Basis of Condensed Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the statement of cash flows:

(in thousands)	June 30, 2018		June 30, 2017
Cash and cash equivalents	$	85,031	$	89,422
Restricted cash included in other assets	9,756		17,435
Restricted cash included in prepaid expenses and other current assets	1,070		—
Total cash, cash equivalents and restricted cash	$	95,857	$	106,857

Schedule of Accumulated Other Comprehensive Loss

The following table shows the components of accumulated other comprehensive loss, net of taxes as of June 30, 2018 and December 31, 2017:

(in thousands)	2018			2017
Cumulative foreign currency translation	$	(113,240	)	$	(95,630	)
Cumulative supplemental benefit plans	(6,884		)	(5,461		)
Net unrecognized gains on interest rate swaps	17,232			7,400
Accumulated other comprehensive loss	$	(102,892	)	$	(93,691	)

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact of the adoption of the new accounting standard on our condensed consolidated statement of operations is as follows:

	For the Three Months Ended June 30, 2018
(in thousands)	As Reported		Balances Without Adoption Adjustments		Effect of Change Higher/(Lower)
Operating revenue	$	488,401	$	464,322	$	24,079
Cost of services	239,346		239,663		(317		)
Selling, general and administrative expenses	112,022		112,791		(769		)
Operating income	89,637		64,472		25,165
Provision for income taxes	17,307		11,608		5,699
Net income	58,516		39,050		19,466

	For the Six Months Ended June 30, 2018
(in thousands)	As Reported		Balances Without Adoption Adjustments		Effect of Change Higher/(Lower)
Operating revenue	$	933,301	$	908,727	$	24,574
Cost of services	478,735		479,189		(454		)
Selling, general and administrative expenses	226,974		227,171		(197		)
Operating income	134,056		108,831		25,225
Provision for income taxes	16,596		10,906		5,690
Net income	86,803		67,268		19,535

The cumulative effect of the changes made to our condensed consolidated balance sheet as of January 1, 2018 for the adoption of the new accounting standard is as follows:

(in thousands)	December 31, 2017			Adoption Adjustments			January 1, 2018
Assets
Accounts receivable, net	$	256,595		$	(941	)	$	255,654
Prepaid expenses and other current assets	47,220			(965		)	46,255
Other assets	104,516			2,546			107,062
Liabilities
Contract liabilities, current	$	303,948		$	6,767		$	310,715
Contract liabilities, net of current	504,900			24,801			529,701
Deferred income tax liability	102,571			(7,736		)	94,835
Equity
Retained earnings	$	877,111		$	(23,183	)	$	853,928
Accumulated other comprehensive loss	(93,691		)	(9		)	(93,700		)

The impact of the adoption of the new accounting standard on our condensed consolidated balance sheet is as follows:

	June 30, 2018
(in thousands)	As Reported			Balances Without Adoption Adjustments			Effect of Change Higher/(Lower)
Assets
Accounts receivable, net	$	256,225		$	256,501		$	(276	)
Prepaid expenses and other current assets	52,438			53,632			(1,194		)
Income tax receivable	16,332			15,345			987
Deferred income tax assets	127			133			(6		)
Other assets	114,197			111,675			2,522
Liabilities
Accounts payable and other accrued expenses	$	159,975		$	160,167		$	(192	)
Contract liabilities, current	322,700			314,808			7,892
Contract liabilities, net of current	511,837			512,820			(983		)
Deferred income tax liability	106,815			107,872			(1,057		)
Equity
Accumulated other comprehensive loss	$	(102,892	)	$	(102,913	)	$	21
Retained earnings	940,314			943,962			(3,648		)