New York (a) | 73,013 | 2/28/2024 | ||
70 Schmitt Boulevard Farmingdale, New York (b) | 76,380 | 7/31/2026 | ||
2102 Tobacco Road Durham, North Carolina (b) | 55,944 | 3/31/2016 | ||
2900 Newpark Drive Norton, Ohio (b) | 91,831 | 11/1/2017 | ||
1800 Markley Street Norristown, Pennsylvania (c) | 93,000 | 9/30/2021 | ||
227 Trade Court Aiken, South Carolina (b) | 66,000 | 9/30/2016 | ||
6045 East Shelby Drive Memphis, Tennessee (c) | 53,618 | 4/30/2018 | ||
937 Pine Street Beaumont, Texas (d) | 78,962 | Owned | ||
895 North Main Street Beaumont, Texas (d) | 75,000 | Owned | ||
410 Flato Road Corpus Christi, Texas (d) | 57,000 | Owned | ||
5550 Airline Drive and 25 Tidwell Road Houston, Texas (b) | 97,936 | 12/31/2019 |
Approximate Square Feet | Lease Expiration Date, Unless Owned | |||
12415 Highway 225 La Porte, Texas (d) | 78,000 | Owned | ||
2455 West 1500 South Salt Lake City, Utah (a) | 58,339 | 3/31/2018 |
(a) | Principally used by a company engaged in the “United States electrical construction and facilities services” segment. |
(b) | Principally used by a company engaged in the “United States mechanical construction and facilities services” segment. |
(c) | Principally used by a company engaged in the “United States building services” segment. |
(d) | Principally used by a company engaged in the “United States industrial services” segment. |
2015 | High | Low | |||||
First Quarter | $ | 47.20 | $ | 39.83 | |||
Second Quarter | $ | 48.84 | $ | 43.74 | |||
Third Quarter | $ | 48.89 | $ | 43.42 | |||
Fourth Quarter | $ | 52.37 | $ | 42.85 |
2014 | High | Low | |||||
First Quarter | $ | 47.81 | $ | 40.12 | |||
Second Quarter | $ | 48.00 | $ | 43.41 | |||
Third Quarter | $ | 46.04 | $ | 39.96 | |||
Fourth Quarter | $ | 45.87 | $ | 38.68 |
Equity Compensation Plan Information | |||||||||||
A | B | C | |||||||||
Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column A) | ||||||||
Equity Compensation Plans Approved by Security Holders | 1,005,613 | (1) | $ | 7.14 | (1) | 1,849,266 | (2) | ||||
Equity Compensation Plans Not Approved by Security Holders | — | — | — | ||||||||
Total | 1,005,613 | $ | 7.14 | 1,849,266 |
(1) | Included within this amount are 698,887 restricted stock units awarded to our non-employee directors and employees. The weighted average exercise price would have been $23.42 had the weighted average exercise price calculation excluded such restricted stock units. |
(2) | Represents shares of our common stock available for future issuance under our 2010 Incentive Plan (the "2010 Plan"), which may be issuable in respect of options and/or stock appreciation rights granted under the 2010 Plan and/or may also be issued pursuant to the award of restricted stock, unrestricted stock and/or awards that are valued in whole or in part by reference to, or are otherwise based on the fair market value of, our common stock. |
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet be Purchased Under the Plan or Programs | ||
October 1, 2015 to October 31, 2015 | 93,612 | $43.76 | 93,612 | $339,396,205 | ||
November 1, 2015 to November 30, 2015 | 524,493 | $49.49 | 524,493 | $313,424,535 | ||
December 1, 2015 to December 31, 2015 | 1,207,919 | $49.05 | 1,207,919 | $254,139,815 |
(1) | On September 26, 2011, our Board of Directors authorized us to repurchase up to $100.0 million of our outstanding common stock. On December 5, 2013, October 23, 2014 and October 28, 2015, our Board of Directors authorized us to repurchase up to an additional $100.0 million, $250.0 million and $200.0 million of our outstanding common stock, respectively. As of December 31, 2015, there remained available authorization for us to repurchase approximately $254.1 million of our shares. No shares have been repurchased since the programs have been announced other than pursuant to these publicly announced programs. Repurchases may be made from time to time as permitted by securities laws and other legal requirements. |
Years Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Revenues | $ | 6,718,726 | $ | 6,424,965 | $ | 6,333,527 | $ | 6,195,494 | $ | 5,450,393 | |||||||||
Gross profit | $ | 944,479 | $ | 907,246 | $ | 821,646 | $ | 803,979 | $ | 724,733 | |||||||||
Impairment loss on identifiable intangible assets | $ | — | $ | 1,471 | $ | — | $ | — | $ | 3,795 | |||||||||
Gain on sale of building | $ | — | $ | 11,749 | $ | — | $ | — | $ | — | |||||||||
Operating income | $ | 287,082 | $ | 289,878 | $ | 240,350 | $ | 260,303 | $ | 214,119 | |||||||||
Net income attributable to EMCOR Group, Inc. | $ | 172,286 | $ | 168,664 | $ | 123,792 | $ | 146,584 | $ | 130,826 | |||||||||
Basic earnings (loss) per common share: | |||||||||||||||||||
From continuing operations | $ | 2.74 | $ | 2.61 | $ | 2.19 | $ | 2.32 | $ | 1.86 | |||||||||
From discontinued operations | (0.00 | ) | (0.07 | ) | (0.34 | ) | (0.12 | ) | 0.10 | ||||||||||
$ | 2.74 | $ | 2.54 | $ | 1.85 | $ | 2.20 | $ | 1.96 | ||||||||||
Diluted earnings (loss) per common share: | |||||||||||||||||||
From continuing operations | $ | 2.72 | $ | 2.59 | $ | 2.16 | $ | 2.28 | $ | 1.82 | |||||||||
From discontinued operations | (0.00 | ) | (0.07 | ) | (0.34 | ) | (0.12 | ) | 0.09 | ||||||||||
$ | 2.72 | $ | 2.52 | $ | 1.82 | $ | 2.16 | $ | 1.91 | ||||||||||
Balance Sheet Data (In thousands) | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Equity (1) | $ | 1,480,056 | $ | 1,429,387 | $ | 1,479,626 | $ | 1,357,179 | $ | 1,245,131 | |||||||||
Total assets | $ | 3,546,470 | $ | 3,388,967 | $ | 3,465,915 | $ | 3,107,070 | $ | 3,014,076 | |||||||||
Goodwill | $ | 843,170 | $ | 834,102 | $ | 834,825 | $ | 566,588 | $ | 566,805 | |||||||||
Borrowings under revolving credit facility | $ | — | $ | — | $ | — | $ | 150,000 | $ | 150,000 | |||||||||
Term loan, including current maturities | $ | 315,000 | $ | 332,500 | $ | 350,000 | $ | — | $ | — | |||||||||
Other long-term debt, including current maturities | $ | 44 | $ | 57 | $ | 11 | $ | 18 | $ | — | |||||||||
Capital lease obligations, including current maturities | $ | 3,869 | $ | 2,883 | $ | 4,652 | $ | 5,881 | $ | 4,857 |
(1) | During 2015, we repurchased approximately 2.3 million shares of our common stock for approximately $112.3 million. Since the inception of the repurchase programs in 2011 through December 31, 2015, we have repurchased 9.9 million shares of our common stock for approximately $395.9 million. The repurchase of shares results in a reduction of our equity. We have paid quarterly dividends since October 25, 2011. We expect that quarterly dividends will be paid in the foreseeable future. Prior to October 25, 2011, no cash dividends had been paid on the Company's common stock. We currently pay a regular quarterly dividend of $0.08 per share. |
2015 | 2014 | ||||||
Revenues | $ | 6,718,726 | $ | 6,424,965 | |||
Revenues increase from prior year | 4.6 | % | 1.4 | % | |||
Restructuring expenses | $ | 824 | $ | 1,168 | |||
Impairment loss on identifiable intangible assets | $ | — | $ | 1,471 | |||
Gain on sale of building | $ | — | $ | 11,749 | |||
Operating income | $ | 287,082 | $ | 289,878 | |||
Operating income as a percentage of revenues | 4.3 | % | 4.5 | % | |||
Income from continuing operations | $ | 172,567 | $ | 178,117 | |||
Net income attributable to EMCOR Group, Inc. | $ | 172,286 | $ | 168,664 | |||
Diluted earnings per common share from continuing operations | $ | 2.72 | $ | 2.59 |
2015 | % of Total | 2014 | % of Total | ||||||||||
Revenues from unrelated entities: | |||||||||||||
United States electrical construction and facilities services | $ | 1,367,142 | 20 | % | $ | 1,311,988 | 20 | % | |||||
United States mechanical construction and facilities services | 2,312,763 | 34 | % | 2,201,212 | 34 | % | |||||||
United States building services | 1,739,259 | 26 | % | 1,721,341 | 27 | % | |||||||
United States industrial services | 922,085 | 14 | % | 839,980 | 13 | % | |||||||
Total United States operations | 6,341,249 | 94 | % | 6,074,521 | 95 | % | |||||||
United Kingdom building services | 377,477 | 6 | % | 350,444 | 5 | % | |||||||
Total worldwide operations | $ | 6,718,726 | 100 | % | $ | 6,424,965 | 100 | % | |||||
December 31, 2015 | % of Total | December 31, 2014 | % of Total | ||||||||||
Backlog: | |||||||||||||
United States electrical construction and facilities services | $ | 1,145,791 | 30 | % | $ | 1,176,372 | 32 | % | |||||
United States mechanical construction and facilities services | 1,683,501 | 45 | % | 1,473,018 | 41 | % | |||||||
United States building services | 762,196 | 20 | % | 732,960 | 20 | % | |||||||
United States industrial services | 54,578 | 1 | % | 101,154 | 3 | % | |||||||
Total United States operations | 3,646,066 | 97 | % | 3,483,504 | 96 | % | |||||||
United Kingdom building services | 125,097 | 3 | % | 150,084 | 4 | % | |||||||
Total worldwide operations | $ | 3,771,163 | 100 | % | $ | 3,633,588 | 100 | % |
2015 | 2014 | ||||||
Cost of sales | $ | 5,774,247 | $ | 5,517,719 | |||
Gross profit | $ | 944,479 | $ | 907,246 | |||
Gross profit margin | 14.1 | % | 14.1 | % |
2015 | 2014 | ||||||
Selling, general and administrative expenses | $ | 656,573 | $ | 626,478 | |||
Selling, general and administrative expenses as a percentage of revenues | 9.8 | % | 9.8 | % |
2015 | % of Segment Revenues | 2014 | % of Segment Revenues | ||||||||||
Operating income (loss): | |||||||||||||
United States electrical construction and facilities services | $ | 82,225 | 6.0 | % | $ | 90,873 | 6.9 | % | |||||
United States mechanical construction and facilities services | 138,688 | 6.0 | % | 114,418 | 5.2 | % | |||||||
United States building services | 70,532 | 4.1 | % | 65,885 | 3.8 | % | |||||||
United States industrial services | 56,469 | 6.1 | % | 63,159 | 7.5 | % | |||||||
Total United States operations | 347,914 | 5.5 | % | 334,335 | 5.5 | % | |||||||
United Kingdom building services | 11,634 | 3.1 | % | 15,011 | 4.3 | % | |||||||
Corporate administration | (71,642 | ) | — | (68,578 | ) | — | |||||||
Restructuring expenses | (824 | ) | — | (1,168 | ) | — | |||||||
Impairment loss on identifiable intangible assets | — | — | (1,471 | ) | — | ||||||||
Gain on sale of building | — | — | 11,749 | — | |||||||||
Total worldwide operations | 287,082 | 4.3 | % | 289,878 | 4.5 | % | |||||||
Other corporate items: | |||||||||||||
Interest expense | (8,932 | ) | (9,075 | ) | |||||||||
Interest income | 673 | 842 | |||||||||||
Income from continuing operations before income taxes | $ | 278,823 | $ | 281,645 |
2014 | 2013 | ||||||
Revenues | $ | 6,424,965 | $ | 6,333,527 | |||
Revenues increase from prior year | 1.4 | % | 2.2 | % | |||
Restructuring expenses | $ | 1,168 | $ | 647 | |||
Impairment loss on identifiable intangible assets | $ | 1,471 | $ | — | |||
Gain on sale of building | $ | 11,749 | $ | — | |||
Operating income | $ | 289,878 | $ | 240,350 | |||
Operating income as a percentage of revenues | 4.5 | % | 3.8 | % | |||
Income from continuing operations | $ | 178,117 | $ | 150,423 | |||
Net income attributable to EMCOR Group, Inc. | $ | 168,664 | $ | 123,792 | |||
Diluted earnings per common share from continuing operations | $ | 2.59 | $ | 2.16 |
2014 | % of Total | 2013 | % of Total | ||||||||||
Revenues from unrelated entities: | |||||||||||||
United States electrical construction and facilities services | $ | 1,311,988 | 20 | % | $ | 1,345,750 | 21 | % | |||||
United States mechanical construction and facilities services | 2,201,212 | 34 | % | 2,329,834 | 37 | % | |||||||
United States building services | 1,721,341 | 27 | % | 1,794,978 | 28 | % | |||||||
United States industrial services | 839,980 | 13 | % | 519,413 | 8 | % | |||||||
Total United States operations | 6,074,521 | 95 | % | 5,989,975 | 95 | % | |||||||
United Kingdom building services | 350,444 | 5 | % | 343,552 | 5 | % | |||||||
Total worldwide operations | $ | 6,424,965 | 100 | % | $ | 6,333,527 | 100 | % | |||||
December 31, 2014 | % of Total | December 31, 2013 | % of Total | ||||||||||
Backlog: | |||||||||||||
United States electrical construction and facilities services | $ | 1,176,372 | 32 | % | $ | 993,919 | 30 | % | |||||
United States mechanical construction and facilities services | 1,473,018 | 41 | % | 1,325,941 | 40 | % | |||||||
United States building services | 732,960 | 20 | % | 761,855 | 23 | % | |||||||
United States industrial services | 101,154 | 3 | % | 94,187 | 3 | % | |||||||
Total United States operations | 3,483,504 | 96 | % | 3,175,902 | 95 | % | |||||||
United Kingdom building services | 150,084 | 4 | % | 167,804 | 5 | % | |||||||
Total worldwide operations | $ | 3,633,588 | 100 | % | $ | 3,343,706 | 100 | % |
2014 | 2013 | ||||||
Cost of sales | $ | 5,517,719 | $ | 5,511,881 | |||
Gross profit | $ | 907,246 | $ | 821,646 | |||
Gross profit margin | 14.1 | % | 13.0 | % |
2014 | 2013 | ||||||
Selling, general and administrative expenses | $ | 626,478 | $ | 580,649 | |||
Selling, general and administrative expenses as a percentage of revenues | 9.8 | % | 9.2 | % |
2014 | % of Segment Revenues | 2013 | % of Segment Revenues | ||||||||||
Operating income (loss): | |||||||||||||
United States electrical construction and facilities services | $ | 90,873 | 6.9 | % | $ | 98,114 | 7.3 | % | |||||
United States mechanical construction and facilities services | 114,418 | 5.2 | % | 93,765 | 4.0 | % | |||||||
United States building services | 65,885 | 3.8 | % | 67,225 | 3.7 | % | |||||||
United States industrial services | 63,159 | 7.5 | % | 38,763 | 7.5 | % | |||||||
Total United States operations | 334,335 | 5.5 | % | 297,867 | 5.0 | % | |||||||
United Kingdom building services | 15,011 | 4.3 | % | 13,021 | 3.8 | % | |||||||
Corporate administration | (68,578 | ) | — | (69,891 | ) | — | |||||||
Restructuring expenses | (1,168 | ) | — | (647 | ) | — | |||||||
Impairment loss on identifiable intangible assets | (1,471 | ) | — | — | — | ||||||||
Gain on sale of building | 11,749 | — | — | — | |||||||||
Total worldwide operations | 289,878 | 4.5 | % | 240,350 | 3.8 | % | |||||||
Other corporate items: | |||||||||||||
Interest expense | (9,075 | ) | (8,769 | ) | |||||||||
Interest income | 842 | 1,128 | |||||||||||
Income from continuing operations before income taxes | $ | 281,645 | $ | 232,709 |
2015 | 2014 | 2013 | |||||||||
Net cash provided by operating activities | $ | 266,666 | $ | 246,657 | $ | 150,069 | |||||
Net cash used in investing activities | $ | (59,808 | ) | $ | (21,668 | ) | $ | (483,422 | ) | ||
Net cash (used in) provided by financing activities | $ | (149,473 | ) | $ | (229,950 | ) | $ | 167,031 | |||
Effect of exchange rate changes on cash and cash equivalents | $ | (2,610 | ) | $ | (2,796 | ) | $ | 832 |
Payments Due by Period | |||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||
Term Loan (including interest currently at 1.67%) (1) | $ | 329.4 | $ | 22.7 | $ | 306.7 | $ | — | $ | — | |||||||||
Capital lease obligations | 4.1 | 1.5 | 1.5 | 1.1 | — | ||||||||||||||
Operating leases | 239.6 | 58.9 | 84.3 | 50.1 | 46.3 | ||||||||||||||
Open purchase obligations (2) | 1,021.2 | 802.4 | 199.7 | 19.1 | — | ||||||||||||||
Other long-term obligations, including current portion (3) | 363.6 | 41.5 | 310.8 | 11.3 | — | ||||||||||||||
Liabilities related to uncertain income tax positions | 5.2 | 4.5 | — | — | 0.7 | ||||||||||||||
Total Contractual Obligations | $ | 1,963.1 | $ | 931.5 | $ | 903.0 | $ | 81.6 | $ | 47.0 | |||||||||
Amount of Commitment Expirations by Period | |||||||||||||||||||
Other Commercial Commitments | Total Amounts Committed | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||
Letters of credit | $ | 99.2 | $ | 99.2 | $ | — | $ | — | $ | — | |||||||||
(1) | On November 25, 2013, we entered into a a $750.0 million revolving credit facility (the “2013 Revolving Credit Facility”) and a $350.0 million term loan (the "Term Loan"), (collectively referred to as the "2013 Credit Agreement"). The proceeds of the Term Loan were used to repay amounts drawn under our previous credit agreement. As of December 31, 2015, the amount outstanding under the Term Loan was $315.0 million. |
(2) | Represents open purchase orders for material and subcontracting costs related to construction and service contracts. These purchase orders are not reflected in our consolidated balance sheets and should not impact future cash flows, as amounts should be recovered through customer billings. |
(3) | Represents primarily insurance related liabilities and liabilities for deferred income taxes, incentive compensation and deferred compensation, classified as other long-term liabilities in the consolidated balance sheets. Cash payments for insurance and deferred compensation related liabilities may be payable beyond three years, but it is not practical to estimate these payments; therefore, these liabilities are reflected in the 1-3 years payment period. We provide funding to our post retirement plans based on at least the minimum funding required by applicable regulations. In determining the minimum required funding, we utilize current actuarial assumptions and exchange rates to forecast estimates of amounts that may be payable for up to five years in the future. In our judgment, minimum funding estimates beyond a five year time horizon cannot be reliably estimated, and therefore, have not been included in the table. |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 486,831 | $ | 432,056 | |||
Accounts receivable, less allowance for doubtful accounts of $11,175 and $10,424, respectively | 1,359,862 | 1,234,187 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 117,734 | 103,201 | |||||
Inventories | 37,545 | 46,854 | |||||
Prepaid expenses and other | 65,447 | 70,305 | |||||
Total current assets | 2,067,419 | 1,886,603 | |||||
Investments, notes and other long-term receivables | 8,359 | 9,122 | |||||
Property, plant and equipment, net | 122,018 | 122,178 | |||||
Goodwill | 843,170 | 834,102 | |||||
Identifiable intangible assets, net | 472,834 | 502,060 | |||||
Other assets | 32,670 | 34,902 | |||||
Total assets | $ | 3,546,470 | $ | 3,388,967 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Borrowings under revolving credit facility | $ | — | $ | — | |||
Current maturities of long-term debt and capital lease obligations | 18,848 | 19,041 | |||||
Accounts payable | 488,251 | 460,478 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 429,235 | 368,555 | |||||
Accrued payroll and benefits | 268,033 | 245,854 | |||||
Other accrued expenses and liabilities | 209,361 | 189,489 | |||||
Total current liabilities | 1,413,728 | 1,283,417 | |||||
Long-term debt and capital lease obligations | 300,065 | 316,399 | |||||
Other long-term obligations | 352,621 | 359,764 | |||||
Total liabilities | 2,066,414 | 1,959,580 | |||||
Equity: | |||||||
EMCOR Group, Inc. stockholders’ equity: | |||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, zero issued and outstanding | — | — | |||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 61,727,709 and 63,641,070 shares issued, respectively | 617 | 636 | |||||
Capital surplus | 130,369 | 227,885 | |||||
Accumulated other comprehensive loss | (76,953 | ) | (83,197 | ) | |||
Retained earnings | 1,432,980 | 1,280,991 | |||||
Treasury stock, at cost 659,841 shares | (10,302 | ) | (10,302 | ) | |||
Total EMCOR Group, Inc. stockholders’ equity | 1,476,711 | 1,416,013 | |||||
Noncontrolling interests | 3,345 | 13,374 | |||||
Total equity | 1,480,056 | 1,429,387 | |||||
Total liabilities and equity | $ | 3,546,470 | $ | 3,388,967 |
2015 | 2014 | 2013 | |||||||||
Revenues | $ | 6,718,726 | $ | 6,424,965 | $ | 6,333,527 | |||||
Cost of sales | 5,774,247 | 5,517,719 | 5,511,881 | ||||||||
Gross profit | 944,479 | 907,246 | 821,646 | ||||||||
Selling, general and administrative expenses | 656,573 | 626,478 | 580,649 | ||||||||
Restructuring expenses | 824 | 1,168 | 647 | ||||||||
Impairment loss on identifiable intangible assets | — | 1,471 | — | ||||||||
Gain on sale of building | — | 11,749 | — | ||||||||
Operating income | 287,082 | 289,878 | 240,350 | ||||||||
Interest expense | (8,932 | ) | (9,075 | ) | (8,769 | ) | |||||
Interest income | 673 | 842 | 1,128 | ||||||||
Income from continuing operations before income taxes | 278,823 | 281,645 | 232,709 | ||||||||
Income tax provision | 106,256 | 103,528 | 82,286 | ||||||||
Income from continuing operations | 172,567 | 178,117 | 150,423 | ||||||||
Loss from discontinued operation, net of income taxes | (60 | ) | (4,690 | ) | (23,069 | ) | |||||
Net income including noncontrolling interests | 172,507 | 173,427 | 127,354 | ||||||||
Less: Net income attributable to noncontrolling interests | (221 | ) | (4,763 | ) | (3,562 | ) | |||||
Net income attributable to EMCOR Group, Inc. | $ | 172,286 | $ | 168,664 | $ | 123,792 | |||||
Basic earnings (loss) per common share: | |||||||||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders | $ | 2.74 | $ | 2.61 | $ | 2.19 | |||||
From discontinued operation | (0.00 | ) | (0.07 | ) | (0.34 | ) | |||||
Net income attributable to EMCOR Group, Inc. common stockholders | $ | 2.74 | $ | 2.54 | $ | 1.85 | |||||
Diluted earnings (loss) per common share: | |||||||||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders | $ | 2.72 | $ | 2.59 | $ | 2.16 | |||||
From discontinued operation | (0.00 | ) | (0.07 | ) | (0.34 | ) | |||||
Net income attributable to EMCOR Group, Inc. common stockholders | $ | 2.72 | $ | 2.52 | $ | 1.82 | |||||
Dividends declared per common share | $ | 0.32 | $ | 0.32 | $ | 0.18 |
2015 | 2014 | 2013 | |||||||||
Net income including noncontrolling interests | $ | 172,507 | $ | 173,427 | $ | 127,354 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | (621 | ) | (957 | ) | (614 | ) | |||||
Changes in post retirement plans (1) | 6,865 | (16,463 | ) | 15,877 | |||||||
Other comprehensive income (loss) | 6,244 | (17,420 | ) | 15,263 | |||||||
Comprehensive income | 178,751 | 156,007 | 142,617 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (221 | ) | (4,763 | ) | (3,562 | ) | |||||
Comprehensive income attributable to EMCOR Group, Inc. | $ | 178,530 | $ | 151,244 | $ | 139,055 |
(1) | Net of tax (provision) benefit of $(1.6) million, $4.2 million and $(4.3) million for the years ended December 31, 2015, 2014 and 2013, respectively. |
2015 | 2014 | 2013 | |||||||||
Cash flows - operating activities: | |||||||||||
Net income including noncontrolling interests | $ | 172,507 | $ | 173,427 | $ | 127,354 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 36,294 | 36,524 | 36,310 | ||||||||
Amortization of identifiable intangible assets | 37,895 | 37,966 | 31,028 | ||||||||
Provision for doubtful accounts | 2,853 | 2,918 | 3,533 | ||||||||
Deferred income taxes | (10,300 | ) | 5,748 | 11,857 | |||||||
Loss on sale of subsidiary | — | 608 | — | ||||||||
Gain on sale of building | — | (11,749 | ) | — | |||||||
Gain on sale of property, plant and equipment | (248 | ) | (4,920 | ) | (903 | ) | |||||
Excess tax benefits from share-based compensation | (1,663 | ) | (8,264 | ) | (4,624 | ) | |||||
Equity income from unconsolidated entities | (2,883 | ) | (1,440 | ) | (1,048 | ) | |||||
Non-cash expense for amortization of debt issuance costs | 1,307 | 1,307 | 1,497 | ||||||||
Non-cash (income) expense from contingent consideration arrangements | (464 | ) | 606 | (6,793 | ) | ||||||
Non-cash expense for impairment of identifiable intangible assets | — | 1,471 | — | ||||||||
Non-cash share-based compensation expense | 8,801 | 8,121 | 6,943 | ||||||||
Non-cash (income) expense from changes in unrecognized income tax benefits | (317 | ) | 2,143 | (10,539 | ) | ||||||
Distributions from unconsolidated entities | 3,352 | 1,767 | 679 | ||||||||
Changes in operating assets and liabilities, excluding the effect of businesses acquired: | |||||||||||
(Increase) decrease in accounts receivable | (115,303 | ) | 27,409 | (3,221 | ) | ||||||
Decrease (increase) in inventories | 9,733 | 5,269 | (865 | ) | |||||||
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts | (12,837 | ) | (13,010 | ) | 2,807 | ||||||
Increase (decrease) in accounts payable | 25,440 | (25,122 | ) | (12,904 | ) | ||||||
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts | 58,614 | (11,868 | ) | (2,793 | ) | ||||||
Increase (decrease) in accrued payroll and benefits and other accrued expenses and liabilities | 37,122 | 32,340 | (14,761 | ) | |||||||
Changes in other assets and liabilities, net | 16,763 | (14,594 | ) | (13,488 | ) | ||||||
Net cash provided by operating activities | 266,666 | 246,657 | 150,069 | ||||||||
Cash flows - investing activities: | |||||||||||
Payments for acquisitions of businesses, net of cash acquired | (28,195 | ) | — | (454,671 | ) | ||||||
Proceeds from sale of subsidiary | — | 1,108 | — | ||||||||
Proceeds from sale of building | — | 11,885 | — | ||||||||
Proceeds from sale of property, plant and equipment | 3,847 | 7,239 | 2,930 | ||||||||
Purchase of property, plant and equipment | (35,460 | ) | (38,035 | ) | (35,497 | ) | |||||
Investments in and advances to unconsolidated entities and joint ventures | — | (3,865 | ) | (800 | ) | ||||||
Maturity of short-term investments | — | — | 4,616 | ||||||||
Net cash used in investing activities | (59,808 | ) | (21,668 | ) | (483,422 | ) | |||||
Cash flows - financing activities: | |||||||||||
Proceeds from revolving credit facility | — | — | 250,000 | ||||||||
Repayments of revolving credit facility | — | — | (400,000 | ) | |||||||
Borrowings from long-term debt | — | — | 350,000 | ||||||||
Repayments of long-term debt and debt issuance costs | (17,514 | ) | (17,454 | ) | (3,013 | ) | |||||
Repayments of capital lease obligations | (2,737 | ) | (1,715 | ) | (1,692 | ) | |||||
Dividends paid to stockholders | (20,095 | ) | (21,293 | ) | (12,080 | ) | |||||
Repurchase of common stock | (104,330 | ) | (201,994 | ) | (26,070 | ) | |||||
Proceeds from exercise of stock options | 3,836 | 6,858 | 5,172 | ||||||||
Payments to satisfy minimum tax withholding | (3,866 | ) | (1,481 | ) | (927 | ) | |||||
Issuance of common stock under employee stock purchase plan | 4,223 | 3,615 | 2,854 | ||||||||
Payments for contingent consideration arrangements | (403 | ) | — | (537 | ) | ||||||
Distributions to noncontrolling interests | (10,250 | ) | (4,750 | ) | (1,300 | ) | |||||
Excess tax benefits from share-based compensation | 1,663 | 8,264 | 4,624 | ||||||||
Net cash (used in) provided by financing activities | (149,473 | ) | (229,950 | ) | 167,031 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (2,610 | ) | (2,796 | ) | 832 | ||||||
Increase (decrease) in cash and cash equivalents | 54,775 | (7,757 | ) | (165,490 | ) | ||||||
Cash and cash equivalents at beginning of year | 432,056 | 439,813 | 605,303 | ||||||||
Cash and cash equivalents at end of period | $ | 486,831 | $ | 432,056 | $ | 439,813 |
EMCOR Group, Inc. Stockholders | |||||||||||||||||||||||||||
Total | Common stock | Capital surplus | Accumulated other comprehensive (loss) income (1) | Retained earnings | Treasury stock | Noncontrolling interests | |||||||||||||||||||||
Balance, December 31, 2012 | $ | 1,357,179 | $ | 680 | $ | 416,104 | $ | (81,040 | ) | $ | 1,022,239 | $ | (11,903 | ) | $ | 11,099 | |||||||||||
Net income including noncontrolling interests | 127,354 | — | — | — | 123,792 | — | 3,562 | ||||||||||||||||||||
Other comprehensive income | 15,263 | — | — | 15,263 | — | — | — | ||||||||||||||||||||
Common stock issued under share-based compensation plans (2) | 10,410 | 3 | 9,094 | — | — | 1,313 | — | ||||||||||||||||||||
Tax withholding for common stock issued under share-based compensation plans | (927 | ) | — | (927 | ) | — | — | — | — | ||||||||||||||||||
Common stock issued under employee stock purchase plan | 2,854 | — | 2,854 | — | — | — | — | ||||||||||||||||||||
Common stock dividends | (12,080 | ) | — | 78 | — | (12,158 | ) | — | — | ||||||||||||||||||
Repurchase of common stock | (26,070 | ) | (7 | ) | (26,063 | ) | — | — | — | — | |||||||||||||||||
Distributions to noncontrolling interests | (1,300 | ) | — | — | — | — | — | (1,300 | ) | ||||||||||||||||||
Share-based compensation expense | 6,943 | — | 6,943 | — | — | — | — | ||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,479,626 | $ | 676 | $ | 408,083 | $ | (65,777 | ) | $ | 1,133,873 | $ | (10,590 | ) | $ | 13,361 | |||||||||||
Net income including noncontrolling interests | 173,427 | — | — | — | 168,664 | — | 4,763 | ||||||||||||||||||||
Other comprehensive loss | (17,420 | ) | — | — | (17,420 | ) | — | — | — | ||||||||||||||||||
Common stock issued under share-based compensation plans (2) | 15,570 | 8 | 15,274 | — | — | 288 | — | ||||||||||||||||||||
Tax withholding for common stock issued under share-based compensation plans | (1,481 | ) | — | (1,481 | ) | — | — | — | — | ||||||||||||||||||
Common stock issued under employee stock purchase plan | 3,615 | — | 3,615 | — | — | — | — | ||||||||||||||||||||
Common stock dividends | (21,293 | ) | — | 253 | — | (21,546 | ) | — | — | ||||||||||||||||||
Repurchase of common stock | (206,028 | ) | (48 | ) | (205,980 | ) | — | — | — | — | |||||||||||||||||
Distributions to noncontrolling interests | (4,750 | ) | — | — | — | — | — | (4,750 | ) | ||||||||||||||||||
Share-based compensation expense | 8,121 | — | 8,121 | — | — | — | — | ||||||||||||||||||||
Balance, December 31, 2014 | $ | 1,429,387 | $ | 636 | $ | 227,885 | $ | (83,197 | ) | $ | 1,280,991 | $ | (10,302 | ) | $ | 13,374 | |||||||||||
Net income including noncontrolling interests | 172,507 | — | — | — | 172,286 | — | 221 | ||||||||||||||||||||
Other comprehensive income | 6,244 | — | — | 6,244 | — | — | — | ||||||||||||||||||||
Common stock issued under share-based compensation plans (2) | 5,433 | 5 | 5,428 | — | — | — | — | ||||||||||||||||||||
Tax withholding for common stock issued under share-based compensation plans | (3,866 | ) | — | (3,866 | ) | — | — | — | — | ||||||||||||||||||
Common stock issued under employee stock purchase plan | 4,223 | — | 4,223 | — | — | — | — | ||||||||||||||||||||
Common stock dividends | (20,095 | ) | — | 202 | — | (20,297 | ) | — | — | ||||||||||||||||||
Repurchase of common stock | (112,328 | ) | (24 | ) | (112,304 | ) | — | — | — | — | |||||||||||||||||
Distributions to noncontrolling interests | (10,250 | ) | — | — | — | — | — | (10,250 | ) | ||||||||||||||||||
Share-based compensation expense | 8,801 | — | 8,801 | — | — | — | — | ||||||||||||||||||||
Balance, December 31, 2015 | $ | 1,480,056 | $ | 617 | $ | 130,369 | $ | (76,953 | ) | $ | 1,432,980 | $ | (10,302 | ) | $ | 3,345 |
(1) | As of December 31, 2015, represents cumulative foreign currency translation and post retirement liability adjustments of $3.5 million and $(80.5) million, respectively. As of December 31, 2014, represents cumulative foreign currency translation and post retirement liability adjustments of $4.1 million and $(87.3) million, respectively. As of December 31, 2013, represents cumulative foreign currency translation and post retirement liability adjustments of $5.1 million and $(70.9) million, respectively. |
(2) | Includes the tax benefit associated with share-based compensation of $1.6 million in 2015, $8.6 million in 2014 and $5.2 million in 2013. |
2015 | 2014 | ||||||
Costs incurred on uncompleted contracts | $ | 7,582,108 | $ | 7,620,522 | |||
Estimated earnings, thereon | 862,987 | 808,549 | |||||
8,445,095 | 8,429,071 | ||||||
Less: billings to date | 8,756,596 | 8,694,425 | |||||
$ | (311,501 | ) | $ | (265,354 | ) |
2015 | 2014 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 117,734 | $ | 103,201 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | (429,235 | ) | (368,555 | ) | |||
$ | (311,501 | ) | $ | (265,354 | ) |
For the twelve months ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues | $ | 3,823 | $ | 19,297 | $ | 83,631 | |||||
Loss from discontinued operation, net of income taxes | $ | (60 | ) | $ | (4,690 | ) | $ | (23,069 | ) | ||
Diluted loss per share from discontinued operation | $ | (0.00 | ) | $ | (0.07 | ) | $ | (0.34 | ) |
December 31, 2015 | December 31, 2014 | ||||||
Assets of discontinued operation: | |||||||
Current assets | $ | 2,525 | $ | 6,265 | |||
Non-current assets | $ | — | $ | 278 | |||
Liabilities of discontinued operation: | |||||||
Current liabilities | $ | 4,407 | $ | 10,743 | |||
Non-current liabilities | $ | — | $ | 94 |
2015 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||
Income from continuing operations attributable to EMCOR Group, Inc. common stockholders | $ | 172,346 | $ | 173,354 | $ | 146,861 | |||||
Loss from discontinued operation, net of income taxes | (60 | ) | (4,690 | ) | (23,069 | ) | |||||
Net income attributable to EMCOR Group, Inc. common stockholders | $ | 172,286 | $ | 168,664 | $ | 123,792 | |||||
Denominator: | |||||||||||
Weighted average shares outstanding used to compute basic earnings (loss) per common share | 62,789,120 | 66,331,886 | 67,086,299 | ||||||||
Effect of dilutive securities—Share-based awards | 518,392 | 730,623 | 990,542 | ||||||||
Shares used to compute diluted earnings (loss) per common share | 63,307,512 | 67,062,509 | 68,076,841 | ||||||||
Basic earnings (loss) per common share: | |||||||||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders | $ | 2.74 | $ | 2.61 | $ | 2.19 | |||||
From discontinued operation | (0.00 | ) | (0.07 | ) | (0.34 | ) | |||||
Net income attributable to EMCOR Group, Inc. common stockholders | $ | 2.74 | $ | 2.54 | $ | 1.85 | |||||
Diluted earnings (loss) per common share: | |||||||||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders | $ | 2.72 | $ | 2.59 | $ | 2.16 | |||||
From discontinued operation | (0.00 | ) | (0.07 | ) | (0.34 | ) | |||||
Net income attributable to EMCOR Group, Inc. common stockholders | $ | 2.72 | $ | 2.52 | $ | 1.82 |
2015 | 2014 | ||||||
Raw materials and construction materials | $ | 23,239 | $ | 23,330 | |||
Work in process | 14,306 | 23,524 | |||||
$ | 37,545 | $ | 46,854 |
2015 | 2014 | ||||||
Machinery and equipment | $ | 123,211 | $ | 120,528 | |||
Vehicles | 51,673 | 45,036 | |||||
Furniture and fixtures | 20,730 | 20,693 | |||||
Computer hardware/software | 95,993 | 89,638 | |||||
Land, buildings and leasehold improvements | 88,877 | 81,206 | |||||
Construction in progress | 5,688 | 6,926 | |||||
386,172 | 364,027 | ||||||
Accumulated depreciation and amortization | (264,154 | ) | (241,849 | ) | |||
$ | 122,018 | $ | 122,178 |
United States electrical construction and facilities services segment | United States mechanical construction and facilities services segment | United States building services segment | United States industrial services segment | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 3,823 | $ | 217,255 | $ | 229,204 | $ | 384,543 | $ | 834,825 | |||||||||
Acquisitions, sales and purchase price adjustments | — | — | (819 | ) | 96 | (723 | ) | ||||||||||||
Balance at December 31, 2014 | 3,823 | 217,255 | 228,385 | 384,639 | 834,102 | ||||||||||||||
Acquisitions, sales and purchase price adjustments | — | 8,816 | 252 | — | 9,068 | ||||||||||||||
Balance at December 31, 2015 | $ | 3,823 | $ | 226,071 | $ | 228,637 | $ | 384,639 | $ | 843,170 |
December 31, 2015 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment Charge | Total | ||||||||||||
Contract backlog | $ | 47,745 | $ | (47,745 | ) | $ | — | $ | — | ||||||
Developed technology/Vendor network | 95,661 | (40,482 | ) | — | 55,179 | ||||||||||
Customer relationships | 430,356 | (141,695 | ) | (4,834 | ) | 283,827 | |||||||||
Non-competition agreements | 10,220 | (9,832 | ) | — | 388 | ||||||||||
Trade names (amortized) | 21,248 | (12,410 | ) | — | 8,838 | ||||||||||
Trade names (unamortized) | 174,039 | — | (49,437 | ) | 124,602 | ||||||||||
Total | $ | 779,269 | $ | (252,164 | ) | $ | (54,271 | ) | $ | 472,834 |
December 31, 2014 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment Charge | Total | ||||||||||||
Contract backlog | $ | 47,620 | $ | (47,620 | ) | $ | — | $ | — | ||||||
Developed technology/Vendor network | 95,661 | (35,347 | ) | — | 60,314 | ||||||||||
Customer relationships | 425,873 | (112,457 | ) | (4,834 | ) | 308,582 | |||||||||
Non-competition agreements | 9,980 | (9,330 | ) | — | 650 | ||||||||||
Trade names (amortized) | 21,248 | (9,515 | ) | — | 11,733 | ||||||||||
Trade names (unamortized) | 170,218 | — | (49,437 | ) | 120,781 | ||||||||||
Total | $ | 770,600 | $ | (214,269 | ) | $ | (54,271 | ) | $ | 502,060 |
2016 | $ | 37,380 | |
2017 | 35,003 | ||
2018 | 32,835 | ||
2019 | 30,853 | ||
2020 | 30,671 | ||
Thereafter | 181,490 | ||
$ | 348,232 |
2015 | 2014 | ||||||
Term Loan, interest payable at varying amounts through 2018 | $ | 315,000 | $ | 332,500 | |||
Capitalized Lease Obligations, at weighted average interest rates from 3.0% to 5.8% payable in varying amounts through 2020 | 3,869 | 2,883 | |||||
Other, payable through 2019 | 44 | 57 | |||||
318,913 | 335,440 | ||||||
Less: current maturities | 18,848 | 19,041 | |||||
$ | 300,065 | $ | 316,399 |
Assets at Fair Value as of December 31, 2015 | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash and cash equivalents (1) | $ | 486,831 | $ | — | $ | — | $ | 486,831 | |||||||
Restricted cash (2) | 4,232 | — | — | 4,232 | |||||||||||
Deferred compensation plan assets (3) | 7,497 | — | — | 7,497 | |||||||||||
Total | $ | 498,560 | $ | — | $ | — | $ | 498,560 |
Assets at Fair Value as of December 31, 2014 | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash and cash equivalents (1) | $ | 432,056 | $ | — | $ | — | $ | 432,056 | |||||||
Restricted cash (2) | 6,474 | — | — | 6,474 | |||||||||||
Deferred compensation plan assets (3) | 3,139 | — | — | 3,139 | |||||||||||
Total | $ | 441,669 | $ | — | $ | — | $ | 441,669 |
(1) | Cash and cash equivalents consist primarily of money market funds with original maturity dates of three months or less, which are Level 1 assets. At December 31, 2015 and 2014, we had $151.4 million and $156.7 million, respectively, in money market funds. |
(2) | Restricted cash is classified as “Prepaid expenses and other” in our consolidated balance sheets. |
(3) | Deferred compensation plan assets are classified as “Other assets” in our consolidated balance sheets. |
2015 | 2014 | ||||||
Balance at beginning of year | $ | 5,203 | $ | 3,116 | |||
Additions based on tax positions related to the current year | 611 | 1,053 | |||||
Additions based on tax positions related to prior years | — | 2,816 | |||||
Reductions for tax positions of prior years | (1,053 | ) | (1,162 | ) | |||
Reductions for expired statute of limitations | — | (620 | ) | ||||
Balance at end of year | $ | 4,761 | $ | 5,203 |
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal provision | $ | 94,405 | $ | 80,852 | $ | 60,449 | |||||
State and local provisions | 21,320 | 14,532 | 2,897 | ||||||||
Foreign provision | 831 | 2,396 | 7,083 | ||||||||
116,556 | 97,780 | 70,429 | |||||||||
Deferred | (10,300 | ) | 5,748 | 11,857 | |||||||
$ | 106,256 | $ | 103,528 | $ | 82,286 |
2015 | 2014 | 2013 | |||||||||
Federal income taxes at the statutory rate | $ | 97,588 | $ | 98,576 | $ | 81,448 | |||||
Noncontrolling interests | (77 | ) | (1,667 | ) | (1,247 | ) | |||||
State and local income taxes, net of federal tax benefits | 12,590 | 9,944 | 9,446 | ||||||||
State tax reserves | 62 | (38 | ) | (6,529 | ) | ||||||
Permanent differences | 3,096 | 2,961 | 3,226 | ||||||||
Domestic manufacturing deduction | (6,604 | ) | (5,008 | ) | (4,778 | ) | |||||
Foreign income taxes (including UK statutory rate changes) | (361 | ) | (1,237 | ) | 1,183 | ||||||
Federal tax reserves | 14 | 62 | 263 | ||||||||
Other | (52 | ) | (65 | ) | (726 | ) | |||||
$ | 106,256 | $ | 103,528 | $ | 82,286 |
2015 | 2014 | ||||||
Deferred income tax assets: | |||||||
Excess of amounts expensed for financial statement purposes over amounts deducted for income tax purposes: | |||||||
Insurance liabilities | $ | 58,582 | $ | 54,351 | |||
Pension liability | 6,255 | 10,142 | |||||
Deferred compensation | 28,033 | 17,886 | |||||
Other (including liabilities and reserves) | 28,562 | 31,828 | |||||
Total deferred income tax assets | 121,432 | 114,207 | |||||
Valuation allowance for deferred tax assets | (805 | ) | (2,024 | ) | |||
Net deferred income tax assets | 120,627 | 112,183 | |||||
Deferred income tax liabilities: | |||||||
Costs capitalized for financial statement purposes and deducted for income tax purposes: | |||||||
Goodwill and identifiable intangible assets | (218,715 | ) | (216,126 | ) | |||
Other, primarily depreciation of property, plant and equipment | (22,510 | ) | (23,884 | ) | |||
Total deferred income tax liabilities | (241,225 | ) | (240,010 | ) | |||
Net deferred income tax liabilities | $ | (120,598 | ) | $ | (127,827 | ) |
2015 | 2014 | 2013 | |||||||||
United States | $ | 264,867 | $ | 265,529 | $ | 219,300 | |||||
Foreign | 13,956 | 16,116 | 13,409 | ||||||||
$ | 278,823 | $ | 281,645 | $ | 232,709 |
Stock Options | Restricted Stock Units | |||||||||||||||
Shares | Weighted Average Price | Shares | Weighted Average Price | |||||||||||||
Balance, December 31, 2012 | 1,796,377 | $ | 17.15 | Balance, December 31, 2012 | 588,907 | $ | 28.56 | |||||||||
Granted | — | — | Granted | 192,617 | $ | 36.26 | ||||||||||
Expired | — | — | Forfeited | (15,298 | ) | $ | 29.38 | |||||||||
Exercised | (485,680 | ) | $ | 14.55 | Vested | (155,423 | ) | $ | 27.77 | |||||||
Balance, December 31, 2013 | 1,310,697 | $ | 18.12 | Balance, December 31, 2013 | 610,803 | $ | 31.17 | |||||||||
Granted | — | — | Granted | 176,418 | $ | 43.06 | ||||||||||
Expired | — | — | Forfeited | (500 | ) | $ | 43.76 | |||||||||
Exercised | (743,923 | ) | $ | 13.52 | Vested | (152,423 | ) | $ | 32.46 | |||||||
Balance, December 31, 2014 | 566,774 | $ | 24.15 | Balance, December 31, 2014 | 634,298 | $ | 34.16 | |||||||||
Granted | — | — | Granted | 241,274 | $ | 45.23 | ||||||||||
Expired | (30,000 | ) | $ | 12.09 | Forfeited | (3,587 | ) | $ | 29.56 | |||||||
Exercised | (230,048 | ) | $ | 26.71 | Vested | (266,497 | ) | $ | 32.17 | |||||||
Balance, December 31, 2015 | 306,726 | $ | 23.42 | Balance, December 31, 2015 | 605,488 | $ | 39.47 |
Stock Options Outstanding and Exercisable | ||||||
Range of Exercise Prices | Number | Weighted Average Remaining Life | Weighted Average Exercise Price | |||
$20.42 - $20.54 | 110,000 | 1.41 Years | $20.43 | |||
$22.52 - $24.48 | 140,000 | 3.31 Years | $23.92 | |||
$27.39 - $29.26 | 56,726 | 0.54 Years | $27.96 |
2015 | 2014 | ||||||
Change in pension benefit obligation | |||||||
Benefit obligation at beginning of year | $ | 332,806 | $ | 308,877 | |||
Interest cost | 11,603 | 14,027 | |||||
Actuarial (gain) loss | (21,707 | ) | 40,906 | ||||
Benefits paid | (9,604 | ) | (9,915 | ) | |||
Foreign currency exchange rate changes | (17,273 | ) | (21,089 | ) | |||
Benefit obligation at end of year | 295,825 | 332,806 | |||||
Change in pension plan assets | |||||||
Fair value of plan assets at beginning of year | 282,095 | 269,811 | |||||
Actual return on plan assets | 569 | 34,012 | |||||
Employer contributions | 5,631 | 6,028 | |||||
Benefits paid | (9,604 | ) | (9,915 | ) | |||
Foreign currency exchange rate changes | (15,136 | ) | (17,841 | ) | |||
Fair value of plan assets at end of year | 263,555 | 282,095 | |||||
Funded status at end of year | $ | (32,270 | ) | $ | (50,711 | ) |
2015 | 2014 | ||||||
Unrecognized losses | $ | 88,818 | $ | 102,673 |
2015 | 2014 | ||||
Discount rate | 3.8 | % | 3.6 | % |
2015 | 2014 | 2013 | ||||||
Discount rate | 3.6 | % | 4.6 | % | 4.3 | % | ||
Annual rate of return on plan assets | 6.3 | % | 6.7 | % | 6.7 | % |
2015 | 2014 | 2013 | |||||||||
Interest cost | $ | 11,603 | $ | 14,027 | $ | 12,326 | |||||
Expected return on plan assets | (16,181 | ) | (16,888 | ) | (14,369 | ) | |||||
Amortization of unrecognized loss | 2,526 | 2,029 | 2,560 | ||||||||
Net periodic pension cost | $ | (2,052 | ) | $ | (832 | ) | $ | 517 |
Asset Category | Target Asset Allocation | December 31, 2015 | December 31, 2014 | |||||
Equity securities | 45.0 | % | 43.3 | % | 43.2 | % | ||
Debt securities | 55.0 | % | 56.3 | % | 56.6 | % | ||
Cash | — | % | 0.4 | % | 0.2 | % | ||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Assets at Fair Value as of December 31, 2015 | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Equity and equity like investments | $ | — | $ | 114,213 | $ | — | $ | 114,213 | |||||||
Corporate bonds | — | 114,434 | — | 114,434 | |||||||||||
Government bonds | — | 34,011 | — | 34,011 | |||||||||||
Cash | 897 | — | — | 897 | |||||||||||
Total | $ | 897 | $ | 262,658 | $ | — | $ | 263,555 |
Assets at Fair Value as of December 31, 2014 | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Equity and equity like investments | $ | — | $ | 121,739 | $ | — | $ | 121,739 | |||||||
Corporate bonds | — | 124,380 | — | 124,380 | |||||||||||
Government bonds | — | 35,319 | — | 35,319 | |||||||||||
Cash | 657 | — | — | 657 | |||||||||||
Total | $ | 657 | $ | 281,438 | $ | — | $ | 282,095 |
(a) | Assets that are not exchange traded but have a unit price that is based on the net asset value of the fund. The unit prices are not quoted but the underlying assets held by the fund are either: |
(i) | held in a variety of listed investments |
(ii) | held in UK treasury bonds or corporate bonds with the asset value being based on fixed income streams. Some of the underlying bonds are also listed on regulated markets. |
(b) | Assets that are not exchange traded but have a unit price that is based on the net asset value of the fund. The unit prices are quoted. The underlying assets within these funds comprise cash or assets that are listed on a regulated market (i.e., the values are based on observable market data) and it is these values that are used to calculate the unit price of the fund. |
Equity and Equity Like Investments | 2015 | 2014 | |||||
Start of year balance | $ | — | $ | 5,196 | |||
Actual return on plan assets, relating to assets still held at reporting date | — | — | |||||
Purchases, sales and settlements, net | — | (4,889 | ) | ||||
Change due to exchange rate changes | — | (307 | ) | ||||
End of year balance | $ | — | $ | — |
Pension Benefits | |||
2016 | $ | 9,509 | |
2017 | $ | 9,869 | |
2018 | $ | 10,974 | |
2019 | $ | 11,717 | |
2020 | $ | 11,842 | |
Succeeding five years | $ | 65,494 |
2015 | 2014 | ||||||
Projected benefit obligation | $ | 295,825 | $ | 332,806 | |||
Accumulated benefit obligation | $ | 295,825 | $ | 332,806 | |||
Fair value of plan assets | $ | 263,555 | $ | 282,095 |
Pension Fund | EIN/Pension Plan Number | PPA Zone Status (1) | FIP/RP Status | Contributions | Contributions greater than 5% of total plan contributions (2) | Expiration date of CBA | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Plumbers & Pipefitters National Pension Fund | 52-6152779 001 | Yellow | Yellow | Implemented | $ | 12,021 | $ | 10,425 | $ | 12,509 | No | January 2016 to August 2019 | ||||||||||||
Sheet Metal Workers National Pension Fund | 52-6112463 001 | Yellow | Yellow | Implemented | 10,891 | 9,977 | 9,476 | No | April 2016 to June 2020 | |||||||||||||||
National Electrical Benefit Fund | 53-0181657 001 | Green | Green | N/A | 8,513 | 7,985 | 7,986 | No | February 2016 to September 2020 | |||||||||||||||
Pension, Hospitalization & Benefit Plan of the Electrical Industry- Pension Trust Account | 13-6123601 001 | Green | Green | N/A | 7,543 | 6,219 | 6,189 | No | May 2016 to January 2018 |
Pension Fund | EIN/Pension Plan Number | PPA Zone Status (1) | FIP/RP Status | Contributions | Contributions greater than 5% of total plan contributions (2) | Expiration date of CBA | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2013 | ||||||||||||||||||||
National Automatic Sprinkler Industry Pension Fund | 52-6054620 001 | Red | Red | Implemented | 6,697 | 6,000 | 4,226 | No | March 2016 to June 2017 | |||||||||||||||
Central Pension Fund of the International Union of Operating Engineers and Participating Employers | 36-6052390 001 | Green | Green | N/A | 6,465 | 6,518 | 6,296 | No | January 2016 to November 2019 | |||||||||||||||
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 2 | 51-6030753 002 | Green | Green | N/A | 5,759 | 4,051 | 2,412 | No | May 2016 to June 2016 | |||||||||||||||
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan | 31-0655223 001 | Red | Red | Implemented | 5,554 | 4,962 | 4,128 | Yes | June 2019 | |||||||||||||||
Sheet Metal Workers Pension Plan of Northern California | 51-6115939 001 | Red | Red | Implemented | 4,851 | 3,467 | 3,658 | No | June 2016 to June 2018 | |||||||||||||||
U.A. Local 393 Pension Trust Fund Defined Benefit | 94-6359772 002 | Green | Green | N/A | 4,597 | 3,585 | 2,811 | Yes | June 2016 to June 2018 | |||||||||||||||
Pipefitters Union Local 537 Pension Fund | 51-6030859 001 | Green | Green | N/A | 3,939 | 2,981 | 3,690 | Yes | January 2016 to August 2017 | |||||||||||||||
Northern California Pipe Trades Pension Plan | 94-3190386 001 | Green | Green | N/A | 3,544 | 3,270 | 2,258 | Yes | June 2016 to June 2018 | |||||||||||||||
Eighth District Electrical Pension Fund | 84-6100393 001 | Green | Green | N/A | 3,411 | 2,695 | 3,005 | Yes | February 2016 to May 2018 | |||||||||||||||
Southern California IBEW-NECA Pension Trust Fund | 95-6392774 001 | Orange | Yellow | Implemented | 2,894 | 2,776 | 3,215 | No | May 2016 to November 2019 | |||||||||||||||
Southern California Pipe Trades Retirement Fund | 51-6108443 001 | Green | Green | N/A | 2,743 | 2,863 | 5,498 | No | June 2016 to August 2019 | |||||||||||||||
Electrical Workers Local No. 26 Pension Trust Fund | 52-6117919 001 | Green | Green | N/A | 2,620 | 2,880 | 2,878 | Yes | June 2016 to July 2018 | |||||||||||||||
U.A. Plumbers Local 24 Pension Fund | 22-6042823 001 | Green | Green | N/A | 2,431 | 1,998 | 1,330 | Yes | April 2016 | |||||||||||||||
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada | 95-6052257 001 | Red | Red | Implemented | 2,310 | 1,824 | 1,271 | No | June 2016 to June 2020 | |||||||||||||||
San Diego Electrical Pension Plan | 95-6101801 001 | Red | Green | Pending | 2,109 | 1,878 | 2,162 | Yes | September 2016 to May 2020 | |||||||||||||||
U.A. Local 38 Defined Benefit Pension Plan | 94-1285319 001 | Yellow | Yellow | Implemented | 1,526 | 1,605 | 1,522 | No | June 2016 to June 2017 | |||||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020 001 | Yellow | Yellow | Implemented | 1,367 | 1,177 | 1,828 | No | April 2017 to September 2018 | |||||||||||||||
Plumbing & Pipe Fitting Local 219 Pension Fund | 34-6682376 001 | Red | Red | Implemented | 1,262 | 1,107 | 1,142 | Yes | May 2017 | |||||||||||||||
Building Trades United Pension Trust Fund Milwaukee and Vicinity | 51-6049409 001 | Yellow | Yellow | Implemented | 1,111 | 1,033 | 918 | No | May 2016 |
Pension Fund | EIN/Pension Plan Number | PPA Zone Status (1) | FIP/RP Status | Contributions | Contributions greater than 5% of total plan contributions (2) | Expiration date of CBA | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Steamfitters Local Union No. 420 Pension Plan | 23-2004424 001 | Red | Red | Implemented | 845 | 862 | 831 | No | April 2017 to May 2017 | |||||||||||||||
U.A. Local 467 Defined Benefit Plan | 94-2353807 005 | Red | Red | Implemented | 844 | 787 | 538 | No | June 2016 to June 2018 | |||||||||||||||
Plumbers & Pipefitters Local 162 Pension Fund | 31-6125999 001 | Red | Red | Implemented (3) | 814 | 818 | 770 | Yes | May 2019 | |||||||||||||||
Other Multiemployer Pension Plans | 40,395 | 44,248 | 48,724 | Various | ||||||||||||||||||||
Total Contributions | $ | 147,056 | $ | 137,991 | $ | 141,271 |
(1) | The zone status represents the most recent available information for the respective MEPP, which may be 2014 or earlier for the 2015 year and 2013 or earlier for the 2014 year. |
(2) | This information was obtained from the respective plans’ Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our fiscal year contributions. The above noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of our subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed. |
(3) | For these respective plans, a funding surcharge was currently in effect for 2015. |
Capital Leases | Operating Leases | Sublease Income | |||||||||
2016 | $ | 1,459 | $ | 58,918 | $ | 558 | |||||
2017 | 837 | 47,670 | 257 | ||||||||
2018 | 650 | 36,637 | 126 | ||||||||
2019 | 1,093 | 28,199 | 63 | ||||||||
2020 | 77 | 21,854 | — | ||||||||
Thereafter | — | 46,283 | — | ||||||||
Total minimum lease payments | 4,116 | $ | 239,561 | $ | 1,004 | ||||||
Amounts representing interest | (247 | ) | |||||||||
Present value of net minimum lease payments | $ | 3,869 |
United States electrical construction and facilities services segment | United States mechanical construction and facilities services segment | United States building services segment | Corporate Administration | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 30 | $ | 164 | $ | — | $ | — | $ | 194 | |||||||||
Charges | 638 | 230 | — | 300 | 1,168 | ||||||||||||||
Payments | (413 | ) | (368 | ) | — | (300 | ) | (1,081 | ) | ||||||||||
Balance at December 31, 2014 | 255 | 26 | — | — | 281 | ||||||||||||||
Charges | (106 | ) | 6 | 924 | — | 824 | |||||||||||||
Payments | (149 | ) | (32 | ) | (843 | ) | — | (1,024 | ) | ||||||||||
Balance at December 31, 2015 | $ | — | $ | — | $ | 81 | $ | — | $ | 81 |
United States electrical construction and facilities services segment | United States mechanical construction and facilities services segment | United States building services segment | Corporate Administration | Total | |||||||||||||||
Severance | $ | — | $ | 6 | $ | 924 | $ | — | $ | 930 | |||||||||
Leased facilities | (106 | ) | — | — | — | (106 | ) | ||||||||||||
Total charges | $ | (106 | ) | $ | 6 | $ | 924 | $ | — | $ | 824 |
2015 | 2014 | 2013 | |||||||||
Cash paid during the year for: | |||||||||||
Interest | $ | 7,668 | $ | 7,421 | $ | 10,568 | |||||
Income taxes | $ | 99,754 | $ | 88,277 | $ | 104,324 | |||||
Non-cash financing activities: | |||||||||||
Assets acquired under capital lease obligations | $ | 3,847 | $ | 93 | $ | 414 |
2015 | 2014 | 2013 | |||||||||
Revenues from unrelated entities: | |||||||||||
United States electrical construction and facilities services | $ | 1,367,142 | $ | 1,311,988 | $ | 1,345,750 | |||||
United States mechanical construction and facilities services | 2,312,763 | 2,201,212 | 2,329,834 | ||||||||
United States building services | 1,739,259 | 1,721,341 | 1,794,978 | ||||||||
United States industrial services | 922,085 | 839,980 | 519,413 | ||||||||
Total United States operations | 6,341,249 | 6,074,521 | 5,989,975 | ||||||||
United Kingdom building services | 377,477 | 350,444 | 343,552 | ||||||||
Total worldwide operations | $ | 6,718,726 | $ | 6,424,965 | $ | 6,333,527 | |||||
Total revenues: | |||||||||||
United States electrical construction and facilities services | $ | 1,378,620 | $ | 1,326,547 | $ | 1,371,979 | |||||
United States mechanical construction and facilities services | 2,326,683 | 2,219,886 | 2,387,072 | ||||||||
United States building services | 1,794,086 | 1,762,697 | 1,839,129 | ||||||||
United States industrial services | 923,648 | 842,040 | 522,417 | ||||||||
Less intersegment revenues | (81,788 | ) | (76,649 | ) | (130,622 | ) | |||||
Total United States operations | 6,341,249 | 6,074,521 | 5,989,975 | ||||||||
United Kingdom building services | 377,477 | 350,444 | 343,552 | ||||||||
Total worldwide operations | $ | 6,718,726 | $ | 6,424,965 | $ | 6,333,527 |
Operating income (loss): | |||||||||||
United States electrical construction and facilities services | $ | 82,225 | $ | 90,873 | $ | 98,114 | |||||
United States mechanical construction and facilities services | 138,688 | 114,418 | 93,765 | ||||||||
United States building services | 70,532 | 65,885 | 67,225 | ||||||||
United States industrial services | 56,469 | 63,159 | 38,763 | ||||||||
Total United States operations | 347,914 | 334,335 | 297,867 | ||||||||
United Kingdom building services | 11,634 | 15,011 | 13,021 | ||||||||
Corporate administration | (71,642 | ) | (68,578 | ) | (69,891 | ) | |||||
Restructuring expenses | (824 | ) | (1,168 | ) | (647 | ) | |||||
Impairment loss on identifiable intangible assets | — | (1,471 | ) | — | |||||||
Gain on sale of building | — | 11,749 | — | ||||||||
Total worldwide operations | 287,082 | 289,878 | 240,350 | ||||||||
Other corporate items: | |||||||||||
Interest expense | (8,932 | ) | (9,075 | ) | (8,769 | ) | |||||
Interest income | 673 | 842 | 1,128 | ||||||||
Income from continuing operations before income taxes | $ | 278,823 | $ | 281,645 | $ | 232,709 |
2015 | 2014 | 2013 | |||||||||
Capital expenditures: | |||||||||||
United States electrical construction and facilities services | $ | 6,063 | $ | 6,671 | $ | 6,164 | |||||
United States mechanical construction and facilities services | 5,345 | 8,631 | 8,866 | ||||||||
United States building services | 7,233 | 10,589 | 7,579 | ||||||||
United States industrial services | 11,073 | 9,139 | 10,281 | ||||||||
Total United States operations | 29,714 | 35,030 | 32,890 | ||||||||
United Kingdom building services | 5,298 | 1,935 | 1,536 | ||||||||
Corporate administration | 448 | 1,070 | 1,071 | ||||||||
Total worldwide operations | $ | 35,460 | $ | 38,035 | $ | 35,497 | |||||
Depreciation and amortization of Property, plant and equipment: | |||||||||||
United States electrical construction and facilities services | $ | 4,676 | $ | 4,237 | $ | 3,640 | |||||
United States mechanical construction and facilities services | 7,624 | 7,600 | 7,280 | ||||||||
United States building services | 9,834 | 10,660 | 11,288 | ||||||||
United States industrial services | 9,629 | 9,839 | 8,781 | ||||||||
Total United States operations | 31,763 | 32,336 | 30,989 | ||||||||
United Kingdom building services | 3,603 | 3,305 | 4,477 | ||||||||
Corporate administration | 928 | 883 | 844 | ||||||||
Total worldwide operations | $ | 36,294 | $ | 36,524 | $ | 36,310 |
Costs and estimated earnings in excess of billings on uncompleted contracts: | |||||||||||
United States electrical construction and facilities services | $ | 39,116 | $ | 32,464 | $ | 28,988 | |||||
United States mechanical construction and facilities services | 46,220 | 43,443 | 38,804 | ||||||||
United States building services | 20,959 | 18,555 | 14,957 | ||||||||
United States industrial services | 3,358 | 281 | 5 | ||||||||
Total United States operations | 109,653 | 94,743 | 82,754 | ||||||||
United Kingdom building services | 8,081 | 8,458 | 7,973 | ||||||||
Total worldwide operations | $ | 117,734 | $ | 103,201 | $ | 90,727 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts: | |||||||||||
United States electrical construction and facilities services | $ | 139,857 | $ | 114,422 | $ | 118,458 | |||||
United States mechanical construction and facilities services | 238,463 | 199,983 | 205,974 | ||||||||
United States building services | 44,476 | 38,059 | 30,827 | ||||||||
United States industrial services | 1,170 | 1,516 | 805 | ||||||||
Total United States operations | 423,966 | 353,980 | 356,064 | ||||||||
United Kingdom building services | 5,269 | 14,575 | 25,231 | ||||||||
Total worldwide operations | $ | 429,235 | $ | 368,555 | $ | 381,295 | |||||
2015 | 2014 | 2013 | |||||||||
Long-lived assets: | |||||||||||
United States electrical construction and facilities services | $ | 20,139 | $ | 18,792 | $ | 16,512 | |||||
United States mechanical construction and facilities services | 296,633 | 288,161 | 293,790 | ||||||||
United States building services | 378,367 | 392,364 | 406,498 | ||||||||
United States industrial services | 730,413 | 750,101 | 772,209 | ||||||||
Total United States operations | 1,425,552 | 1,449,418 | 1,489,009 | ||||||||
United Kingdom building services | 10,927 | 6,899 | 8,831 | ||||||||
Corporate administration | 1,543 | 2,023 | 1,896 | ||||||||
Total worldwide operations | $ | 1,438,022 | $ | 1,458,340 | $ | 1,499,736 |
Total assets: | |||||||||||
United States electrical construction and facilities services | $ | 372,525 | $ | 332,150 | $ | 329,742 | |||||
United States mechanical construction and facilities services | 894,366 | 793,056 | 795,256 | ||||||||
United States building services | 721,653 | 737,082 | 756,785 | ||||||||
United States industrial services | 883,338 | 954,018 | 940,916 | ||||||||
Total United States operations | 2,871,882 | 2,816,306 | 2,822,699 | ||||||||
United Kingdom building services | 133,782 | 130,340 | 160,828 | ||||||||
Corporate administration | 540,806 | 442,321 | 482,388 | ||||||||
Total worldwide operations | $ | 3,546,470 | $ | 3,388,967 | $ | 3,465,915 |
March 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
2015 Quarterly Results | ||||||||||||||||
Revenues | $ | 1,589,187 | $ | 1,652,585 | $ | 1,699,128 | $ | 1,777,826 | ||||||||
Gross profit | $ | 216,929 | $ | 239,527 | $ | 235,402 | $ | 252,621 | ||||||||
Impairment loss on identifiable intangible assets | $ | — | $ | — | $ | — | $ | — | ||||||||
Gain on sale of building | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income attributable to EMCOR Group, Inc. | $ | 32,849 | $ | 46,849 | $ | 41,522 | $ | 51,066 | ||||||||
Basic EPS from continuing operations | $ | 0.53 | $ | 0.75 | $ | 0.66 | $ | 0.81 | ||||||||
Basic EPS from discontinued operation | (0.01 | ) | (0.00 | ) | (0.00 | ) | 0.01 | |||||||||
$ | 0.52 | $ | 0.75 | $ | 0.66 | $ | 0.82 | |||||||||
Diluted EPS from continuing operations | $ | 0.52 | $ | 0.74 | $ | 0.66 | $ | 0.80 | ||||||||
Diluted EPS from discontinued operation | (0.00 | ) | (0.00 | ) | (0.00 | ) | 0.01 | |||||||||
$ | 0.52 | $ | 0.74 | $ | 0.66 | $ | 0.81 |
March 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
2014 Quarterly Results | ||||||||||||||||
Revenues | $ | 1,590,539 | $ | 1,552,919 | $ | 1,566,711 | $ | 1,714,796 | ||||||||
Gross profit | $ | 216,203 | $ | 220,241 | $ | 222,229 | $ | 248,573 | ||||||||
Impairment loss on identifiable intangible assets | $ | — | $ | — | $ | — | $ | 1,471 | ||||||||
Gain on sale of building | $ | — | $ | — | $ | 11,749 | $ | — | ||||||||
Net income attributable to EMCOR Group, Inc. | $ | 41,261 | $ | 39,913 | $ | 45,024 | $ | 42,466 | ||||||||
Basic EPS from continuing operations | $ | 0.64 | $ | 0.61 | $ | 0.68 | $ | 0.67 | ||||||||
Basic EPS from discontinued operation | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||
$ | 0.61 | $ | 0.59 | $ | 0.67 | $ | 0.66 | |||||||||
Diluted EPS from continuing operations | $ | 0.64 | $ | 0.61 | $ | 0.68 | $ | 0.66 | ||||||||
Diluted EPS from discontinued operation | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||
$ | 0.61 | $ | 0.59 | $ | 0.67 | $ | 0.65 |
Stamford, Connecticut | /s/ ERNST & YOUNG LLP |
February 25, 2016 |
Stamford, Connecticut | /s/ ERNST & YOUNG LLP |
February 25, 2016 |
(a)(1) | The following consolidated financial statements of EMCOR Group, Inc. and Subsidiaries are filed as part of this report under Part II, Item 8. Financial Statements and Supplementary Data: |
Financial Statements: | |
Consolidated Balance Sheets - December 31, 2015 and 2014 | |
Consolidated Statements of Operations - Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements Comprehensive Income - Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Cash Flows - Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Equity - Years Ended December 31, 2015, 2014 and 2013 | |
Notes to Consolidated Financial Statements | |
Reports of Independent Registered Public Accounting Firm | |
(a)(2) | The following financial statement schedule is included in this Form 10-K report: Schedule II - Valuation and Qualifying Accounts |
All other schedules are omitted because they are not required, are inapplicable, or the information is otherwise shown in the consolidated financial statements or notes thereto. | |
(a)(3) | For the list of exhibits, see the Exhibit Index immediately following the signature page hereof, which Exhibit Index is incorporated herein by reference. |
EMCOR GROUP, INC. | |
(Registrant) | |
BY: | /s/ ANTHONY J. GUZZI |
Anthony J. Guzzi | |
President and Chief Executive Officer |
/S/ ANTHONY J. GUZZI | President, Chief Executive Officer and Director |
Anthony J. Guzzi | (Principal Executive Officer) |
/S/ MARK A. POMPA | Executive Vice President and Chief Financial Officer |
Mark A. Pompa | (Principal Financial and Accounting Officer) |
/S/ STEPHEN W. BERSHAD | Chairman of the Board of Directors |
Stephen W. Bershad | |
/S/ JOHN W. ALTMEYER | Director |
John W. Altmeyer | |
/S/ DAVID A. B. BROWN | Director |
David A. B. Brown | |
/S/ LARRY J. BUMP | Director |
Larry J. Bump | |
/S/ RICHARD F. HAMM, JR. | Director |
Richard F. Hamm, Jr. | |
/S/ DAVID H. LAIDLEY | Director |
David H. Laidley | |
/S/ JERRY E. RYAN | Director |
Jerry E. Ryan | |
/s/ STEVEN B. SCHWARZWAELDER | Director |
Steven B. Schwarzwaelder | |
/S/ MICHAEL T. YONKER | Director |
Michael T. Yonker |
Description | Balance at Beginning of Year | Costs and Expenses | Additions Charged to Other (1) | Deductions (2) | Balance at End of Year | ||||||||||||
Allowance for doubtful accounts | |||||||||||||||||
Year Ended December 31, 2015 | $ | 10,424 | 2,853 | — | (2,102 | ) | $ | 11,175 | |||||||||
Year Ended December 31, 2014 | $ | 11,890 | 2,918 | — | (4,384 | ) | $ | 10,424 | |||||||||
Year Ended December 31, 2013 | $ | 11,472 | 3,533 | 12 | (3,127 | ) | $ | 11,890 |
(1) | Amount principally relates to business acquisitions and divestitures, and the effect of exchange rate changes. |
(2) | Deductions primarily represent uncollectible balances of accounts receivable written off, net of recoveries. |
Exhibit No. | Description | Incorporated By Reference to or Filed Herewith, as Indicated Below | ||
2(a-1) | Purchase Agreement dated as of February 11, 2002 by and among Comfort Systems USA, Inc. and EMCOR-CSI Holding Co. | Exhibit 2.1 to EMCOR Group, Inc.’s (“EMCOR”) Report on Form 8-K dated February 14, 2002 | ||
2(a-2) | Purchase and Sale Agreement dated as of August 20, 2007 between FR X Ohmstede Holdings LLC and EMCOR Group, Inc. | Exhibit 2.1 to EMCOR’s Report on Form 8-K (Date of Report August 20, 2007) | ||
2(a-3) | Purchase and Sale Agreement, dated as of June 17, 2013 by and among Texas Turnaround LLC, a Delaware limited liability company, Altair Strickland Group, Inc., a Texas corporation, Rep Holdings LLC, a Texas limited liability company, ASG Key Employee LLC, a Texas limited liability company, Repcon Key Employee LLC, a Texas limited liability company, Gulfstar MBII, Ltd., a Texas limited partnership, The Trustee of the James T. Robinson and Diana J. Robinson 2010 Irrevocable Trust, The Trustee of the Steven Rothbauer 2012 Descendant’s Trust, The Co-Trustees of the Patia Strickland 2012 Descendant’s Trust, The Co-Trustees of the Carter Strickland 2012 Descendant’s Trust, and The Co-Trustees of the Walton 2012 Grandchildren’s Trust (collectively, “Sellers”) and EMCOR Group, Inc. | Exhibit 2.1 to EMCOR’s Report on Form 8-K (Date of Report June 17, 2013) | ||
3(a-1) | Restated Certificate of Incorporation of EMCOR filed December 15, 1994 | Exhibit 3(a-5) to EMCOR’s Registration Statement on Form 10 as originally filed March 17, 1995 (“Form 10”) | ||
3(a-2) | Amendment dated November 28, 1995 to the Restated Certificate of Incorporation of EMCOR | Exhibit 3(a-2) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 1995 (“1995 Form 10-K”) | ||
3(a-3) | Amendment dated February 12, 1998 to the Restated Certificate of Incorporation of EMCOR | Exhibit 3(a-3) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 1997 (“1997 Form 10-K”) | ||
3(a-4) | Amendment dated January 27, 2006 to the Restated Certificate of Incorporation of EMCOR | Exhibit 3(a-4) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 2005 (“2005 Form 10-K”) | ||
3(a-5) | Amendment dated September 18, 2007 to the Restated Certificate of Incorporation of EMCOR | Exhibit A to EMCOR’s Proxy Statement dated August 17, 2007 for Special Meeting of Stockholders held September 18, 2007 | ||
3(b) | Amended and Restated By-Laws | Exhibit 3(b) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 1998 (“1998 Form 10-K”) | ||
3(c) | Amendment to Article I, Section 6(c) and Section 6(j) of the Amended and Restated By-Laws | Exhibit 3.1 to EMCOR’s Report on Form 8-K (Date of Report December 5, 2013) | ||
4(a) | Fourth Amended and Restated Credit Agreement dated as of November 25, 2013 by and among EMCOR Group, Inc. and a subsidiary and Bank of Montreal, as Agent, and the lenders listed on the signature pages thereof (the “Credit Agreement”) | Exhibit 4(a) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”) | ||
4(b) | Fourth Amended and Restated Security Agreement dated as of November 25, 2013 among EMCOR, certain of its U.S. subsidiaries, and Bank of Montreal, as Agent | Exhibit 4(b) to 2013 Form 10-K | ||
4(c) | Fourth Amended and Restated Pledge Agreement dated as of November 25, 2013 among EMCOR, certain of its U.S. subsidiaries, and Bank of Montreal, as Agent | Exhibit 4(c) to 2013 Form 10-K | ||
4(d) | Third Amended and Restated Guaranty Agreement dated as of November 25, 2013 by certain of EMCOR’s U.S. subsidiaries in favor of Bank of Montreal, as Agent | Exhibit 4(d) to 2013 Form 10-K |
Exhibit No. | Description | Incorporated By Reference to or Filed Herewith, as Indicated Below | ||
10(a) | Form of Severance Agreement (“Severance Agreement”) between EMCOR and each of Sheldon I. Cammaker, R. Kevin Matz and Mark A. Pompa | Exhibit 10.1 to the April 2005 Form 8-K | ||
10(b) | Form of Amendment to Severance Agreement between EMCOR and each of Sheldon I. Cammaker, R. Kevin Matz and Mark A. Pompa | Exhibit 10(c) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 (“March 2007 Form 10-Q”) | ||
10(c) | Letter Agreement dated October 12, 2004 between Anthony Guzzi and EMCOR (the “Guzzi Letter Agreement”) | Exhibit 10.1 to EMCOR’s Report on Form 8-K (Date of Report October 12, 2004) | ||
10(d) | Form of Confidentiality Agreement between Anthony Guzzi and EMCOR | Exhibit C to the Guzzi Letter Agreement | ||
10(e) | Form of Indemnification Agreement between EMCOR and each of its officers and directors | Exhibit F to the Guzzi Letter Agreement | ||
10(f-1) | Severance Agreement (“Guzzi Severance Agreement”) dated October 25, 2004 between Anthony Guzzi and EMCOR | Exhibit D to the Guzzi Letter Agreement | ||
10(f-2) | Amendment to Guzzi Severance Agreement | Exhibit 10(g-2) to the March 2007 Form 10-Q | ||
10(g-1) | Continuity Agreement dated as of June 22, 1998 between Sheldon I. Cammaker and EMCOR (“Cammaker Continuity Agreement”) | Exhibit 10(c) to the June 1998 Form 10-Q | ||
10(g-2) | Amendment dated as of May 4, 1999 to Cammaker Continuity Agreement | Exhibit 10(i) to the June 1999 Form 10-Q | ||
10(g-3) | Amendment dated as of March 1, 2007 to Cammaker Continuity Agreement | Exhibit 10(m-3) to the March 2007 Form 10-Q | ||
10(h-1) | Continuity Agreement dated as of June 22, 1998 between R. Kevin Matz and EMCOR (“Matz Continuity Agreement”) | Exhibit 10(f) to the June 1998 Form 10-Q | ||
10(h-2) | Amendment dated as of May 4, 1999 to Matz Continuity Agreement | Exhibit 10(m) to the June 1999 Form 10-Q | ||
10(h-3) | Amendment dated as of January 1, 2002 to Matz Continuity Agreement | Exhibit 10(o-3) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002 (“March 2002 Form 10-Q”) | ||
10(h-4) | Amendment dated as of March 1, 2007 to Matz Continuity Agreement | Exhibit 10(n-4) to the March 2007 Form 10-Q | ||
10(i-1) | Continuity Agreement dated as of June 22, 1998 between Mark A. Pompa and EMCOR (“Pompa Continuity Agreement”) | Exhibit 10(g) to the June 1998 Form 10-Q | ||
10(i-2) | Amendment dated as of May 4, 1999 to Pompa Continuity Agreement | Exhibit 10(n) to the June 1999 Form 10-Q | ||
10(i-3) | Amendment dated as of January 1, 2002 to Pompa Continuity Agreement | Exhibit 10(p-3) to the March 2002 Form 10-Q | ||
10(i-4) | Amendment dated as of March 1, 2007 to Pompa Continuity Agreement | Exhibit 10(o-4) to the March 2007 Form 10-Q | ||
10(j-1) | Change of Control Agreement dated as of October 25, 2004 between Anthony Guzzi (“Guzzi”) and EMCOR (“Guzzi Continuity Agreement”) | Exhibit E to the Guzzi Letter Agreement | ||
10(j-2) | Amendment dated as of March 1, 2007 to Guzzi Continuity Agreement | Exhibit 10(p-2) to the March 2007 Form 10-Q | ||
10(j-3) | Amendment to Continuity Agreements and Severance Agreements with Sheldon I. Cammaker, Anthony J. Guzzi, R. Kevin Matz and Mark A. Pompa | Exhibit 10(q) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 2008 (“2008 Form 10-K”) |
Exhibit No. | Description | Incorporated By Reference to or Filed Herewith, as Indicated Below | ||
10(k-1) | Amendment dated as of March 29, 2010 to Severance Agreement with Sheldon I. Cammaker, Anthony J. Guzzi, R. Kevin Matz and Mark A. Pompa | Exhibit 10.1 to Form 8-K (Date of Report March 29, 2010) (“March 2010 Form 8-K”) | ||
10(k-2) | Third Amendment to Severance Agreement dated June 4, 2015 between EMCOR and Sheldon I. Cammaker | Exhibit 10(k-2) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (“June 2015 Form 10-Q”) | ||
10(l-1) | EMCOR Group, Inc. Long-Term Incentive Plan (“LTIP”) | Exhibit 10 to Form 8-K (Date of Report December 15, 2005) | ||
10(l-2) | First Amendment to LTIP and updated Schedule A to LTIP | Exhibit 10(s-2) to 2008 Form 10-K | ||
10(l-3) | Second Amendment to LTIP | Exhibit 10.2 to March 2010 Form 8-K | ||
10(l-4) | Third Amendment to LTIP | Exhibit 10(q-4) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 (“March 2012 Form 10-Q”) | ||
10(l-5) | Fourth Amendment to LTIP | Exhibit 10(l-5) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 | ||
10(l-6) | Form of Certificate Representing Stock Units issued under LTIP | Exhibit 10(t-2) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 2007 (“2007 Form 10-K”) | ||
10(l-7) | Fifth Amendment to LTIP | Filed herewith | ||
10(l-8) | Sixth Amendment to LTIP | Filed herewith | ||
10(m-1) | 2003 Non-Employee Directors’ Stock Option Plan | Exhibit A to EMCOR’s Proxy Statement for its Annual Meeting held on June 12, 2003 (“2003 Proxy Statement”) | ||
10(m-2) | First Amendment to 2003 Non-Employee Directors’ Plan | Exhibit 10(u-2) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 2006 (“2006 Form 10-K”) | ||
10(n) | Key Executive Incentive Bonus Plan, as amended and restated | Exhibit B to EMCOR’s Proxy Statement for its Annual Meeting held June 13, 2013 | ||
10(o) | Consents on December 15, 2009 to Transfer Stock Options by Non-Employee Directors | Exhibit 10(z) to 2009 Form 10-K | ||
10(p-1) | 2007 Incentive Plan | Exhibit B to EMCOR’s Proxy Statement for its Annual Meeting held June 20, 2007 | ||
10(p-2) | Option Agreement dated December 13, 2007 under 2007 Incentive Plan between Jerry E. Ryan and EMCOR | Exhibit 10(h)(h-2) to 2007 Form 10-K | ||
10(p-3) | Option Agreement dated December 15, 2008 under 2007 Incentive Plan between David Laidley and EMCOR | Exhibit 10.1 to Form 8-K (Date of Report December 15, 2008) | ||
10(p-4) | Form of Option Agreement under 2007 Incentive Plan between EMCOR and each non-employee director electing to receive options as part of annual retainer | Exhibit 10(h)(h-3) to 2007 Form 10-K | ||
10(q-1) | Amended and Restated 2010 Incentive Plan | Exhibit 10(q-1) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 | ||
10(q-2) | Form of Option Agreement under 2010 Incentive Plan between EMCOR and each non-employee director with respect to grant of options upon re-election at June 11, 2010 Annual Meeting of Stockholders | Exhibit 10(i)(i-2) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 | ||
10(q-3) | Form of Option Agreement under 2010 Incentive Plan, as amended, between EMCOR and each non-employee director electing to receive options as part of annual retainer | Exhibit 10(q)(q) to 2011 Form 10-K |
Exhibit No. | Description | Incorporated By Reference to or Filed Herewith, as Indicated Below | ||
10(r) | EMCOR Group, Inc. Employee Stock Purchase Plan | Exhibit C to EMCOR’s Proxy Statement for its Annual Meeting held June 18, 2008 | ||
10(s) | Form of Restricted Stock Award Agreement dated January 3, 2012 between EMCOR and each of Larry J. Bump, Albert Fried, Jr., Richard F. Hamm, Jr., David H. Laidley, Frank T. MacInnis, Jerry E. Ryan and Michael T. Yonker | Exhibit 10(m)(m) to 2011 Form 10-K | ||
10(t-1) | Director Award Program Adopted May 13, 2011, as amended and restated December 14, 2011 | Exhibit 10(n)(n) to 2011 Form 10-K | ||
10(t-2) | Form of Amended and Restated Restricted Stock Award Agreement dated December 14, 2011 amending and restating restricted stock award agreement dated June 1, 2011 under Director Award Program with each of Stephen W. Bershad, David A.B. Brown, Larry J. Bump, Albert Fried, Jr., Richard F. Hamm, Jr., David H. Laidley, Jerry E. Ryan and Michael T. Yonker | Exhibit 10(o)(o) to 2011 Form 10-K | ||
10(u) | Restricted Stock Unit Agreement dated May 9, 2011 between EMCOR and Anthony J. Guzzi | Exhibit 10(o)(o) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 | ||
10(v) | Amendment to Option Agreements | Exhibit 10(r)(r) to 2011 Form 10-K | ||
10(w) | Form of Restricted Stock Unit Agreement dated March , 2012 between EMCOR and each of Sheldon I. Cammaker, R. Kevin Matz and Mark A. Pompa | Exhibit 10(o)(o) to the March 31, 2012 Form 10-Q | ||
10(x) | Form of Non-LTIP Stock Unit Certificate | Exhibit 10(p)(p) to the March 31, 2012 Form 10-Q | ||
10(y) | Form of Director Restricted Stock Unit Agreement | Exhibit 10(k)(k) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (“June 2012 Form 10-Q”) | ||
10(z) | Director Award Program, as Amended and Restated December 16, 2014 | Exhibit 10(z) to EMCOR’s Annual Report on Form 10-K for the year ended December 31, 2014 | ||
10(a)(a) | EMCOR Group, Inc. Voluntary Deferral Plan | Exhibit 10(e)(e) to 2012 Form 10-K | ||
10(b)(b) | First Amendment to EMCOR Group, Inc. Voluntary Deferral Plan | Exhibit 10(e)(e) to 2013 Form 10-K | ||
10(c)(c) | Form of Executive Restricted Stock Unit Agreement | Exhibit 10(f)(f) to 2012 Form 10-K | ||
10(d)(d) | Restricted Stock Unit Award Agreement dated October 23, 2013 between EMCOR and Stephen W. Bershad | Exhibit 10(g)(g) to 2013 Form 10-K | ||
10(e)(e) | Restricted Stock Unit Award Agreement dated June 11, 2014 between EMCOR and Stephen W. Bershad | Exhibit 10(g)(g) to EMCOR’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 | ||
10(f)(f) | Restricted Stock Unit Award Agreement dated June 11, 2015 between EMCOR and Stephen W. Bershad | Exhibit 10(f)(f) to the June 2015 Form 10-Q | ||
10(g)(g) | Restricted Stock Unit Award Agreement dated October 29, 2015 between EMCOR and Steven B. Schwarzwaelder | Exhibit 10.1 to Form 8-K (Date of Report October 30, 2015) | ||
10(h)(h) | Executive Compensation Recoupment Policy | Filed herewith | ||
11 | Computation of Basic EPS and Diluted EPS for the years ended December 31, 2015 and 2014 | Note 5 of the Notes to the Consolidated Financial Statements | ||
14 | Code of Ethics of EMCOR for Chief Executive Officer and Senior Financial Officers | Exhibit 14 to 2003 Form 10-K | ||
21 | List of Significant Subsidiaries | Filed herewith | ||
23.1 | Consent of Ernst & Young LLP | Filed herewith |
Exhibit No. | Description | Incorporated By Reference to or Filed Herewith, as Indicated Below | ||
31.1 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Anthony J. Guzzi, the President and Chief Executive Officer | Filed herewith | ||
31.2 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Mark A. Pompa, the Executive Vice President and Chief Financial Officer | Filed herewith | ||
32.1 | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by the President and Chief Executive Officer | Furnished | ||
32.2 | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by the Executive Vice President and Chief Financial Officer | Furnished | ||
95 | Information concerning mine safety violations or other regulatory matters | Filed herewith | ||
101 | The following materials from EMCOR Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Equity and (vi) the Notes to Consolidated Financial Statements. | Filed |
Stamford, Connecticut | /s/ ERNST & YOUNG LLP |
February 25, 2016 |
1. | I have reviewed this annual report on Form 10-K of EMCOR Group, 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: | February 25, 2016 | /s/ ANTHONY J. GUZZI | |
Anthony J. Guzzi President and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of EMCOR Group, 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: | February 25, 2016 | /s/ MARK A. POMPA | |
Mark A. Pompa Executive Vice President and Chief Financial Officer |
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: | February 25, 2016 | /s/ ANTHONY J. GUZZI | |
Anthony J. Guzzi President and Chief Executive Officer |
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: | February 25, 2016 | /s/ MARK A. POMPA | |
Mark A. Pompa Executive Vice President and Chief Financial Officer |
Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | EMCOR GROUP INC | ||
Entity Central Index Key | 0000105634 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 60,659,492 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,245,000,000 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts (in US dollars) | $ 11,175 | $ 10,424 |
Preferred stock, par value (in US dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in US dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 61,727,709 | 63,641,070 |
Treasury stock, shares | 659,841 | 659,841 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Statement of Comprehensive Income [Abstract] | |||||
Net income including noncontrolling interests | $ 172,507 | $ 173,427 | $ 127,354 | ||
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation adjustments | (621) | (957) | (614) | ||
Changes in post retirement plans | [1] | 6,865 | (16,463) | 15,877 | |
Other comprehensive income (loss) | 6,244 | (17,420) | 15,263 | ||
Comprehensive income | 178,751 | 156,007 | 142,617 | ||
Less: Comprehensive income attributable to noncontrolling interests | (221) | (4,763) | (3,562) | ||
Comprehensive income attributable to EMCOR Group, Inc. | $ 178,530 | $ 151,244 | $ 139,055 | ||
|
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Post retirement plans, tax | $ (1.6) | $ 4.2 | $ (4.3) |
Consolidated Statements Of Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Capital Surplus |
Accumulated Other Comprehensive (Loss) Income |
[1] | Retained Earnings |
Treasury Stock |
Noncontrolling Interests |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2012 | $ 1,357,179 | $ 680 | $ 416,104 | $ (81,040) | $ 1,022,239 | $ (11,903) | $ 11,099 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income including noncontrolling interests | 127,354 | 123,792 | 3,562 | ||||||||||
Other comprehensive income (loss) | 15,263 | 15,263 | |||||||||||
Common stock issued under share-based compensation plans | [2] | 10,410 | 3 | 9,094 | 1,313 | ||||||||
Tax withholding for common stock issued under share-based compensation plans | (927) | (927) | |||||||||||
Common stock issued under employee stock purchase plan | 2,854 | 2,854 | |||||||||||
Common stock dividends | (12,080) | (12,158) | |||||||||||
Common stock dividends, accrued dividend shares | 78 | ||||||||||||
Repurchase of common stock | (26,070) | (7) | (26,063) | ||||||||||
Distributions to noncontrolling interests | (1,300) | (1,300) | |||||||||||
Share-based compensation expense | 6,943 | 6,943 | |||||||||||
Balance at Dec. 31, 2013 | 1,479,626 | 676 | 408,083 | (65,777) | 1,133,873 | (10,590) | 13,361 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income including noncontrolling interests | 173,427 | 168,664 | 4,763 | ||||||||||
Other comprehensive income (loss) | (17,420) | (17,420) | |||||||||||
Common stock issued under share-based compensation plans | [2] | 15,570 | 8 | 15,274 | 288 | ||||||||
Tax withholding for common stock issued under share-based compensation plans | (1,481) | (1,481) | |||||||||||
Common stock issued under employee stock purchase plan | 3,615 | 3,615 | |||||||||||
Common stock dividends | (21,293) | (21,546) | |||||||||||
Common stock dividends, accrued dividend shares | 253 | ||||||||||||
Repurchase of common stock | (206,028) | (48) | (205,980) | ||||||||||
Distributions to noncontrolling interests | (4,750) | (4,750) | |||||||||||
Share-based compensation expense | 8,121 | 8,121 | |||||||||||
Balance at Dec. 31, 2014 | 1,429,387 | 636 | 227,885 | (83,197) | 1,280,991 | (10,302) | 13,374 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income including noncontrolling interests | 172,507 | 172,286 | 221 | ||||||||||
Other comprehensive income (loss) | 6,244 | 6,244 | |||||||||||
Common stock issued under share-based compensation plans | [2] | 5,433 | 5 | 5,428 | |||||||||
Tax withholding for common stock issued under share-based compensation plans | (3,866) | (3,866) | |||||||||||
Common stock issued under employee stock purchase plan | 4,223 | 4,223 | |||||||||||
Common stock dividends | (20,095) | (20,297) | |||||||||||
Common stock dividends, accrued dividend shares | 202 | ||||||||||||
Repurchase of common stock | (112,328) | (24) | (112,304) | ||||||||||
Distributions to noncontrolling interests | (10,250) | (10,250) | |||||||||||
Share-based compensation expense | 8,801 | 8,801 | |||||||||||
Balance at Dec. 31, 2015 | $ 1,480,056 | $ 617 | $ 130,369 | $ (76,953) | $ 1,432,980 | $ (10,302) | $ 3,345 | ||||||
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Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2014 |
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Statement of Stockholders' Equity [Abstract] | |||
Cumulative foreign currency translation | $ 3.5 | $ 4.1 | $ 5.1 |
Post retirement liability adjustments | (80.5) | (87.3) | (70.9) |
Tax benefit associated with share-based compensation | $ 1.6 | $ 8.6 | $ 5.2 |
Nature of Operations |
12 Months Ended |
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Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS References to the “Company,” “EMCOR,” “we,” “us,” “our” and similar words refer to EMCOR Group, Inc. and its consolidated subsidiaries unless the context indicates otherwise. We are one of the largest electrical and mechanical construction and facilities services firms in the United States. In addition, we provide a number of building services and industrial services. We specialize principally in providing construction services relating to electrical and mechanical systems in all types of non-residential and certain residential facilities and in providing various services relating to the operation, maintenance and management of facilities, including refineries and petrochemical plants. |
Summary of Significant Accounting Policies (Notes) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and joint ventures. Significant intercompany accounts and transactions have been eliminated. All investments over which we exercise significant influence, but do not control (a 20% to 50% ownership interest), are accounted for using the equity method of accounting. Additionally, we participate in a joint venture with another company, and we have consolidated this joint venture as we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 810, “Consolidation”. For joint ventures that have been accounted for using the consolidation method of accounting, noncontrolling interest represents the allocation of earnings to our joint venture partners who either have a minority-ownership interest in the joint venture or are not at risk for the majority of losses of the joint venture. The results of operations of companies acquired have been included in the results of operations from the date of the respective acquisition. Principles of Preparation The preparation of the consolidated financial statements, in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. During the third quarter of 2014, we ceased construction operations in the United Kingdom. The results of the construction operations of our United Kingdom segment for all periods are presented as discontinued operations. The segment formally named the United Kingdom construction and building services segment has been renamed the United Kingdom building services segment. Revenue Recognition Revenues from long-term construction contracts are recognized on the percentage-of-completion method in accordance with ASC Topic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts”. Percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. Certain of our electrical contracting business units measure percentage-of-completion by the percentage of labor costs incurred to date for each contract to the estimated total labor costs for such contract. Pre-contract costs from our construction projects are generally expensed as incurred. Revenues from the performance of services for maintenance, repair and retrofit work are recognized consistent with the performance of the services, which are generally on a pro-rata basis over the life of the contractual arrangement. Expenses related to all services arrangements are recognized as incurred. Revenues related to the engineering, manufacturing and repairing of shell and tube heat exchangers are recognized when the product is shipped and all other revenue recognition criteria have been met. Costs related to this work are included in inventory until the product is shipped. In the case of customer change orders for uncompleted long-term construction contracts, estimated recoveries are included for work performed in forecasting ultimate profitability on certain contracts. Due to uncertainties inherent in the estimation process, it is possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined. Provisions for the entirety of estimated losses on uncompleted contracts are made in the period in which such losses are determined. There were no significant losses recognized in 2015 and 2014. Costs and estimated earnings on uncompleted contracts Costs and estimated earnings in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Also included in costs and estimated earnings on uncompleted contracts are amounts we seek or will seek to collect from customers or others for errors or changes in contract specifications or design, contract change orders in dispute or unapproved as to both scope and/or price or other customer-related causes of unanticipated additional contract costs (claims and unapproved change orders). Such amounts are recorded at estimated net realizable value when realization is probable and can be reasonably estimated. No profit is recognized on construction costs incurred in connection with claim amounts. Claims and unapproved change orders made by us involve negotiation and, in certain cases, litigation. In the event litigation costs are incurred by us in connection with claims or unapproved change orders, such litigation costs are expensed as incurred, although we may seek to recover these costs. We believe that we have established legal bases for pursuing recovery of our recorded unapproved change orders and claims, and it is management’s intention to pursue and litigate such claims, if necessary, until a determination or settlement is reached. Unapproved change orders and claims also involve the use of estimates, and it is reasonably possible that revisions to the estimated recoverable amounts of recorded claims and unapproved change orders may be made in the near term. If we do not successfully resolve these matters, a net expense (recorded as a reduction in revenues) may be required, in addition to amounts that may have been previously provided for. We record the profit associated with the settlement of claims upon receipt of final payment. During 2015, we recognized revenues of $12.1 million as a result of the settlement of a claim within our United States mechanical construction and facilities services segment, which represents the recovery of cost on a project in which we incurred significant losses in a prior year. There were no significant settlements or payment of claims in 2014. Claims against us are recognized when a loss is considered probable and amounts are reasonably determinable. Costs and estimated earnings on uncompleted contracts and related amounts billed as of December 31, 2015 and 2014 were as follows (in thousands):
Such amounts were included in the accompanying Consolidated Balance Sheets at December 31, 2015 and 2014 under the following captions (in thousands):
As of December 31, 2015 and 2014, costs and estimated earnings in excess of billings on uncompleted contracts included unbilled revenues for unapproved change orders of approximately $18.9 million and $18.8 million, respectively, and claims of approximately $0.9 million and $3.0 million, respectively. In addition, accounts receivable as of December 31, 2015 and 2014 included claims of approximately $0.3 million and $2.3 million, respectively. There are contractually billed amounts and retention related to contracts with unapproved change orders and claims of $52.0 million and $54.0 million as of December 31, 2015 and 2014, respectively. For contracts in claim status, contractually billed amounts will generally not be paid by the customer to us until final resolution of related claims. Classification of Contract Amounts In accordance with industry practice, we classify as current all assets and liabilities relating to the performance of long-term contracts. The term of our contracts ranges from one month to four years and, accordingly, collection or payment of amounts relating to these contracts may extend beyond one year. Accounts receivable at December 31, 2015 and 2014 included $189.2 million and $177.8 million, respectively, of retainage billed under terms of our contracts. We estimate that approximately 85% of this retainage will be collected during 2016. Accounts payable at December 31, 2015 and 2014 included $34.6 million and $35.7 million, respectively, of retainage withheld under terms of the contracts. We estimate that approximately 90% of this retainage will be paid during 2016. Cash and cash equivalents For purposes of the consolidated financial statements, we consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. We maintain a centralized cash management system whereby our excess cash balances are invested in high quality, short-term money market instruments, which are considered cash equivalents. We have cash balances in certain of our domestic bank accounts that exceed federally insured limits. Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts. This allowance is based upon the best estimate of the probable losses in existing accounts receivable. The Company determines the allowances based upon individual accounts when information indicates the customers may have an inability to meet their financial obligations, as well as historical collection and write-off experience. These amounts are re-evaluated and adjusted on a regular basis as additional information is received. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. At December 31, 2015 and 2014, our accounts receivable of $1,359.9 million and $1,234.2 million, respectively, included allowances for doubtful accounts of $11.2 million and $10.4 million, respectively. The provision for doubtful accounts during 2015, 2014 and 2013 amounted to approximately $2.9 million, $2.9 million and $3.5 million, respectively. Inventories Inventories are stated at the lower of cost or market. Cost is determined principally using the average cost method. Property, plant and equipment Property, plant and equipment is stated at cost. Depreciation, including amortization of assets under capital leases, is recorded principally using the straight-line method over estimated useful lives of 3 to 10 years for machinery and equipment, 3 to 7 years for vehicles, furniture and fixtures and computer hardware/software and 25 years for buildings. Leasehold improvements are amortized over the shorter of the remaining life of the lease term or the expected service life of the improvement. The carrying values of property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. In performing this review for recoverability, property, plant and equipment is assessed for possible impairment by comparing their carrying values to their undiscounted net pre-tax cash flows expected to result from the use of the asset. Impaired assets are written down to their fair values, generally determined based on their estimated future discounted cash flows. Based on the results of our testing for the years ended December 31, 2015, 2014 and 2013, no impairment of property, plant and equipment was recognized. Goodwill and Identifiable Intangible Assets Goodwill and other identifiable intangible assets with indefinite lives that are not being amortized, such as trade names, are tested at least annually for impairment (which we test each October 1, absent any impairment indicators) and are written down if impaired. Identifiable intangible assets with finite lives are amortized over their useful lives and are reviewed for impairment whenever facts and circumstances indicate that their carrying values may not be fully recoverable. See Note 8 - Goodwill and Identifiable Intangible Assets of the notes to consolidated financial statements for additional information. Insurance Liabilities Our insurance liabilities are determined actuarially based on claims filed and an estimate of claims incurred but not yet reported. At December 31, 2015 and 2014, the estimated current portion of undiscounted insurance liabilities of $29.9 million and $28.8 million, respectively, were included in “Other accrued expenses and liabilities” in the accompanying Consolidated Balance Sheets. The estimated non-current portion of the undiscounted insurance liabilities included in “Other long-term obligations” at December 31, 2015 and 2014 were $114.3 million and $106.3 million, respectively. Foreign Operations The financial statements and transactions of our foreign subsidiaries are maintained in their functional currency and translated into U.S. dollars in accordance with ASC Topic 830, “Foreign Currency Matters”. Translation adjustments have been recorded as “Accumulated other comprehensive loss”, a separate component of “Equity”. Income Taxes We account for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach which requires the recognition of deferred income tax assets and deferred income tax liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred income tax assets when it is more likely than not that a tax benefit will not be realized. We account for uncertain tax positions in accordance with the provisions of ASC 740. We recognize accruals of interest related to unrecognized tax benefits as a component of the income tax provision. Valuation of Share-Based Compensation Plans We have various types of share-based compensation plans and programs, which are administered by our Board of Directors or its Compensation and Personnel Committee. See Note 13 - Share-Based Compensation Plans of the notes to consolidated financial statements for additional information regarding the share-based compensation plans and programs. We account for share-based payments in accordance with the provisions of ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). ASC 718 requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. For shares subject to graded vesting, our policy is to apply the straight-line method in recognizing compensation expense. ASC 718 requires the benefits of tax deductions in excess of recognized compensation expense to be reported as a financing cash inflow, rather than as an operating cash inflow in the Consolidated Statements of Cash Flows. This requirement reduces net operating cash flows and increases net financing cash flows. New Accounting Pronouncements In November 2015, an accounting pronouncement was issued by the FASB to simplify the presentation of deferred income taxes within the balance sheet. This pronouncement eliminates the requirement that deferred tax assets and liabilities are presented as current or noncurrent based on the nature of the underlying assets and liabilities. Instead, the pronouncement requires all deferred tax assets and liabilities, including valuation allowances, be classified as noncurrent. This pronouncement is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We intend to adopt this pronouncement on January 1, 2017, and the adoption will not have a material impact on our financial position and/or results of operations. In September 2015, an accounting pronouncement was issued by the FASB which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This pronouncement is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement on January 1, 2016, and the adoption will not have a material impact on our financial position and/or results of operations. In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement on January 1, 2016, and the adoption will not have a material impact on our financial position and/or results of operations. On January 1, 2015, we adopted the accounting pronouncement issued by the FASB updating existing guidance on discontinued operations. This guidance raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This pronouncement is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. We will consider this guidance in conjunction with future disposals, if any. In May 2014, an accounting pronouncement was issued by the FASB to clarify existing guidance on revenue recognition. This guidance includes the required steps to achieve the core principle that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted. The guidance permits the use of one of two retrospective transition methods. We have not yet selected a transition method nor have we determined the effect that the adoption of the pronouncement may have on our financial position and/or results of operations. |
Acquisitions Of Businesses |
12 Months Ended |
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Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions Of Businesses | ACQUISITIONS OF BUSINESSES On October 19, 2015, October 13, 2015 and June 1, 2015, we acquired three companies, each for an immaterial amount. Two of the companies acquired primarily provide mechanical construction services, and their results of operations have been included in our United States mechanical construction and facilities services segment. The results of operations for the other company acquired have been included in our United States building services segment. The purchase price for the acquisition of these businesses is subject to finalization based on certain contingencies provided for in the purchase agreement. The acquisition of these businesses was accounted for by the acquisition method, and the prices paid for them have been allocated to their respective assets and liabilities, based upon the estimated fair values of their assets and liabilities at the dates of their respective acquisitions. On July 29, 2013, we completed the acquisition of RepconStrickland, Inc. (“RSI”). This acquisition expands and strengthens our service offerings to new and existing customers and enhances our position within the industrial services and energy market sectors. Under the terms of the transaction, we acquired 100% of RSI’s stock for total consideration of $463.6 million. The acquisition was funded with cash on hand and $250.0 million from borrowings under our revolving credit facility. This acquisition was accounted for using the acquisition method of accounting. We acquired working capital of $35.5 million and other net liabilities of $67.1 million, and have ascribed $267.8 million to goodwill and $227.4 million to identifiable intangible assets in connection with the acquisition of RSI, which has been included in our United States industrial services segment. We expect that $49.0 million of acquired goodwill will be deductible for tax purposes. On December 2, 2013 and May 31, 2013, we acquired two companies, each for an immaterial amount. These companies primarily provide mechanical construction services and have been included in our United States mechanical construction and facilities services segment. The purchase price for the acquisition of these businesses was finalized with an insignificant impact. The acquisition of these businesses was accounted for by the acquisition method, and the prices paid for them have been allocated to their respective assets and liabilities, based upon the estimated fair values of their respective assets and liabilities at the dates of their respective acquisitions. We believe these businesses further expand our service capabilities into new geographical and/or technical areas. During the years ended December 31, 2015 and December 31, 2013, we recorded net reversals of $0.5 million and $6.8 million, respectively, of liabilities resulting in non-cash income attributable to contingent consideration arrangements relating to prior acquisitions. During the year ended December 31, 2014, we recorded an increase of $0.6 million of liabilities resulting in non-cash expense attributable to contingent consideration arrangements relating to prior acquisitions. |
Disposition Of Assets |
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Disposition Of Assets | DISPOSITION OF ASSETS In January 2014, we sold a subsidiary reported in our United States building services segment. Proceeds from the sale totaled approximately $1.1 million. Included in net income for the year ended December 31, 2014 was a loss of $0.6 million from this sale, which is classified as a component of “Selling, general and administrative expenses” in the Consolidated Statements of Operations. On July 22, 2014, we sold a building and land owned by one of our subsidiaries reported in the United States mechanical construction and facilities services segment. We recognized a gain of approximately $11.7 million on this transaction in the third quarter of 2014, which has been classified as a “Gain on sale of building” in the Consolidated Statements of Operations. Due to a historical pattern of losses in the construction operations of our United Kingdom segment and our negative assessment of construction market conditions in the United Kingdom for the foreseeable future, we announced during the quarter ended June 30, 2013 our decision to withdraw from the construction market in the United Kingdom. During the third quarter of 2014, we ceased construction operations in the United Kingdom. The results of the construction operations of our United Kingdom segment for all periods are presented in our Consolidated Financial Statements as discontinued operations. The results of the discontinued operation are as follows (in thousands):
Included in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 are the following major classes of assets and liabilities associated with the discontinued operation (in thousands):
At December 31, 2015, the assets and liabilities of the discontinued operation consisted of accounts receivable, contract retentions and contract warranty obligations that are expected to be collected or fulfilled in the ordinary course of business. Additionally at December 31, 2015, there remained $0.5 million of obligations related to employee severance and the termination of leased facilities, which is expected to be paid during the first half of 2016. The settlement of the remaining assets and liabilities may result in additional income and/or expenses. Such income and/or expenses are expected to be immaterial and will be reflected as an additional component of “Loss from discontinued operation” as incurred. |
Earnings Per Share |
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Earnings Per Share | EARNINGS PER SHARE The following tables summarize our calculation of Basic and Diluted Earnings (Loss) per Common Share (“EPS”) for the years ended December 31, 2015, 2014 and 2013 (in thousands, except share and per share data):
There were no anti-dilutive awards for the years ended December 31, 2015, 2014 and 2013. |
Inventories |
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Inventories | INVENTORIES Inventories as of December 31, 2015 and 2014 consist of the following amounts (in thousands):
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Property, Plant and Equipment |
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Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2015 and 2014 (in thousands):
Depreciation and amortization expense related to property, plant and equipment, including capital leases, was $36.3 million, $36.5 million and $36.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Goodwill and Identifiable Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Indentifiable Intangible Assets | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill at December 31, 2015 and 2014 was approximately $843.2 million and $834.1 million, respectively, and reflects the excess of cost over fair market value of net identifiable assets of companies acquired. Goodwill attributable to companies acquired in 2015 has been valued at $9.1 million. No companies were acquired in 2014. ASC Topic 805, “Business Combinations” (“ASC 805”) requires that all business combinations be accounted for using the acquisition method and that certain identifiable intangible assets acquired in a business combination be recognized as assets apart from goodwill. ASC Topic 350, “Intangibles-Goodwill and Other” (“ASC 350”) requires goodwill and other identifiable intangible assets with indefinite useful lives not be amortized, such as trade names, but instead tested at least annually for impairment (which we test each October 1, absent any impairment indicators) and be written down if impaired. ASC 350 requires that goodwill be allocated to its respective reporting unit and that identifiable intangible assets with finite lives be amortized over their useful lives. As of December 31, 2015, approximately 45.6% of our goodwill related to our United States industrial services segment, approximately 27.1% of our goodwill related to our United States building services segment, approximately 26.8% related to our United States mechanical construction and facilities services segment and approximately 0.5% related to our United States electrical construction and facilities services segment. We test for impairment of goodwill at the reporting unit level. Our reporting units are consistent with the reportable segments identified in Note 17, “Segment Information”, of the notes to consolidated financial statements. In assessing whether our goodwill is impaired, we utilize the two-step process as prescribed by ASC 350. The first step of this test compares the fair value of the reporting unit, determined based upon discounted estimated future cash flows, to the carrying amount, including goodwill. If the fair value exceeds the carrying amount, no further analysis is required and no impairment loss is recognized. If the carrying amount of the reporting unit exceeds the fair value, the goodwill of the reporting unit is potentially impaired and step two of the goodwill impairment test would need to be performed to measure the amount of an impairment loss, if any. In the second step, the impairment is computed by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill. If the carrying amount of the reporting unit’s goodwill is greater than the implied fair value of its goodwill, an impairment loss in the amount of the excess is recognized and charged to operations. The weighted average cost of capital used in our annual testing for impairment as of October 1, 2015 was 11.1%, 11.1% and 11.0% for our domestic construction segments, our United States building services segment and our United States industrial services segment, respectively. The perpetual growth rate used for our annual testing was 2.7% for all of our domestic segments. Unfavorable changes in these key assumptions may affect future testing results and cause us to fail step one of the goodwill impairment testing process. For example, keeping all other assumptions constant, a 50 basis point increase in the weighted average costs of capital would cause the estimated fair value of our United Stated industrial services segment to approach its carrying value. A 50 basis point increase in the weighted average costs of capital would not significantly reduce the excess of the estimated fair value compared to the carrying value for any of our other domestic segments. In addition, keeping all other assumptions constant, a 50 basis point reduction in the perpetual growth rate would not significantly reduce the excess of the estimated fair value compared to the carrying value for any of our domestic segments. For the years ended December 31, 2015, 2014 and 2013, no impairment of our goodwill was recognized. We also test for the impairment of trade names that are not subject to amortization by calculating the fair value of such trade names using the “relief from royalty payments” methodology. This approach involves two steps: (a) estimating reasonable royalty rates for each trade name and (b) applying these royalty rates to a net revenue stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of each trade name. If the carrying amount of the trade name is greater than the implied fair value of the trade name, an impairment in the amount of the excess is recognized and charged to operations. For the years ended December 31, 2015 and 2013, no impairment of our trade names was recognized. The annual impairment review of our trade names for the year ended December 31, 2014 resulted in a $1.5 million non-cash impairment charge as a result of a change in the fair value of subsidiary trade names associated with certain prior acquisitions reported within our United States mechanical construction and facilities services segment and our United States building services segment. In addition, we review for the impairment of other identifiable intangible assets that are being amortized whenever facts and circumstances indicate that their carrying values may not be fully recoverable. This test compares their carrying values to the undiscounted pre-tax cash flows expected to result from the use of the assets. If the assets are impaired, the assets are written down to their fair values, generally determined based on their future discounted cash flows. For the years ended December 31, 2015, 2014 and 2013, no impairment of our other identifiable intangible assets was recognized. Our development of the present value of future cash flow projections used in impairment testing is based upon assumptions and estimates by management from a review of our operating results, business plans, anticipated growth rates and margins and weighted average cost of capital, among others. Those assumptions and estimates can change in future periods, and other factors used in assessing fair value are outside the control of management, such as interest rates. There can be no assurances that our estimates and assumptions made for purposes of our goodwill and identifiable intangible asset impairment testing will prove to be accurate predictions of the future. If our assumptions regarding future business performance plans or anticipated growth rates and/or margins are not achieved, or there is a rise in interest rates, we may be required to record goodwill and/or identifiable intangible asset impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such a charge would be material. The changes in the carrying amount of goodwill by reportable segments during the years ended December 31, 2015 and 2014 were as follows (in thousands):
The aggregate goodwill balance as of December 31, 2013 included $210.6 million of accumulated impairment charges, which were comprised of $139.5 million within the United States building services segment and $71.1 million within the United States industrial services segment. Identifiable intangible assets as of December 31, 2015 and 2014 consist of the following (in thousands):
Identifiable intangible assets attributable to companies acquired in 2015 have been valued at $8.7 million. No companies were acquired in 2014. See Note 3 - Acquisitions of Businesses of the notes to consolidated financial statements for additional information. The identifiable intangible amounts are amortized on a straight-line basis. The weighted average amortization periods for the unamortized balances remaining are, in the aggregate, approximately 11 years, which are comprised of the following: 11.5 years for developed technology/vendor network, 11 years for customer relationships, 1.5 years for non-competition agreements and 4 years for trade names. Amortization expense related to identifiable intangible assets with finite lives was $37.9 million, $38.0 million and $31.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. The following table presents the estimated future amortization expense of identifiable intangible assets in the following years (in thousands):
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT Credit Facilities Until November 25, 2013, we had a revolving credit agreement (the “2011 Credit Agreement”) as amended, which provided for a revolving credit facility of $750.0 million. The 2011 Credit Agreement was effective November 21, 2011. Effective November 25, 2013, we amended and restated the 2011 Credit Agreement to provide for a $750.0 million revolving credit facility (the “2013 Revolving Credit Facility”) and a $350.0 million term loan (the “Term Loan”) (collectively referred to as the “2013 Credit Agreement”) expiring November 25, 2018. The proceeds of the Term Loan were used to repay amounts drawn under the 2011 Credit Agreement. We may increase the 2013 Revolving Credit Facility to $1.05 billion if additional lenders are identified and/or existing lenders are willing to increase their current commitments; and we may allocate up to $250.0 million of available capacity under the 2013 Revolving Credit Facility to letters of credit for our account or for the account of our subsidiaries. The 2013 Credit Agreement is guaranteed by most of our direct and indirect subsidiaries and is secured by substantially all of our assets and most of the assets of most of our subsidiaries. The 2013 Revolving Credit Facility and the Term Loan contain various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, common stock repurchases, investments, acquisitions, indebtedness and capital expenditures. We were in compliance with all such covenants as of December 31, 2015 and December 31, 2014. A commitment fee is payable on the average daily unused amount under the 2013 Revolving Credit Facility, which ranges from 0.20% to 0.30%, based on certain financial tests. The fee was 0.20% of the unused amount as of December 31, 2015. Borrowings under the 2013 Credit Agreement bear interest at (1) a rate which is the prime commercial lending rate announced by Bank of Montreal from time to time (3.50% at December 31, 2015) plus 0.25% to 0.75%, based on certain financial tests or (2) United States dollar LIBOR (0.42% at December 31, 2015) plus 1.25% to 1.75%, based on certain financial tests. The interest rate in effect at December 31, 2015 was 1.67%. Fees for letters of credit issued under the 2013 Revolving Credit Facility range from 1.25% to 1.75% of the respective face amounts of outstanding letters of credit and are computed based on certain financial tests. We capitalized approximately $3.0 million of debt issuance costs associated with the 2013 Credit Agreement. This amount is being amortized over the life of the agreement and is included as part of interest expense. We are required to make principal payments on the Term Loan in installments on the last day of March, June, September and December of each year, commencing with the calendar quarter ended March 31, 2014, in the amount of $4.4 million, with a final payment of all unpaid principal and interest due and payable on November 25, 2018. As of December 31, 2015 and December 31, 2014, the balance on the Term Loan was $315.0 million and $332.5 million, respectively. As of December 31, 2015 and December 31, 2014, we had approximately $99.0 million and $95.5 million of letters of credit outstanding, respectively. There were no borrowings outstanding under the 2013 Revolving Credit Facility as of December 31, 2015 and December 31, 2014. Long-term debt in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2015 and 2014 (in thousands):
Capitalized Lease Obligations See Note 15 - Commitments and Contingencies of the notes to consolidated financial statements for additional information. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, which gives the highest priority to quoted prices in active markets, is comprised of the following three levels: Level 1 – Unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 – Observable inputs, other than Level 1 inputs. Level 2 inputs would typically include quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 – Prices or valuations that require inputs that are both significant to the measurement and unobservable. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2015 and December 31, 2014 (in thousands):
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We believe that the carrying values of our financial instruments, which include accounts receivable and other financing commitments, approximate their fair values due primarily to their short-term maturities and low risk of counterparty default. The carrying value of our debt associated with the 2013 Credit Agreement approximates its fair value due to the variable rate on such debt. |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Our 2015 income tax provision from continuing operations was $106.3 million compared to $103.5 million for 2014 and $82.3 million for 2013. The actual income tax rates on income from continuing operations before income taxes, less amounts attributable to noncontrolling interests, for the years ended December 31, 2015, 2014 and 2013, were 38.1%, 37.4% and 35.9%, respectively. The increase in the 2015 income tax provision compared to 2014 was predominantly due to certain increases in the state tax provision attributable to the mix of earnings and the effect of a change in the United Kingdom statutory tax rate on deferred tax assets. The increase in the 2014 income tax provision compared to 2013 was primarily due to the effect of increased income before income taxes and the 2013 reversal of reserves for previously unrecognized income tax benefits. As of December 31, 2015 and 2014, the amount of unrecognized income tax benefits was $4.8 million and $5.2 million (of which $3.0 million, if recognized, would favorably affect our effective income tax rate), respectively. As of December 31, 2015 and 2014, we had an accrual of $0.4 million and $0.3 million for the payment of interest related to unrecognized income tax benefits included in the Consolidated Balance Sheets, respectively. During each of the years ended December 31, 2015 and 2014, we recognized approximately $0.1 million in interest expense related to our unrecognized income tax benefits. In addition, we reversed less than $0.1 million and $0.1 million of accrued interest expense related to our unrecognized income tax benefits for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, we had total income tax reserves included in “Other long-term liabilities” of $5.2 million and $5.5 million, respectively. We record interest expense on unrecognized tax benefits in income tax expense. A reconciliation of the beginning and end of year unrecognized income tax benefits is as follows (in thousands):
It is reasonably possible that approximately $4.1 million of unrecognized income tax benefits at December 31, 2015, primarily relating to uncertain tax positions attributable to tax return filing positions, may decrease in the next twelve months as a result of estimated settlements with taxing authorities and the expiration of applicable statutes of limitations. We file income tax returns with the Internal Revenue Service and various state, local and foreign tax agencies. The Company is currently under examination by the Internal Revenue Service and various taxing authorities for the years 2008 through 2014. During the first quarter of 2014, the Internal Revenue Service finalized its audit of our federal income tax returns for the years 2010 through 2011. We agreed to and paid an assessment, for an immaterial amount, proposed by the Internal Revenue Service pursuant to such audit. The income tax provision in the accompanying Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in thousands):
Factors accounting for the variation from U.S. statutory income tax rates from continuing operations for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
The components of the net deferred income tax liability are included in “Prepaid expenses and other” of $36.0 million, “Other assets” of $11.3 million, and “Other long-term obligations” of $167.9 million at December 31, 2015, and the components of net deferred income tax liability are included in “Prepaid expenses and other” of $29.3 million, “Other assets” of $16.6 million, and “Other long-term obligations” of $173.7 million at December 31, 2014 in the accompanying Consolidated Balance Sheets. The amounts recorded for the years ended December 31, 2015 and 2014 were as follows (in thousands):
We file a consolidated federal income tax return including all of our U.S. subsidiaries. As of December 31, 2015 and 2014, the total valuation allowance on net deferred income tax assets was approximately $0.8 million and $2.0 million, respectively, related to state and local net operating losses. The reason for the net decrease in the valuation allowance for 2015 was related to the utilization of state and local net operating loss carryforwards. Although realization is not assured, we believe it is more likely than not that the deferred income tax asset, net of the valuation allowance discussed above, will be realized. The amount of the deferred income tax asset considered realizable, however, could be reduced if estimates of future income are reduced. At December 31, 2015, we had trading losses for United Kingdom income tax purposes of approximately $23.4 million, which have no expiration date. Such losses are subject to review by the United Kingdom taxing authority. Realization of the deferred income tax assets is dependent on our generating sufficient taxable income. We believe that the deferred income tax assets will be realized through projected future income. Income before income taxes from continuing operations for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in thousands):
As of December 31, 2015, we had undistributed foreign earnings from our United Kingdom subsidiary of approximately $21.9 million for which we have not recorded a deferred tax liability, as we have provided taxes on a significant portion of such earnings in prior periods and the earnings on which income taxes have not been provided are indefinitely reinvested. As of December 31, 2015, the amount of cash held in the United Kingdom was approximately $46.5 million which, if repatriated, should not result in any federal or state income taxes. As of December 31, 2015, we had undistributed foreign earnings from our Puerto Rico subsidiary of approximately $1.4 million for which we have not recorded a deferred tax liability as such earnings are indefinitely reinvested. As of December 31, 2015, the amount of cash held in Puerto Rico was approximately $3.0 million which, if repatriated, may result in federal and state income taxes of approximately $0.5 million. |
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Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | COMMON STOCK As of December 31, 2015 and December 31, 2014, there were 61,067,868 and 62,981,229 shares of our common stock outstanding, respectively. We have paid quarterly dividends since October 25, 2011. In December 2013, our Board of Directors announced its intention to increase the regular quarterly dividend to $0.08 per share commencing with the dividend to be paid in the first quarter of 2014. We currently pay a regular quarterly dividend of $0.08 per share. On September 26, 2011, our Board of Directors authorized us to repurchase up to $100.0 million of our outstanding common stock. On December 5, 2013, October 23, 2014 and October 28, 2015, our Board of Directors authorized us to repurchase up to an additional $100.0 million, $250.0 million and $200.0 million of our outstanding common stock, respectively. During 2015, we repurchased approximately 2.3 million shares of our common stock for approximately $112.3 million. Since the inception of these repurchase programs through December 31, 2015, we have repurchased 9.9 million shares of our common stock for approximately $395.9 million. As of December 31, 2015, there remained authorization for us to repurchase approximately $254.1 million of our shares. The repurchase programs do not obligate the Company to acquire any particular amount of common stock and may be suspended, recommenced or discontinued at any time or from time to time without prior notice. Repurchases may be made from time to time to the extent permitted by securities laws and other legal requirements, including provisions in our credit agreement placing limitations on such repurchases. The repurchase programs have been and will be funded from our operations. |
Share-Based Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS We have an incentive plan under which stock options, stock awards, stock units and other share-based compensation may be granted to officers, non-employee directors and key employees of the Company. Under the terms of this plan, 3,250,000 shares were authorized and 1,849,266 shares are available for grant or issuance as of December 31, 2015. Any issuances under this plan are valued at the fair market value of the common stock on the grant date. The vesting and expiration of any stock option grants and the vesting schedule of any stock awards or stock units are determined by the Compensation and Personnel Committee of our Board of Directors at the time of the grant. Additionally, we have outstanding stock options that were issued under other plans, and no further grants may be made under those plans. The following table summarizes activity regarding our stock options and awards of shares and stock units since December 31, 2012:
We recognized $8.8 million, $8.1 million and $6.9 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to incentive plans for the years ended December 31, 2015, 2014 and 2013, respectively. We have $6.6 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to approximately four years. In addition, an aggregate of 93,399 restricted stock units granted to an employee and our non-employee directors vested as of December 31, 2015, but issuance has been deferred for certain periods up to five years or upon retirement. All outstanding stock options were fully vested as of December 31, 2012; therefore, no compensation expense was recognized for the years ended December 31, 2015, 2014 and 2013. As a result of stock option exercises, $3.8 million, $6.9 million and $5.2 million of proceeds were received during the years ended December 31, 2015, 2014 and 2013, respectively. The income tax benefit derived in 2015, 2014 and 2013 as a result of such exercises and share-based compensation was $1.6 million, $8.6 million and $5.2 million, respectively, of which $1.7 million, $8.3 million and $4.6 million, respectively, represented excess tax benefits. The total intrinsic value of options (the amounts by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2015, 2014 and 2013 was $4.6 million, $23.5 million and $12.5 million, respectively. At December 31, 2015, 2014 and 2013, 306,726 options, 566,774 options and 1,310,697 options were exercisable, respectively. The weighted average exercise price of exercisable options at December 31, 2015, 2014 and 2013 was approximately $23.42, $24.15 and $18.12, respectively. The total aggregate intrinsic value of options outstanding and exercisable as of December 31, 2015, 2014 and 2013 were approximately $7.6 million, $11.5 million and $31.9 million, respectively. The following table summarizes information about our stock options as of December 31, 2015:
We have an employee stock purchase plan. Under the terms of this plan, the maximum number of shares of our common stock that may be purchased is 3,000,000 shares. Generally, our corporate employees and non-union employees of our United States subsidiaries are eligible to participate in this plan. Employees covered by collective bargaining agreements generally are not eligible to participate in this plan. |
Retirement Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | RETIREMENT PLANS Defined Benefit Plans Our United Kingdom subsidiary has a defined benefit pension plan covering all eligible employees (the “UK Plan”); however, no individual joining the company after October 31, 2001 may participate in the plan. On May 31, 2010, we curtailed the future accrual of benefits for active employees under this plan. We account for our UK Plan and other defined benefit plans in accordance with ASC 715, “Compensation-Retirement Benefits” (“ASC 715”). ASC 715 requires that (a) the funded status, which is measured as the difference between the fair value of plan assets and the projected benefit obligations, be recorded in our balance sheet with a corresponding adjustment to accumulated other comprehensive income (loss) and (b) gains and losses for the differences between actuarial assumptions and actual results, and unrecognized service costs, be recognized through accumulated other comprehensive income (loss). These amounts will be subsequently recognized as net periodic pension cost. The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2015 and 2014 consisted of the following components (in thousands):
The actuarial gain in 2015 and actuarial loss in 2014 resulted from fluctuations in corporate bond yields leading to changes in the discount rate assumptions as disclosed below. Amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss:
The underfunded status of the UK Plan of $32.3 million and $50.7 million at December 31, 2015 and 2014, respectively, is included in “Other long-term obligations” in the accompanying Consolidated Balance Sheets. No plan assets are expected to be returned to us during the year ended December 31, 2016. The weighted average assumptions used to determine benefit obligations as of December 31, 2015 and 2014 were as follows:
The weighted average assumptions used to determine net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 were as follows:
The annual rate of return on plan assets has been determined by modeling possible returns using the actuary’s portfolio return calculator and the fair value of plan assets. This models the long term expected returns of the various asset classes held in the portfolio and allows for the additional benefits of holding a diversified portfolio. For measurement purposes of the liability, the annual rates of inflation of covered pension benefits assumed for each of 2015 and 2014 was 2.0%. The components of net periodic pension cost of the UK Plan for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
Actuarial gains and losses are amortized using a corridor approach whereby cumulative gains and losses in excess of the greater of 10% of the pension benefit obligation or the fair value of plan assets are amortized over the average life expectancy of plan participants. The amortization period for 2015 was 27 years. The reclassification adjustment, net of income taxes, for the UK Plan from accumulated other comprehensive loss into net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 was approximately $2.0 million, $1.6 million and $2.0 million, respectively, which was classified as a component of “Cost of sales” and “Selling, general and administrative expenses” in the Consolidated Statements of Operations. The estimated unrecognized loss for the UK Plan that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next year is approximately $1.8 million, net of income taxes. UK Plan Assets The weighted average asset allocations and weighted average target allocations at December 31, 2015 and 2014 were as follows:
Plan assets of our UK Plan are invested in marketable equity and equity like securities through various funds. These funds invest in a diverse range of investments, trading in the United Kingdom, the United States and other international locations, such as Asia Pacific and other European locations. Debt securities are invested in funds that invest in UK corporate bonds and UK government bonds. The following tables set forth by level, within the fair value hierarchy discussed in Note 10 - Fair Value Measurements, the fair value of assets of the UK Plan as of December 31, 2015 and 2014 (in thousands):
In regards to the plan assets of our UK Plan, investment amounts have been allocated within the fair value hierarchy across all three levels. The characteristics of the assets that sit within each level are summarized as follows: Level 1-This asset represents cash. Level 2-These assets are a combination of the following:
It is the value of the underlying assets that have been used to calculate the unit price of the fund.
Level 3-Assets that are not exchange traded but have a unit price that is based on the net asset value of the fund. The unit prices are not quoted and are not available on any market. The table below sets forth a summary of changes in the fair value of the UK Plan’s Level 3 assets for the years ended December 31, 2015 and 2014 (in thousands):
The investment policies and strategies for the plan assets are established by the plan trustees (who are independent of the Company) to achieve a reasonable balance between risk, likely return and administration expense, as well as to maintain funds at a level to meet minimum funding requirements. In order to ensure that an appropriate investment strategy is in place, an analysis of the UK Plan’s assets and liabilities is completed periodically. Cash Flows: Contributions Our United Kingdom subsidiary expects to contribute approximately $5.4 million to its UK Plan in 2016. Estimated Future Benefit Payments The following estimated benefit payments are expected to be paid in the following years (in thousands):
The following table shows certain information for the UK Plan where the accumulated benefit obligation is in excess of plan assets as of December 31, 2015 and 2014 (in thousands):
We also sponsor two U.S. defined benefit plans in which participation by new individuals is frozen. The benefit obligation associated with these plans as of December 31, 2015 and 2014 was approximately $7.0 million and $6.7 million, respectively. The estimated fair value of the plan assets as of December 31, 2015 and 2014 was approximately $4.9 million and $5.1 million, respectively. The plan assets are considered Level 1 assets within the fair value hierarchy and are predominantly invested in cash, equities, and equity and bond funds. The pension liability balances as of December 31, 2015 and 2014 are classified as “Other long-term obligations” in the accompanying Consolidated Balance Sheets. The measurement date for these two plans is December 31 of each year. The major assumptions used in the actuarial valuations to determine benefit obligations as of December 31, 2015 and 2014 included discount rates of 4.00% and 3.80% for 2015 and 4.50% and 4.30% for 2014 . Also, included was an expected rate of return of 7.00% for both 2015 and 2014. The reclassification adjustment, net of income taxes, from accumulated other comprehensive loss into net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 was approximately $0.2 million, $0.2 million and $0.3 million, respectively, which was classified as a component of “Selling, general and administrative expenses” in the Consolidated Statements of Operations. The estimated loss for these plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next year is approximately $0.2 million, net of income taxes. The future estimated benefit payments expected to be paid from the plans for the next ten years is approximately $0.4 million per year. Multiemployer Plans We participate in over 200 multiemployer pension plans (“MEPPs”) that provide retirement benefits to certain union employees in accordance with various collective bargaining agreements (“CBAs”). As one of many participating employers in these MEPPs, we are responsible with the other participating employers for any plan underfunding. Our contributions to a particular MEPP are established by the applicable CBAs; however, our required contributions may increase based on the funded status of an MEPP and legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact the funded status of an MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions. An FIP or RP requires a particular MEPP to adopt measures to correct its underfunding status. These measures may include, but are not limited to: (a) an increase in our contribution rate as a signatory to the applicable CBA, (b) a reallocation of the contributions already being made by participating employers for various benefits to individuals participating in the MEPP and/or (c) a reduction in the benefits to be paid to future and/or current retirees. In addition, the PPA requires that a 5% surcharge be levied on employer contributions for the first year commencing shortly after the date the employer receives notice that the MEPP is in critical status and a 10% surcharge on each succeeding year until a CBA is in place with terms and conditions consistent with the RP. We could also be obligated to make payments to MEPPs if we either cease to have an obligation to contribute to the MEPP or significantly reduce our contributions to the MEPP because we reduce our number of employees who are covered by the relevant MEPP for various reasons, including, but not limited to, layoffs or closure of a subsidiary assuming the MEPP has unfunded vested benefits. The amount of such payments (known as a complete or partial withdrawal liability) would equal our proportionate share of the MEPPs’ unfunded vested benefits. We believe that certain of the MEPPs in which we participate may have unfunded vested benefits. Due to uncertainty regarding future factors that could trigger withdrawal liability, as well as the absence of specific information regarding the MEPP’s current financial situation, we are unable to determine (a) the amount and timing of any future withdrawal liability, if any, and (b) whether our participation in these MEPPs could have a material adverse impact on our financial position, results of operations or liquidity. We did not record any withdrawal liability for the years ended December 31, 2015 and 2014. We recorded a withdrawal liability of approximately $0.1 million for the year ended December 31, 2013. The following table lists all domestic MEPPs to which our contributions exceeded $2.0 million in 2015. Additionally, this table also lists all domestic MEPPs to which we contributed in 2015 in excess of $0.5 million for MEPPs in the critical status, “red zone” and $1.0 million in the endangered status, “orange or yellow zones”, as defined by the PPA (in thousands):
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The nature and diversity of our business may result in volatility in the amount of our contributions to a particular MEPP for any given period. That is because, in any given market, we could be working on a significant project and/or projects, which could result in an increase in our direct labor force and a corresponding increase in our contributions to the MEPP(s) dictated by the applicable CBA. When that particular project(s) finishes and is not replaced, the number of participants in the MEPP(s) who are employed by us would also decrease, as would our level of contributions to the particular MEPP(s). Additionally, the amount of contributions to a particular MEPP could also be affected by the terms of the CBA, which could require at a particular time, an increase in the contribution rate and/or surcharges. Our contributions to various MEPPs did not increase as a result of acquisitions made since 2013. We also participate in two MEPPs that are located within the United Kingdom for which we have contributed $0.2 million, $0.2 million and $0.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. The information that we have obtained relating to these plans is not as readily available and/or as comparable as the information that has been ascertained in the United States. Based upon the most recently available information, one of the plans is 100% funded, and the other plan is between 65% and less than 80% funded. A recovery plan has been put in place for the plan that is less than 80% funded, which requires higher contribution amounts to be paid by our UK operations. Additionally, we contribute to certain multiemployer plans that provide post retirement benefits such as health and welfare benefits and/or defined contribution/annuity plans, among others. Our contributions to these plans approximated $108.1 million, $98.3 million and $93.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Our contributions to other post retirement benefit plans did not increase as a result of acquisitions made since 2013. The amount of contributions to these plans is also subject for the most part to the factors discussed above in conjunction with the MEPPs. Defined Contribution Plans We have defined contribution retirement and savings plans that cover eligible employees in the United States. Contributions to these plans are based on a percentage of the employee’s base compensation. The expenses recognized for the years ended December 31, 2015, 2014 and 2013 for these plans were $26.5 million, $25.3 million and $22.6 million, respectively. At our discretion, we may make additional supplemental matching contributions to a defined contribution retirement and savings plan. The expenses recognized related to additional supplemental matching for the years ended December 31, 2015, 2014 and 2013 were $4.8 million, $4.3 million and $4.0 million, respectively. Our United Kingdom subsidiary has defined contribution retirement plans. The expense recognized for the years ended December 31, 2015, 2014 and 2013 was $4.0 million, $4.5 million and $4.0 million, respectively. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments We lease land, buildings and equipment under various leases. The leases frequently include renewal options and escalation clauses and require us to pay for utilities, taxes, insurance and maintenance expenses. Future minimum payments, by year and in the aggregate, under capital leases, non-cancelable operating leases and related subleases with initial or remaining terms of one or more years at December 31, 2015, were as follows (in thousands):
Rent expense for operating leases and other rental items, including short-term equipment rentals charged to cost of sales for our construction contracts, for the years ended December 31, 2015, 2014 and 2013 was $122.0 million, $118.4 million and $118.6 million, respectively. Rent expense for the years ended December 31, 2015, 2014 and 2013 was reported net of sublease rental income of $1.2 million, $1.3 million and $1.2 million, respectively. Contractual Guarantees We have agreements with our executive officers and certain other key management personnel providing for severance benefits for such employees upon termination of their employment under certain circumstances. From time to time in the ordinary course of business, we guarantee obligations of our subsidiaries under certain contracts. Generally, we are liable under such an arrangement only if our subsidiary fails to perform its obligations under the contract. Historically, we have not incurred any substantial liabilities as a consequence of these guarantees. The terms of our construction contracts frequently require that we obtain from surety companies (“Surety Companies”) and provide to our customers payment and performance bonds (“Surety Bonds”) as a condition to the award of such contracts. The Surety Bonds secure our payment and performance obligations under such contracts, and we have agreed to indemnify the Surety Companies for amounts, if any, paid by them in respect of Surety Bonds issued on our behalf. In addition, at the request of labor unions representing certain of our employees, Surety Bonds are sometimes provided to secure obligations for wages and benefits payable to or for such employees. Public sector contracts require Surety Bonds more frequently than private sector contracts, and accordingly, our bonding requirements typically increase as the amount of public sector work increases. As of December 31, 2015, based on our percentage-of-completion of our projects covered by Surety Bonds, our aggregate estimated exposure, had there been defaults on all our then existing contractual obligations, was approximately $1.2 billion. The Surety Bonds are issued by Surety Companies in return for premiums, which vary depending on the size and type of bond. We are subject to regulation with respect to the handling of certain materials used in construction, which are classified as hazardous or toxic by federal, state and local agencies. Our practice is to avoid participation in projects principally involving the remediation or removal of such materials. However, when remediation is required as part of our contract performance, we believe we comply with all applicable regulations governing the discharge of material into the environment or otherwise relating to the protection of the environment. At December 31, 2015, we employed approximately 29,000 people, approximately 56% of whom are represented by various unions pursuant to more than 375 collective bargaining agreements between our individual subsidiaries and local unions. We believe that our employee relations are generally good. Only two of these collective bargaining agreements are national or regional in scope. Restructuring expenses were $0.8 million, $1.2 million and $0.6 million for 2015, 2014 and 2013, respectively. The 2015 restructuring expenses included $0.9 million of employee severance obligations and a reversal of $0.1 million relating to the termination of leased facilities. The 2014 restructuring expenses included $0.6 million of employee severance obligations and $0.6 million relating to the termination of leased facilities. The 2013 restructuring expenses included $0.5 million of employee severance obligations and $0.1 million relating to the termination of leased facilities. As of December 31, 2015, 2014 and 2013, the balance of our restructuring related obligations yet to be paid was $0.1 million, $0.3 million and $0.2 million, respectively. The majority of obligations outstanding as of December 31, 2014 and 2013 were paid during 2015 and 2014, respectively. The obligations outstanding as of December 31, 2015 will be paid during the first half of 2016. The changes in restructuring activity by reportable segments during the years ended December 31, 2015 and December 31, 2014 were as follows (in thousands):
A summary of restructuring expenses by reportable segments recognized for the year ended December 31, 2015 was as follows (in thousands):
Government Contracts As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, fines, penalties and compensatory and treble damages, and possible suspension or debarment from doing business with the government. Based on currently available information, we believe the outcome of ongoing government disputes and investigations will not have a material impact on our financial position, results of operations or liquidity. Legal Matters One of our subsidiaries was a subcontractor to a mechanical contractor (“Mechanical Contractor”) on a construction project where an explosion occurred. An investigation of the matter could not determine who was responsible for the explosion. As a result of the explosion, lawsuits have been commenced against various parties, but, to date, no lawsuits have been commenced against our subsidiary with respect to personal injury or damage to property as a consequence of the explosion. However, the Mechanical Contractor has asserted claims, in the context of an arbitration proceeding against our subsidiary, alleging that our subsidiary is responsible for a portion of the damages for which the Mechanical Contractor may be liable as a result of: (a) personal injury suffered by individuals as a result of the explosion and (b) the Mechanical Contractor’s legal fees and associated management costs in defending against any and all such claims. In the most recent filing with the Arbitrator, the Mechanical Contractor has stated claims against our subsidiary for alleged violations of the Connecticut and Massachusetts Unfair and Deceptive Trade Practices Acts in the ongoing arbitration proceeding. Further, the general contractor (as assignee of the Mechanical Contractor) on the construction project, and for whom the Mechanical Contractor worked, has alleged that our subsidiary is responsible for losses asserted by the owner of the project and/or the general contractor because of delays in completion of the project and for damages to the owner’s property. We believe, and have been advised by counsel, that we have a number of meritorious defenses to all such matters. We believe that the ultimate outcome of such matters will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. Notwithstanding our assessment of the final impact of this matter, we are not able to estimate with any certainty the amount of loss, if any, which would be associated with an adverse resolution. One of our subsidiaries, USM, Inc. (“USM”), doing business in California provides, among other things, janitorial services to its customers by having those services performed by independent janitorial companies. USM and one of its customers, which owns retail stores (the “Customer”), were co-defendants in a federal class action lawsuit brought by six employees of USM’s California janitorial subcontractors. The action was commenced on September 5, 2013 in a Superior Court of California and was removed by USM on November 22, 2013 to the United States District Court for the Northern District of California. The employees alleged in their complaint, among other things, that USM and the Customer, during a period that began before our acquisition of USM, violated a California statute that prohibits USM from entering into a contract with a janitorial subcontractor when it knew or should have known that the contract did not include funds sufficient to allow the janitorial subcontractor to comply with all local, state and federal laws or regulations governing the labor or services to be provided. The employees asserted that the amounts USM paid to its janitorial subcontractors were insufficient to allow those janitorial subcontractors to meet their obligations regarding, among other things, wages due for all hours their employees worked, minimum wages, overtime pay and meal and rest breaks. These employees sought to represent not only themselves, but also all other individuals who provided janitorial services at the Customer’s stores in California during the relevant four-year time period. We do not believe USM or the Customer violated the California statute or that the employees could have brought the action as a class action on behalf of other employees of janitorial companies with whom USM subcontracted for the provision of janitorial services to the Customer. The plaintiffs sought a declaratory judgment that USM had violated the California statute, monetary damages, including all unpaid wages and interest thereon, restitution for unpaid wages, and an award of attorneys’ fees and costs. USM and its Customer have settled claims asserted in the class action pursuant to the terms of a consent decree approved by the federal judge in the United States District Court for the Northern District of California on February 16, 2016, which followed a determination by the Court of the consent decree’s fairness, adequacy and reasonableness. Under the terms of the consent decree, USM will (a) pay an aggregate of $1.0 million (i) for monetary relief to the members of the class, (ii) for awards to the class representative plaintiffs, (iii) for California Labor Code Private Attorney General Act payments to the State of California for an immaterial amount, and (iv) for all costs of notice and administration of the claims process, (b) pay to counsel for the class an aggregate of $1.3 million, of which $0.2 million has been allocated for their reimbursable costs and litigation expenses and $1.1 million has been allocated for attorneys’ fees, and (c) monitor USM’s California subcontractors providing janitorial services to its Customer in accordance with agreed upon procedures designed principally to ensure janitorial employees of those subcontractors are paid no less than minimum wage. The settlement amount was accrued for as of December 31, 2014. During 2015, a payment of $1.0 million was made to a third party claims administrator who was holding the funds pending approval by the Court of the consent decree, and the balance of $1.3 million was paid in February 2016 after final approval by the Court. We are involved in several other proceedings in which damages and claims have been asserted against us. Other potential claims may exist that have not yet been asserted against us. We believe that we have a number of valid defenses to such proceedings and claims and intend to vigorously defend ourselves. We do not believe that any such matters will have a material adverse effect on our financial position, results of operations or liquidity. Litigation is subject to many uncertainties and the outcome of litigation is not predictable with assurance. It is possible that some litigation matters for which reserves have not been established could be decided unfavorably to us, and that any such unfavorable decisions could have a material adverse effect on our financial position, results of operations or liquidity. |
Additional Cash Flow Information |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Cash Flow Information | ADDITIONAL CASH FLOW INFORMATION The following presents information about cash paid for interest, income taxes and other non-cash financing activities for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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Segment Information |
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Segment Information | SEGMENT INFORMATION We have the following reportable segments: (a) United States electrical construction and facilities services (involving systems for electrical power transmission and distribution; premises electrical and lighting systems; low-voltage systems, such as fire alarm, security and process control; voice and data communication; roadway and transit lighting; and fiber optic lines); (b) United States mechanical construction and facilities services (involving systems for heating, ventilation, air conditioning, refrigeration and clean-room process ventilation; fire protection; plumbing, process and high-purity piping; controls and filtration; water and wastewater treatment and central plant heating and cooling; cranes and rigging; millwrighting; and steel fabrication, erection and welding); (c) United States building services; (d) United States industrial services; and (e) United Kingdom building services. The “United States building services” and “United Kingdom building services” segments principally consist of those operations which provide a portfolio of services needed to support the operation and maintenance of customers’ facilities, including commercial and government site-based operations and maintenance; facility maintenance and services, including reception, security and catering services; outage services to utilities and industrial plants; military base operations support services; mobile maintenance and services; floor care and janitorial services; landscaping, lot sweeping and snow removal; facilities management; vendor management; call center services; installation and support for building systems; program development, management and maintenance for energy systems; technical consulting and diagnostic services; infrastructure and building projects for federal, state and local governmental agencies and bodies; and small modification and retrofit projects, which services are not generally related to customers’ construction programs. The segment “United States industrial services” principally consists of those operations which provide industrial maintenance and services, including those for refineries and petrochemical plants, including on-site repairs, maintenance and service of heat exchangers, towers, vessels and piping; design, manufacturing, repair and hydro blast cleaning of shell and tube heat exchangers and related equipment; refinery turnaround planning and engineering services; specialty welding services; overhaul and maintenance of critical process units in refineries and petrochemical plants; and specialty technical services for refineries and petrochemical plants. The following tables present information about industry segments and geographic areas for the years ended December 31, 2015, 2014 and 2013 (in thousands):
The results of our United States mechanical construction and facilities services segment included revenues of $12.1 million recognized during the fourth quarter of 2015 as a result of the settlement of a claim on an institutional project located in the southeastern United States. Our United Kingdom building services segment recognized income of $4.8 million during the second quarter of 2014, which has been recorded as a reduction of "Cost of sales" in the Consolidated Statements of Operations for the year ended December 31, 2014, as a result of a reduction in the estimate of certain accrued contract costs that were no longer expected to be incurred within its building services operations. Our corporate administration operating loss for the year ended December 31, 2013 was reduced by the receipt of an insurance recovery of approximately $2.6 million that was received in January 2013 associated with a previously disposed of operation, which has been classified as a component of "Cost of sales" in the Consolidated Statements of Operations. |
Selected Unaudited Quarterly Information |
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Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Unaudited Quarterly Information | SELECTED UNAUDITED QUARTERLY INFORMATION (In thousands, except per share data) Quarterly and year-to-date computations of per share amounts are made independently; therefore, the sum of per share amounts for the quarters may not equal per share amounts for the year. The results of the construction operations of our United Kingdom segment for all periods are presented as discontinued operations.
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Schedule II - Valuation and Qualifying Accounts |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure |
_________________
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Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Fair Value Measurements | We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, which gives the highest priority to quoted prices in active markets, is comprised of the following three levels: Level 1 – Unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 – Observable inputs, other than Level 1 inputs. Level 2 inputs would typically include quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 – Prices or valuations that require inputs that are both significant to the measurement and unobservable. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and joint ventures. Significant intercompany accounts and transactions have been eliminated. All investments over which we exercise significant influence, but do not control (a 20% to 50% ownership interest), are accounted for using the equity method of accounting. Additionally, we participate in a joint venture with another company, and we have consolidated this joint venture as we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 810, “Consolidation”. For joint ventures that have been accounted for using the consolidation method of accounting, noncontrolling interest represents the allocation of earnings to our joint venture partners who either have a minority-ownership interest in the joint venture or are not at risk for the majority of losses of the joint venture. The results of operations of companies acquired have been included in the results of operations from the date of the respective acquisition. |
Principles of Preparation | Principles of Preparation The preparation of the consolidated financial statements, in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenues from long-term construction contracts are recognized on the percentage-of-completion method in accordance with ASC Topic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts”. Percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. Certain of our electrical contracting business units measure percentage-of-completion by the percentage of labor costs incurred to date for each contract to the estimated total labor costs for such contract. Pre-contract costs from our construction projects are generally expensed as incurred. Revenues from the performance of services for maintenance, repair and retrofit work are recognized consistent with the performance of the services, which are generally on a pro-rata basis over the life of the contractual arrangement. Expenses related to all services arrangements are recognized as incurred. Revenues related to the engineering, manufacturing and repairing of shell and tube heat exchangers are recognized when the product is shipped and all other revenue recognition criteria have been met. Costs related to this work are included in inventory until the product is shipped. In the case of customer change orders for uncompleted long-term construction contracts, estimated recoveries are included for work performed in forecasting ultimate profitability on certain contracts. Due to uncertainties inherent in the estimation process, it is possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined. Provisions for the entirety of estimated losses on uncompleted contracts are made in the period in which such losses are determined. |
Costs and estimated earnings on uncompleted contracts | Costs and estimated earnings on uncompleted contracts Costs and estimated earnings in excess of billings on uncompleted contracts arise in the consolidated balance sheets when revenues have been recognized but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Also included in costs and estimated earnings on uncompleted contracts are amounts we seek or will seek to collect from customers or others for errors or changes in contract specifications or design, contract change orders in dispute or unapproved as to both scope and/or price or other customer-related causes of unanticipated additional contract costs (claims and unapproved change orders). Such amounts are recorded at estimated net realizable value when realization is probable and can be reasonably estimated. No profit is recognized on construction costs incurred in connection with claim amounts. Claims and unapproved change orders made by us involve negotiation and, in certain cases, litigation. In the event litigation costs are incurred by us in connection with claims or unapproved change orders, such litigation costs are expensed as incurred, although we may seek to recover these costs. We believe that we have established legal bases for pursuing recovery of our recorded unapproved change orders and claims, and it is management’s intention to pursue and litigate such claims, if necessary, until a determination or settlement is reached. Unapproved change orders and claims also involve the use of estimates, and it is reasonably possible that revisions to the estimated recoverable amounts of recorded claims and unapproved change orders may be made in the near term. If we do not successfully resolve these matters, a net expense (recorded as a reduction in revenues) may be required, in addition to amounts that may have been previously provided for. We record the profit associated with the settlement of claims upon receipt of final payment. During 2015, we recognized revenues of $12.1 million as a result of the settlement of a claim within our United States mechanical construction and facilities services segment, which represents the recovery of cost on a project in which we incurred significant losses in a prior year. There were no significant settlements or payment of claims in 2014. Claims against us are recognized when a loss is considered probable and amounts are reasonably determinable. |
Classification of Contract Amounts | Classification of Contract Amounts In accordance with industry practice, we classify as current all assets and liabilities relating to the performance of long-term contracts. The term of our contracts ranges from one month to four years and, accordingly, collection or payment of amounts relating to these contracts may extend beyond one year. |
Cash and cash equivalents | Cash and cash equivalents For purposes of the consolidated financial statements, we consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. We maintain a centralized cash management system whereby our excess cash balances are invested in high quality, short-term money market instruments, which are considered cash equivalents. We have cash balances in certain of our domestic bank accounts that exceed federally insured limits. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts. This allowance is based upon the best estimate of the probable losses in existing accounts receivable. The Company determines the allowances based upon individual accounts when information indicates the customers may have an inability to meet their financial obligations, as well as historical collection and write-off experience. These amounts are re-evaluated and adjusted on a regular basis as additional information is received. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined principally using the average cost method. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is stated at cost. Depreciation, including amortization of assets under capital leases, is recorded principally using the straight-line method over estimated useful lives of 3 to 10 years for machinery and equipment, 3 to 7 years for vehicles, furniture and fixtures and computer hardware/software and 25 years for buildings. Leasehold improvements are amortized over the shorter of the remaining life of the lease term or the expected service life of the improvement. The carrying values of property, plant and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. In performing this review for recoverability, property, plant and equipment is assessed for possible impairment by comparing their carrying values to their undiscounted net pre-tax cash flows expected to result from the use of the asset. Impaired assets are written down to their fair values, generally determined based on their estimated future discounted cash flows. |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Goodwill and other identifiable intangible assets with indefinite lives that are not being amortized, such as trade names, are tested at least annually for impairment (which we test each October 1, absent any impairment indicators) and are written down if impaired. Identifiable intangible assets with finite lives are amortized over their useful lives and are reviewed for impairment whenever facts and circumstances indicate that their carrying values may not be fully recoverable. See Note 8 - Goodwill and Identifiable Intangible Assets of the notes to consolidated financial statements for additional information. |
Insurance Liabilities | Insurance Liabilities Our insurance liabilities are determined actuarially based on claims filed and an estimate of claims incurred but not yet reported. |
Foreign Operations | Foreign Operations The financial statements and transactions of our foreign subsidiaries are maintained in their functional currency and translated into U.S. dollars in accordance with ASC Topic 830, “Foreign Currency Matters”. Translation adjustments have been recorded as “Accumulated other comprehensive loss”, a separate component of “Equity”. |
Income Taxes | Income Taxes We account for income taxes in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach which requires the recognition of deferred income tax assets and deferred income tax liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred income tax assets when it is more likely than not that a tax benefit will not be realized. We account for uncertain tax positions in accordance with the provisions of ASC 740. We recognize accruals of interest related to unrecognized tax benefits as a component of the income tax provision. |
Valuation of Share-based Compensation Plans | Valuation of Share-Based Compensation Plans We have various types of share-based compensation plans and programs, which are administered by our Board of Directors or its Compensation and Personnel Committee. See Note 13 - Share-Based Compensation Plans of the notes to consolidated financial statements for additional information regarding the share-based compensation plans and programs. We account for share-based payments in accordance with the provisions of ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). ASC 718 requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. For shares subject to graded vesting, our policy is to apply the straight-line method in recognizing compensation expense. ASC 718 requires the benefits of tax deductions in excess of recognized compensation expense to be reported as a financing cash inflow, rather than as an operating cash inflow in the Consolidated Statements of Cash Flows. This requirement reduces net operating cash flows and increases net financing cash flows. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of costs and estimated earnings on uncompleted contracts and related amounts billed | Costs and estimated earnings on uncompleted contracts and related amounts billed as of December 31, 2015 and 2014 were as follows (in thousands):
Such amounts were included in the accompanying Consolidated Balance Sheets at December 31, 2015 and 2014 under the following captions (in thousands):
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Disposition Of Assets (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of The Results Of Discontinued Operations From Construction Operations In The United Kingdom Segment | The results of the discontinued operation are as follows (in thousands):
Included in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 are the following major classes of assets and liabilities associated with the discontinued operation (in thousands):
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation Of Basic And Diluted Earnings (Loss) Per Common Share | The following tables summarize our calculation of Basic and Diluted Earnings (Loss) per Common Share (“EPS”) for the years ended December 31, 2015, 2014 and 2013 (in thousands, except share and per share data):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories as of December 31, 2015 and 2014 consist of the following amounts (in thousands):
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2015 and 2014 (in thousands):
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Goodwill and Identifiable Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segments during the years ended December 31, 2015 and 2014 were as follows (in thousands):
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Schedule of Intangible Assets | Identifiable intangible assets as of December 31, 2015 and 2014 consist of the following (in thousands):
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Schedule of Estimated Future Amortization Expense | The following table presents the estimated future amortization expense of identifiable intangible assets in the following years (in thousands):
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt | Long-term debt in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2015 and 2014 (in thousands):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2015 and December 31, 2014 (in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Income Tax Benefits | A reconciliation of the beginning and end of year unrecognized income tax benefits is as follows (in thousands):
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Schedule of Income Tax Provision | The income tax provision in the accompanying Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in thousands):
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Schedule of U.S. Statutory Income Tax Rates From Continuing Operations | Factors accounting for the variation from U.S. statutory income tax rates from continuing operations for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
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Schedule of Deferred Tax Assets and Liabilities | The amounts recorded for the years ended December 31, 2015 and 2014 were as follows (in thousands):
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Schedule of Income before Income Tax From Continuing Operations | Income before income taxes from continuing operations for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in thousands):
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Share-Based Compensation Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity of stock options and awards of shares and stock units | The following table summarizes activity regarding our stock options and awards of shares and stock units since December 31, 2012:
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Summary of information about stock options | The following table summarizes information about our stock options as of December 31, 2015:
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Retirement Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Benefit Obligations and Assets | The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2015 and 2014 consisted of the following components (in thousands):
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Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss:
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Schedule of Weighted Average Assumptions Used Calculating Benefit Obligation | The weighted average assumptions used to determine benefit obligations as of December 31, 2015 and 2014 were as follows:
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Schedule of Weighted Average Assumptions Used Calculate Net Periodic Pension Cost | The weighted average assumptions used to determine net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 were as follows:
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Components Of Net Periodic Pension Cost | The components of net periodic pension cost of the UK Plan for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
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Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations | The weighted average asset allocations and weighted average target allocations at December 31, 2015 and 2014 were as follows:
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Schedule of Plan Assets Fair Value Hierarchy | The following tables set forth by level, within the fair value hierarchy discussed in Note 10 - Fair Value Measurements, the fair value of assets of the UK Plan as of December 31, 2015 and 2014 (in thousands):
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Schedule of Changes in Fair Value of Plan Assets (Level 3) | The table below sets forth a summary of changes in the fair value of the UK Plan’s Level 3 assets for the years ended December 31, 2015 and 2014 (in thousands):
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Schedule of Expected Benefit Payments | The following estimated benefit payments are expected to be paid in the following years (in thousands):
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table shows certain information for the UK Plan where the accumulated benefit obligation is in excess of plan assets as of December 31, 2015 and 2014 (in thousands):
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Schedule of Multiemployer Plans | The following table lists all domestic MEPPs to which our contributions exceeded $2.0 million in 2015. Additionally, this table also lists all domestic MEPPs to which we contributed in 2015 in excess of $0.5 million for MEPPs in the critical status, “red zone” and $1.0 million in the endangered status, “orange or yellow zones”, as defined by the PPA (in thousands):
_________________
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Payments | Future minimum payments, by year and in the aggregate, under capital leases, non-cancelable operating leases and related subleases with initial or remaining terms of one or more years at December 31, 2015, were as follows (in thousands):
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Restructuring and Related Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The changes in restructuring activity by reportable segments during the years ended December 31, 2015 and December 31, 2014 were as follows (in thousands):
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Restructuring and Related Costs | A summary of restructuring expenses by reportable segments recognized for the year ended December 31, 2015 was as follows (in thousands):
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Additional Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following presents information about cash paid for interest, income taxes and other non-cash financing activities for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Industry Segments And Geographic Areas | The following tables present information about industry segments and geographic areas for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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Selected Unaudited Quarterly Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
|
Summary of Significant Accounting Policies - Schedule of costs and estimated earnings on uncompleted contracts and related amounts billed (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Accounting Policies [Abstract] | |||
Costs incurred on uncompleted contracts | $ 7,582,108 | $ 7,620,522 | |
Estimated earnings, thereon | 862,987 | 808,549 | |
Costs and estimated earnings on uncompleted contracts | 8,445,095 | 8,429,071 | |
Less: billings to date | 8,756,596 | 8,694,425 | |
Net billings in excess of costs | (311,501) | (265,354) | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 117,734 | 103,201 | $ 90,727 |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (429,235) | $ (368,555) | $ (381,295) |
Acquisitions Of Businesses (Details) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Oct. 19, 2015
Company
|
Oct. 13, 2015
Company
|
Jun. 01, 2015
Company
|
Dec. 02, 2013
Company
|
Jul. 29, 2013
USD ($)
|
Jul. 29, 2013
USD ($)
Company
|
May. 31, 2013
Company
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Business Acquisition [Line Items] | ||||||||||
Business acquisition date | Oct. 19, 2015 | Oct. 13, 2015 | Jun. 01, 2015 | Dec. 02, 2013 | May 31, 2013 | |||||
Proceeds from revolving credit facility | $ 0 | $ 0 | $ 250,000 | |||||||
Goodwill | 843,170 | 834,102 | 834,825 | |||||||
Number of businesses acquired | Company | 1 | 1 | 1 | 1 | 1 | 1 | ||||
Non-cash (income) expense from contingent consideration arrangements | $ (464) | $ 606 | $ (6,793) | |||||||
RepconStrickland | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition date | Jul. 29, 2013 | |||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | ||||||||
Purchase price | $ 463,600 | |||||||||
Proceeds from revolving credit facility | 250,000 | |||||||||
Working capital acquired | 35,500 | $ 35,500 | ||||||||
Other net liabilities acquired | 67,100 | 67,100 | ||||||||
Goodwill | 267,800 | 267,800 | ||||||||
Identifiable intangible assets | 227,400 | 227,400 | ||||||||
Acquired goodwill, tax deductible amount | $ 49,000 | $ 49,000 |
Disposition Of Assets (Components Of The Results Of Discontinued Operations For The UK Construction Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement [Abstract] | |||||||||||
Loss from discontinued operation, net of income taxes | $ (60) | $ (4,690) | $ (23,069) | ||||||||
Diluted loss per share from discontinued operation (in US dollars per share) | $ 0.01 | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) | $ 0.00 | $ (0.07) | $ (0.34) |
Restructuring reserve | $ 81 | $ 281 | $ 81 | $ 281 | $ 194 | ||||||
United Kingdom Construction | |||||||||||
Income Statement [Abstract] | |||||||||||
Revenues | 3,823 | 19,297 | 83,631 | ||||||||
Loss from discontinued operation, net of income taxes | $ (60) | $ (4,690) | $ (23,069) | ||||||||
Diluted loss per share from discontinued operation (in US dollars per share) | $ 0.00 | $ (0.07) | $ (0.34) | ||||||||
Restructuring reserve | 500 | $ 500 | |||||||||
Assets of discontinued operation: | |||||||||||
Current assets | 2,525 | 6,265 | 2,525 | $ 6,265 | |||||||
Non-current assets | 0 | 278 | 0 | 278 | |||||||
Liabilities of discontinued operation: | |||||||||||
Current liabilities | 4,407 | 10,743 | 4,407 | 10,743 | |||||||
Non-current liabilities | $ 0 | $ 94 | $ 0 | $ 94 |
Earnings Per Share Antidilutive Securities (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 |
Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and construction materials | $ 23,239 | $ 23,330 |
Work in process | 14,306 | 23,524 |
Inventories | $ 37,545 | $ 46,854 |
Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2016 | $ 37,380 |
2017 | 35,003 |
2018 | 32,835 |
2019 | 30,853 |
2020 | 30,671 |
Thereafter | 181,490 |
Total | $ 348,232 |
Debt - Schedule Of Debt (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Capitalized Lease Obligations, at weighted average interest rates from 3.0% to 5.8% payable in varying amounts through 2020 | $ 3,869,000 | $ 2,883,000 | |
Other, payable through 2019 | 44,000 | 57,000 | |
Debt and capital lease obligations | 318,913,000 | 335,440,000 | |
Less: current maturities | 18,848,000 | 19,041,000 | |
Total long-term debt | $ 300,065,000 | 316,399,000 | |
Capital Lease Obligations | Minimum | |||
Debt Instrument [Line Items] | |||
Capital Lease weighted average interest rates | 3.00% | ||
Capital Lease Obligations | Maximum | |||
Debt Instrument [Line Items] | |||
Capital Lease weighted average interest rates | 5.80% | ||
2013 Term Loan | |||
Debt Instrument [Line Items] | |||
Term Loan | $ 315,000,000 | $ 332,500,000 | $ 350,000,000 |
Fair Value Measurements (Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Cash and cash equivalents | $ 486,831 | $ 432,056 | |||||||
Restricted cash | 4,232 | 6,474 | |||||||
Deferred compensation plan assets | 7,497 | 3,139 | |||||||
Total | 498,560 | 441,669 | |||||||
Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Cash and cash equivalents | [1] | 486,831 | 432,056 | ||||||
Restricted cash | [2] | 4,232 | 6,474 | ||||||
Deferred compensation plan assets | [3] | 7,497 | 3,139 | ||||||
Total | 498,560 | 441,669 | |||||||
Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Cash and cash equivalents | [1] | 0 | 0 | ||||||
Restricted cash | [2] | 0 | 0 | ||||||
Deferred compensation plan assets | [3] | 0 | 0 | ||||||
Total | 0 | 0 | |||||||
Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Cash and cash equivalents | [1] | 0 | 0 | ||||||
Restricted cash | [2] | 0 | 0 | ||||||
Deferred compensation plan assets | [3] | 0 | 0 | ||||||
Total | 0 | 0 | |||||||
Money Market Funds | Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Cash and cash equivalents | $ 151,400 | $ 156,700 | |||||||
|
Income Taxes - Reconciliation of Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 5,203 | $ 3,116 |
Additions based on tax positions related to the current year | 611 | 1,053 |
Additions based on tax positions related to prior years | 0 | 2,816 |
Reductions for tax positions of prior years | (1,053) | (1,162) |
Reductions for expired statute of limitations | 0 | (620) |
Balance at end of year | $ 4,761 | $ 5,203 |
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Federal provision | $ 94,405 | $ 80,852 | $ 60,449 |
State and local provisions | 21,320 | 14,532 | 2,897 |
Foreign provision | 831 | 2,396 | 7,083 |
Current income tax expense | 116,556 | 97,780 | 70,429 |
Deferred | (10,300) | 5,748 | 11,857 |
Income tax provision | $ 106,256 | $ 103,528 | $ 82,286 |
Income Taxes - Schedule of U.S. Statutory Income Tax Rates From Continuing Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Federal income taxes at the statutory rate | $ 97,588 | $ 98,576 | $ 81,448 |
Noncontrolling interests | (77) | (1,667) | (1,247) |
State and local income taxes, net of federal tax benefits | 12,590 | 9,944 | 9,446 |
State tax reserves | 62 | (38) | (6,529) |
Permanent differences | 3,096 | 2,961 | 3,226 |
Domestic manufacturing deduction | (6,604) | (5,008) | (4,778) |
Foreign income taxes (including UK statutory rate changes) | (361) | (1,237) | 1,183 |
Federal tax reserves | 14 | 62 | 263 |
Other | (52) | (65) | (726) |
Income tax provision | $ 106,256 | $ 103,528 | $ 82,286 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred income tax assets: | ||
Insurance liabilities | $ 58,582 | $ 54,351 |
Pension liability | 6,255 | 10,142 |
Deferred compensation | 28,033 | 17,886 |
Other (including liabilities and reserves) | 28,562 | 31,828 |
Total deferred income tax assets | 121,432 | 114,207 |
Valuation allowance for deferred tax assets | (805) | (2,024) |
Net deferred income tax assets | 120,627 | 112,183 |
Deferred income tax liabilities: | ||
Goodwill and identifiable intangible assets | (218,715) | (216,126) |
Other, primarily depreciation of property, plant and equipment | (22,510) | (23,884) |
Total deferred income tax liabilities | (241,225) | (240,010) |
Net deferred income tax liabilities | $ (120,598) | $ (127,827) |
Income Taxes - Schedule of Income before Income Tax From Continuing Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ 264,867 | $ 265,529 | $ 219,300 |
Foreign | 13,956 | 16,116 | 13,409 |
Income from continuing operations before income taxes | $ 278,823 | $ 281,645 | $ 232,709 |
Retirement Plans - Schedule of Changes in Benefit Obligations and Assets (Details) - United Kingdom Subsidiary - UK Plan - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 332,806 | $ 308,877 | |
Interest cost | 11,603 | 14,027 | $ 12,326 |
Actuarial (gain) loss | (21,707) | 40,906 | |
Benefits paid | (9,604) | (9,915) | |
Foreign currency exchange rate changes | (17,273) | (21,089) | |
Benefit obligation at end of year | 295,825 | 332,806 | 308,877 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 282,095 | 269,811 | |
Actual return on plan assets | 569 | 34,012 | |
Employer contributions | 5,631 | 6,028 | |
Benefits paid | (9,604) | (9,915) | |
Foreign currency exchange rate changes | (15,136) | (17,841) | |
Fair value of plan assets at end of year | 263,555 | 282,095 | $ 269,811 |
Funded status at end of year | $ (32,270) | $ (50,711) |
Retirement Plans - Schedule of Net Periodic Benefit Cost Not yet Recognized (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
United Kingdom Subsidiary | UK Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized losses | $ 88,818 | $ 102,673 |
Retirement Plans - Schedule of Weighted Average Assumptions Used Calculating Benefit Obligations (Details) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
United Kingdom Subsidiary | UK Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 3.60% |
Retirement Plans - Schedule of Weighted Average Assumptions Used Calculate Net Periodic Pension Costs (Details) - United Kingdom Subsidiary - UK Plan |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% | 4.60% | 4.30% |
Annual rate of return on plan assets | 6.30% | 6.70% | 6.70% |
Components Of Net Periodic Pension Benefit Cost (Details) - United Kingdom Subsidiary - UK Plan - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 11,603 | $ 14,027 | $ 12,326 |
Expected return on plan assets | (16,181) | (16,888) | (14,369) |
Amortization of unrecognized loss | 2,526 | 2,029 | 2,560 |
Net periodic pension cost | $ (2,052) | $ (832) | $ 517 |
Retirement Plans - Schedule of Weighted Average Assets Allocation and Weighted Average Target Allocation (Details) - United Kingdom Subsidiary - UK Plan |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Target Asset Allocation | 100.00% | |
Asset Allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Asset Allocation | 45.00% | |
Asset Allocation | 43.30% | 43.20% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Asset Allocation | 55.00% | |
Asset Allocation | 56.30% | 56.60% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Asset Allocation | 0.00% | |
Asset Allocation | 0.40% | 0.20% |
Retirement Plans - Schedule of Expected Benefit Payments (Details) - United Kingdom Subsidiary - UK Plan $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2016 | $ 9,509 |
2017 | 9,869 |
2018 | 10,974 |
2019 | 11,717 |
2020 | 11,842 |
Succeeding five years | $ 65,494 |
Retirement Plans - Schedule of Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - United Kingdom Subsidiary - UK Plan - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 295,825 | $ 332,806 |
Accumulated benefit obligation | 295,825 | 332,806 |
Fair value of plan assets | $ 263,555 | $ 282,095 |
Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
United States Pension Plans Of US Entity, Defined Contribution [Member] | UNITED STATES | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expense recognized | $ 26.5 | $ 25.3 | $ 22.6 |
Supplemental matching | 4.8 | 4.3 | 4.0 |
Foreign Pension Plans, Defined Contribution [Member] | UNITED KINGDOM | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expense recognized | $ 4.0 | $ 4.5 | $ 4.0 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Feb. 25, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
employee
collective_bargaining_agreement
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Rent expense for operating leases and other rental items | $ 122,000 | $ 118,400 | $ 118,600 | |
Sublease rental income | $ 1,200 | 1,300 | 1,200 | |
Number of collective bargaining agreements that are national or regional in scope | collective_bargaining_agreement | 2 | |||
Restructuring expenses | $ 824 | 1,168 | 647 | |
Restructuring reserve | $ 81 | 281 | 194 | |
Settlement agreement terms | Under the terms of the consent decree, USM will (a) pay an aggregate of $1.0 million (i) for monetary relief to the members of the class, (ii) for awards to the class representative plaintiffs, (iii) for California Labor Code Private Attorney General Act payments to the State of California for an immaterial amount, and (iv) for all costs of notice and administration of the claims process, (b) pay to counsel for the class an aggregate of $1.3 million, of which $0.2 million has been allocated for their reimbursable costs and litigation expenses and $1.1 million has been allocated for attorneys’ fees, and (c) monitor USM’s California subcontractors providing janitorial services to its Customer in accordance with agreed upon procedures designed principally to ensure janitorial employees of those subcontractors are paid no less than minimum wage. | |||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Number of employees | employee | 29,000 | |||
Number of collective bargaining agreements between our individual subsidiaries and local unions | collective_bargaining_agreement | 375 | |||
Surety Bond [Member] | ||||
Loss Contingencies [Line Items] | ||||
Aggregate estimated exposure | $ 1,200,000 | |||
Class Action Aggregate Monetary Portion [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement amount | 1,000 | |||
Payments for legal settlements | 1,000 | |||
Class Action Aggregate Counsel Portion [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement amount | 1,300 | |||
Class Action Litigation Expenses [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement amount | 200 | |||
Class Action Attorney Fees [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement amount | 1,100 | |||
Employee Severance [Member] | ||||
Loss Contingencies [Line Items] | ||||
Restructuring expenses | 930 | 600 | 500 | |
Facility Closing [Member] | ||||
Loss Contingencies [Line Items] | ||||
Restructuring expenses | $ 600 | $ 100 | ||
Reversal of restructuring expenses | $ (106) | |||
Unionized Employees Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of employees represented by unions | 56.00% | |||
Subsequent Event [Member] | Class Action Aggregate Counsel Portion [Member] | ||||
Loss Contingencies [Line Items] | ||||
Payments for legal settlements | $ 1,300 |
Commitments and Contingencies - Schedule of Future Minimum Payments (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Capital Leases | |
2016 | $ 1,459 |
2017 | 837 |
2018 | 650 |
2019 | 1,093 |
2020 | 77 |
Thereafter | 0 |
Total minimum lease payments | 4,116 |
Amounts representing interest | (247) |
Present value of net minimum lease payments | 3,869 |
Operating Leases | |
2016 | 58,918 |
2017 | 47,670 |
2018 | 36,637 |
2019 | 28,199 |
2020 | 21,854 |
Thereafter | 46,283 |
Total minimum lease payments | 239,561 |
Sublease Income | |
2016 | 558 |
2017 | 257 |
2018 | 126 |
2019 | 63 |
2020 | 0 |
Thereafter | 0 |
Total minimum lease payments | $ 1,004 |
Commitments and Contingencies - Schedule of Restructuring Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | $ 81 | $ 281 | $ 194 |
Restructuring expenses | 824 | 1,168 | 647 |
Payments for restructuring | (1,024) | (1,081) | |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 930 | 600 | 500 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 600 | 100 | |
Reversal of restructuring expenses | (106) | ||
Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0 | 0 | 0 |
Restructuring expenses | 0 | 300 | |
Payments for restructuring | 0 | (300) | |
Corporate, Non-Segment [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 0 | ||
Corporate, Non-Segment [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 0 | ||
UNITED STATES | Operating Segments [Member] | United States Electrical Construction And Facilities Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0 | 255 | 30 |
Restructuring expenses | 638 | ||
Reversal of restructuring expenses | (106) | ||
Payments for restructuring | (149) | (413) | |
UNITED STATES | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0 | 26 | 164 |
Restructuring expenses | 6 | 230 | |
Payments for restructuring | (32) | (368) | |
UNITED STATES | Operating Segments [Member] | United States Building Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 81 | 0 | $ 0 |
Restructuring expenses | 924 | 0 | |
Payments for restructuring | (843) | $ 0 | |
UNITED STATES | Operating Segments [Member] | Employee Severance [Member] | United States Electrical Construction And Facilities Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 0 | ||
UNITED STATES | Operating Segments [Member] | Employee Severance [Member] | United States Mechanical Construction And Facilities Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 6 | ||
UNITED STATES | Operating Segments [Member] | Employee Severance [Member] | United States Building Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 924 | ||
UNITED STATES | Operating Segments [Member] | Facility Closing [Member] | United States Electrical Construction And Facilities Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Reversal of restructuring expenses | (106) | ||
UNITED STATES | Operating Segments [Member] | Facility Closing [Member] | United States Mechanical Construction And Facilities Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 0 | ||
UNITED STATES | Operating Segments [Member] | Facility Closing [Member] | United States Building Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 0 |
Additional Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Cash paid during the year for: | |||
Interest | $ 7,668 | $ 7,421 | $ 10,568 |
Income taxes | 99,754 | 88,277 | 104,324 |
Non-cash financing activities: | |||
Assets acquired under capital lease obligations | $ 3,847 | $ 93 | $ 414 |
Segment Information (Information About Industry Segments And Geographic Areas) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | $ 1,777,826 | $ 1,699,128 | $ 1,652,585 | $ 1,589,187 | $ 1,714,796 | $ 1,566,711 | $ 1,552,919 | $ 1,590,539 | $ 6,718,726 | $ 6,424,965 | $ 6,333,527 |
Total revenues | 6,718,726 | 6,424,965 | 6,333,527 | ||||||||
Operating income (loss) | 287,082 | 289,878 | 240,350 | ||||||||
Restructuring expenses | (824) | (1,168) | (647) | ||||||||
Impairment loss on identifiable intangible assets | 0 | 0 | 0 | 0 | 1,471 | 0 | 0 | 0 | 0 | 1,471 | 0 |
Gain on sale of building | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 11,749 | 0 | $ 0 | 0 | 11,749 | 0 |
Interest expense | (8,932) | (9,075) | (8,769) | ||||||||
Interest income | 673 | 842 | 1,128 | ||||||||
Income from continuing operations before income taxes | 278,823 | 281,645 | 232,709 | ||||||||
Capital expenditures | 35,460 | 38,035 | 35,497 | ||||||||
Depreciation and amortization of Property, plant and equipment | 36,294 | 36,524 | 36,310 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 117,734 | 103,201 | 117,734 | 103,201 | 90,727 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 429,235 | 368,555 | 429,235 | 368,555 | 381,295 | ||||||
Long-lived assets | 1,438,022 | 1,458,340 | 1,438,022 | 1,458,340 | 1,499,736 | ||||||
Total assets | 3,546,470 | 3,388,967 | 3,546,470 | 3,388,967 | 3,465,915 | ||||||
Settlement of contract claim | 12,100 | 12,100 | 0 | ||||||||
Income from reduction in estimate of certain accrued contract costs | $ 4,800 | ||||||||||
Insurance recoveries | 2,600 | ||||||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | 6,341,249 | 6,074,521 | 5,989,975 | ||||||||
Total revenues | 6,341,249 | 6,074,521 | 5,989,975 | ||||||||
Operating income (loss) | 347,914 | 334,335 | 297,867 | ||||||||
Capital expenditures | 29,714 | 35,030 | 32,890 | ||||||||
Depreciation and amortization of Property, plant and equipment | 31,763 | 32,336 | 30,989 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 109,653 | 94,743 | 109,653 | 94,743 | 82,754 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 423,966 | 353,980 | 423,966 | 353,980 | 356,064 | ||||||
Long-lived assets | 1,425,552 | 1,449,418 | 1,425,552 | 1,449,418 | 1,489,009 | ||||||
Total assets | 2,871,882 | 2,816,306 | 2,871,882 | 2,816,306 | 2,822,699 | ||||||
UNITED STATES | United States electrical construction and facilities services segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | 1,367,142 | 1,311,988 | 1,345,750 | ||||||||
UNITED STATES | United States Mechanical Construction And Facilities Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | 2,312,763 | 2,201,212 | 2,329,834 | ||||||||
UNITED STATES | United States Building Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | 1,739,259 | 1,721,341 | 1,794,978 | ||||||||
UNITED STATES | United States Industrial Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | 922,085 | 839,980 | 519,413 | ||||||||
UNITED KINGDOM | United Kingdom Building Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from unrelated entities | 377,477 | 350,444 | 343,552 | ||||||||
Operating Segments [Member] | UNITED STATES | United States electrical construction and facilities services segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,378,620 | 1,326,547 | 1,371,979 | ||||||||
Operating income (loss) | 82,225 | 90,873 | 98,114 | ||||||||
Restructuring expenses | (638) | ||||||||||
Capital expenditures | 6,063 | 6,671 | 6,164 | ||||||||
Depreciation and amortization of Property, plant and equipment | 4,676 | 4,237 | 3,640 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 39,116 | 32,464 | 39,116 | 32,464 | 28,988 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 139,857 | 114,422 | 139,857 | 114,422 | 118,458 | ||||||
Long-lived assets | 20,139 | 18,792 | 20,139 | 18,792 | 16,512 | ||||||
Total assets | 372,525 | 332,150 | 372,525 | 332,150 | 329,742 | ||||||
Operating Segments [Member] | UNITED STATES | United States Mechanical Construction And Facilities Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,326,683 | 2,219,886 | 2,387,072 | ||||||||
Operating income (loss) | 138,688 | 114,418 | 93,765 | ||||||||
Restructuring expenses | (6) | (230) | |||||||||
Capital expenditures | 5,345 | 8,631 | 8,866 | ||||||||
Depreciation and amortization of Property, plant and equipment | 7,624 | 7,600 | 7,280 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 46,220 | 43,443 | 46,220 | 43,443 | 38,804 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 238,463 | 199,983 | 238,463 | 199,983 | 205,974 | ||||||
Long-lived assets | 296,633 | 288,161 | 296,633 | 288,161 | 293,790 | ||||||
Total assets | 894,366 | 793,056 | 894,366 | 793,056 | 795,256 | ||||||
Operating Segments [Member] | UNITED STATES | United States Building Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,794,086 | 1,762,697 | 1,839,129 | ||||||||
Operating income (loss) | 70,532 | 65,885 | 67,225 | ||||||||
Restructuring expenses | (924) | 0 | |||||||||
Capital expenditures | 7,233 | 10,589 | 7,579 | ||||||||
Depreciation and amortization of Property, plant and equipment | 9,834 | 10,660 | 11,288 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 20,959 | 18,555 | 20,959 | 18,555 | 14,957 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 44,476 | 38,059 | 44,476 | 38,059 | 30,827 | ||||||
Long-lived assets | 378,367 | 392,364 | 378,367 | 392,364 | 406,498 | ||||||
Total assets | 721,653 | 737,082 | 721,653 | 737,082 | 756,785 | ||||||
Operating Segments [Member] | UNITED STATES | United States Industrial Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 923,648 | 842,040 | 522,417 | ||||||||
Operating income (loss) | 56,469 | 63,159 | 38,763 | ||||||||
Capital expenditures | 11,073 | 9,139 | 10,281 | ||||||||
Depreciation and amortization of Property, plant and equipment | 9,629 | 9,839 | 8,781 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 3,358 | 281 | 3,358 | 281 | 5 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,170 | 1,516 | 1,170 | 1,516 | 805 | ||||||
Long-lived assets | 730,413 | 750,101 | 730,413 | 750,101 | 772,209 | ||||||
Total assets | 883,338 | 954,018 | 883,338 | 954,018 | 940,916 | ||||||
Operating Segments [Member] | UNITED KINGDOM | United Kingdom Building Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 377,477 | 350,444 | 343,552 | ||||||||
Operating income (loss) | 11,634 | 15,011 | 13,021 | ||||||||
Capital expenditures | 5,298 | 1,935 | 1,536 | ||||||||
Depreciation and amortization of Property, plant and equipment | 3,603 | 3,305 | 4,477 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,081 | 8,458 | 8,081 | 8,458 | 7,973 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,269 | 14,575 | 5,269 | 14,575 | 25,231 | ||||||
Long-lived assets | 10,927 | 6,899 | 10,927 | 6,899 | 8,831 | ||||||
Total assets | 133,782 | 130,340 | 133,782 | 130,340 | 160,828 | ||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (71,642) | (68,578) | (69,891) | ||||||||
Restructuring expenses | 0 | (300) | |||||||||
Capital expenditures | 448 | 1,070 | 1,071 | ||||||||
Depreciation and amortization of Property, plant and equipment | 928 | 883 | 844 | ||||||||
Long-lived assets | 1,543 | 2,023 | 1,543 | 2,023 | 1,896 | ||||||
Total assets | $ 540,806 | $ 442,321 | 540,806 | 442,321 | 482,388 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ (81,788) | $ (76,649) | $ (130,622) |
Selected Unaudited Quarterly Information - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues (in US dollars) | $ 1,777,826 | $ 1,699,128 | $ 1,652,585 | $ 1,589,187 | $ 1,714,796 | $ 1,566,711 | $ 1,552,919 | $ 1,590,539 | $ 6,718,726 | $ 6,424,965 | $ 6,333,527 |
Gross profit (in US dollars) | 252,621 | 235,402 | 239,527 | 216,929 | 248,573 | 222,229 | 220,241 | 216,203 | 944,479 | 907,246 | 821,646 |
Impairment loss on identifiable intangible assets | 0 | 0 | 0 | 0 | 1,471 | 0 | 0 | 0 | 0 | 1,471 | 0 |
Gain on sale of building | 0 | 0 | 0 | 0 | 0 | 11,749 | 0 | 0 | 0 | 11,749 | 0 |
Net income attributable to EMCOR Group, Inc. (in US dollars) | $ 51,066 | $ 41,522 | $ 46,849 | $ 32,849 | $ 42,466 | $ 45,024 | $ 39,913 | $ 41,261 | $ 172,286 | $ 168,664 | $ 123,792 |
Basic EPS from continuing operations (in US dollars per share) | $ 0.81 | $ 0.66 | $ 0.75 | $ 0.53 | $ 0.67 | $ 0.68 | $ 0.61 | $ 0.64 | $ 2.74 | $ 2.61 | $ 2.19 |
Basic EPS from discontinued operation (in US dollars per share) | 0.01 | 0.00 | 0.00 | (0.01) | (0.01) | (0.01) | (0.02) | (0.03) | 0.00 | (0.07) | (0.34) |
Net income attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | 0.82 | 0.66 | 0.75 | 0.52 | 0.66 | 0.67 | 0.59 | 0.61 | 2.74 | 2.54 | 1.85 |
Diluted EPS from continuing operations (in US dollars per share) | 0.80 | 0.66 | 0.74 | 0.52 | 0.66 | 0.68 | 0.61 | 0.64 | 2.72 | 2.59 | 2.16 |
Diluted EPS from discontinued operation (in US dollars per share) | 0.01 | 0.00 | 0.00 | 0.00 | (0.01) | (0.01) | (0.02) | (0.03) | 0.00 | (0.07) | (0.34) |
Net income attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | $ 0.81 | $ 0.66 | $ 0.74 | $ 0.52 | $ 0.65 | $ 0.67 | $ 0.59 | $ 0.61 | $ 2.72 | $ 2.52 | $ 1.82 |
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||
Balance at Beginning of Year | $ 10,424 | $ 11,890 | $ 11,472 | |||||
Costs and Expenses | 2,853 | 2,918 | 3,533 | |||||
Additions Charged To Other | [1] | 0 | 0 | 12 | ||||
Deductions | [2] | (2,102) | (4,384) | (3,127) | ||||
Balance at End of Year | $ 11,175 | $ 10,424 | $ 11,890 | |||||
|