QUARTERLY 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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
þ | Accelerated filer | ☐ | ||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||||||||
Emerging growth company | ||||||||||||||||||||||||||
Page | ||||||||
March 31, 2020 | December 31, 2019 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities, at fair value | |||||||||||
Accounts and notes receivable, less allowance for doubtful accounts of $ | |||||||||||
Inventories and supplies | |||||||||||
Prepaid expenses and other assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, less accumulated amortization of $ | |||||||||||
Notes receivable — long–term portion, less allowance for doubtful accounts of $ | |||||||||||
Deferred compensation funding, at fair value | |||||||||||
Deferred income taxes | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued payroll, accrued and withheld payroll taxes | |||||||||||
Other accrued expenses | |||||||||||
Borrowings under line of credit | |||||||||||
Income taxes payable | |||||||||||
Accrued insurance claims | |||||||||||
Total current liabilities | |||||||||||
Accrued insurance claims — long-term portion | |||||||||||
Deferred compensation liability | |||||||||||
Lease liability — long-term portion | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income, net of taxes | |||||||||||
Common stock in treasury, at cost, | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Revenues | $ | $ | |||||||||
Operating costs and expenses: | |||||||||||
Costs of services provided | |||||||||||
Selling, general and administrative expense | |||||||||||
Other (expense) income: | |||||||||||
Investment and other income, net | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Income before income taxes | |||||||||||
Income tax provision | |||||||||||
Net income | $ | $ | |||||||||
Per share data: | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ | |||||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Comprehensive income: | |||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income: | |||||||||||
Unrealized (loss) gain on available-for-sale marketable securities, net of taxes | ( | ||||||||||
Total comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Bad debt provision | |||||||||||
Share-based compensation expense | |||||||||||
Amortization of premium on marketable securities | |||||||||||
Unrealized loss (gain) on deferred compensation fund investments | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts and notes receivable | ( | ( | |||||||||
Inventories and supplies | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Deferred compensation funding | |||||||||||
Accounts payable and other accrued expenses | ( | ( | |||||||||
Accrued payroll, accrued and withheld payroll taxes | ( | ||||||||||
Income taxes payable | ( | ||||||||||
Accrued insurance claims | |||||||||||
Deferred compensation liability | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Disposals of fixed assets | |||||||||||
Additions to property and equipment | ( | ( | |||||||||
Purchases of marketable securities | ( | ( | |||||||||
Sales of marketable securities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | ( | ( | |||||||||
Reissuance of treasury stock pursuant to Dividend Reinvestment Plan | |||||||||||
Proceeds from the exercise of stock options | |||||||||||
Proceeds from short-term borrowings | |||||||||||
Payments of statutory withholding on net issuance of restricted stock units | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of the period | |||||||||||
Cash and cash equivalents at end of the period | $ | $ |
For the three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income, net of taxes | Retained Earnings | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Adjustment to adopt credit-loss guidance1 | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale marketable securities, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Comprehensive income for the period | $ | ||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and other share-based compensation, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||||||||
Payment of statutory withholding on issuance of restricted stock and restricted stock units | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation expense — stock options, restricted stock and restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Treasury shares issued for Deferred Compensation Plan funding and redemptions | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares issued pursuant to Employee Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends paid and accrued, $ | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Shares issued pursuant to Dividend Reinvestment Plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | $ | ( | $ |
For the three months ended March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income, net of taxes | Retained Earnings | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net income for the period | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Unrealized gain on available-for-sale marketable securities, net of taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income for the period | $ | ||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and other share-based compensation, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||||||||
Payment of statutory withholding on issuance of restricted stock and restricted stock units | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation expense — stock options, restricted stock and restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Treasury shares issued for Deferred Compensation Plan funding and redemptions | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares issued pursuant to Employee Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends paid and accrued, $ | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Shares issued pursuant to Dividend Reinvestment Plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | $ | ( | $ |
Consolidated Statement of Financial Position | December 31, 2019 | Cumulative Impact from Adopting ASC 326 Guidance | January 1, 2020 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Short-term accounts and notes receivable, less allowance for doubtful accounts | $ | $ | ( | $ | ||||||||||||||||
Notes receivable – long–term portion, less allowance for doubtful accounts | $ | $ | ( | $ | ||||||||||||||||
Allowance for doubtful accounts on short-term accounts and notes receivables | $ | ( | $ | ( | $ | ( | ||||||||||||||
Allowance for doubtful accounts on long-term notes receivables | $ | ( | $ | ( | $ | ( | ||||||||||||||
Deferred income taxes | $ | $ | $ | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||
Retained earnings | $ | $ | ( | $ |
March 31, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Short-term | |||||||||||
Accounts and notes receivable | $ | $ | |||||||||
Allowance for doubtful accounts1 | ( | ( | |||||||||
Total net short-term accounts and notes receivable | $ | $ | |||||||||
Long-term | |||||||||||
Notes receivable | $ | $ | |||||||||
Allowance for doubtful accounts1 | ( | ( | |||||||||
Total net long-term notes receivable | $ | $ | |||||||||
Total net accounts and notes receivable | $ | $ |
Notes Receivable | ||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Notes Receivable | ||||||||||||||||||||||||||||||||||||||||||||
Standard note receivable | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Elevated risk note receivable | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Current-period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||
Current-period recoveries | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Current-period net write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ |
Age Analysis of Past-Due Note Receivable as of March 31, 2020 | ||||||||||||||||||||||||||
0-90 Days | 91 - 180 Days | Greater than 181 Days | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Notes Receivable | ||||||||||||||||||||||||||
Standard notes receivable | $ | $ | $ | $ | ||||||||||||||||||||||
Elevated risk notes receivable | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Allowance for doubtful accounts | ||||||||||||||||||||||||||||||||
Portfolio Segment | December 31, 2019 | Cumulative effect of ASC 326 adoption1 | Write-Offs | Bad Debt Expense | March 31, 2020 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Accounts receivable | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
Note receivable | ||||||||||||||||||||||||||||||||
Standard notes receivable | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Elevated risk notes receivable | ||||||||||||||||||||||||||||||||
Total notes receivable | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Total accounts and notes receivable | $ | $ | $ | ( | $ | $ |
Unrealized Gains and Losses on Available-for-Sale Securities1 | |||||||||||
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Accumulated other comprehensive income — beginning balance | $ | $ | |||||||||
Other comprehensive (loss) income before reclassifications | ( | ||||||||||
Losses (Gains) reclassified from other comprehensive income2 | ( | ||||||||||
Net current period other comprehensive (loss) income3 | ( | ||||||||||
Accumulated other comprehensive income — ending balance | $ | $ |
Amounts Reclassified from Accumulated Other Comprehensive Income | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
(Losses) gains from the sale of available-for-sale securities | $ | ( | $ | ||||||||
Tax benefit (expense) | ( | ||||||||||
Net (loss) gain reclassified from accumulated other comprehensive income | $ | ( | $ |
March 31, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Housekeeping and Dietary equipment | $ | $ | |||||||||
Computer hardware and software | |||||||||||
Operating lease — right-of-use assets1 | |||||||||||
Other2 | |||||||||||
Total property and equipment, at cost | |||||||||||
Less accumulated depreciation | |||||||||||
Total property and equipment, net | $ | $ |
Three Months Ended March 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||
Lease cost | ||||||||||||||
Operating lease cost | $ | $ | ||||||||||||
Short-term lease cost | ||||||||||||||
Variable lease cost | ||||||||||||||
Total lease cost | $ | $ |
Quarter ended March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||
Other information | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Weighted-average remaining lease term — operating leases | ||||||||||||||
Weighted-average discount rate — operating leases | % | % |
Period/Year | Operating Leases | |||||||
(in thousands) | ||||||||
April 1 to December 31, 2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | $ |
Period/Year | Total Amortization Expense | |||||||
(in thousands) | ||||||||
April 1 to December 31, 2020 | $ | |||||||
2021 | $ | |||||||
2022 | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
2025 | $ | |||||||
Thereafter | $ |
As of March 31, 2020 | |||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||
Carrying Amount | Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||
Municipal bonds — available-for-sale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Deferred compensation fund | |||||||||||||||||||||||||||||
Money Market 1 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Balanced and Lifestyle | |||||||||||||||||||||||||||||
Large Cap Growth | |||||||||||||||||||||||||||||
Small Cap Growth | |||||||||||||||||||||||||||||
Fixed Income | |||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||
Mid Cap Growth | |||||||||||||||||||||||||||||
Deferred compensation fund | $ | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||
Carrying Amount | Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||
Municipal bonds — available-for-sale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Deferred compensation fund | |||||||||||||||||||||||||||||
Money Market 1 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Balanced and Lifestyle | |||||||||||||||||||||||||||||
Large Cap Growth | |||||||||||||||||||||||||||||
Small Cap Growth | |||||||||||||||||||||||||||||
Fixed Income | |||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||
Mid Cap Growth | |||||||||||||||||||||||||||||
Deferred compensation fund | $ | $ | $ | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Other-than-temporary Impairments | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||||
Type of security: | |||||||||||||||||||||||||||||
Municipal bonds — available-for-sale | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Type of security: | |||||||||||||||||||||||||||||
Municipal bonds — available-for-sale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ | $ |
Municipal Bonds — Available-for-Sale | ||||||||||||||
Contractual maturity: | March 31, 2020 | December 31, 2019 | ||||||||||||
(in thousands) | ||||||||||||||
Maturing in one year or less | $ | $ | ||||||||||||
Maturing in second year through fifth year | ||||||||||||||
Maturing in sixth year through tenth year | ||||||||||||||
Maturing after ten years | ||||||||||||||
Total debt securities | $ | $ |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Stock options | $ | $ | |||||||||
Restricted stock and restricted stock units | |||||||||||
Employee Stock Purchase Plan | |||||||||||
Total pre-tax share-based compensation expense charged against income1 | $ | $ |
Stock Options Outstanding | |||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
(in thousands) | |||||||||||
December 31, 2019 | $ | ||||||||||
Granted | $ | ||||||||||
Exercised | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Expired | ( | $ | |||||||||
March 31, 2020 | $ |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Risk-free interest rate | % | % | |||||||||
Weighted average expected life | |||||||||||
Expected volatility | % | % | |||||||||
Dividend yield | % | % |
March 31, 2020 | |||||
(amounts in thousands, except per share data) | |||||
Outstanding: | |||||
Aggregate intrinsic value | $ | ||||
Weighted average remaining contractual life | |||||
Exercisable: | |||||
Number of options | |||||
Weighted average exercise price | $ | ||||
Aggregate intrinsic value | $ | ||||
Weighted average remaining contractual life |
Restricted Stock Units and Restricted Stock | |||||||||||
Number | Weighted Average Grant Date Fair Value | ||||||||||
(in thousands) | |||||||||||
December 31, 2019 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
March 31, 2020 | $ |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Risk-free interest rate | |||||||||||
Weighted average expected life (years) | |||||||||||
Expected volatility | |||||||||||
Dividend yield |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
SERP expense 1 | $ | $ | |||||||||
Unrealized (loss) gain recorded in SERP liability account | $ | ( | $ |
Quarter Ended | ||||||||
March 31, 2020 | ||||||||
Cash dividend paid per common share | $ | |||||||
Total cash dividends paid | $ | |||||||
Record date | February 28, 2020 | |||||||
Payment date | March 27, 2020 |
Three Months Ended March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash dividends declared per common share |
Three Months Ended March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||
Revenues | ||||||||||||||
Housekeeping | $ | $ | ||||||||||||
Dietary | ||||||||||||||
Total | $ | $ | ||||||||||||
Income before income taxes | ||||||||||||||
Housekeeping | $ | $ | ||||||||||||
Dietary | ||||||||||||||
Corporate and eliminations1 | ( | ( | ||||||||||||
Total | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||
Weighted average number of common shares outstanding - basic | ||||||||||||||
Effect of dilutive securities 1 | ||||||||||||||
Weighted average number of common shares outstanding - diluted |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Anti-dilutive |
Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | % Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Housekeeping | $ | 224,293 | $ | 233,134 | (3.8) | % | |||||||||||
Dietary | 224,857 | 242,977 | (7.5) | % | |||||||||||||
Consolidated | $ | 449,150 | $ | 476,111 | (5.7) | % | |||||||||||
Costs of services provided | |||||||||||||||||
Housekeeping | $ | 200,352 | $ | 206,627 | (3.0) | % | |||||||||||
Dietary | 210,528 | 227,552 | (7.5) | % | |||||||||||||
Corporate and eliminations | (23,724) | (6,914) | 243.1 | % | |||||||||||||
Consolidated | $ | 387,156 | $ | 427,265 | (9.4) | % | |||||||||||
Selling, general and administrative expense | |||||||||||||||||
Corporate and eliminations | $ | 30,017 | $ | 41,101 | (27.0) | % | |||||||||||
Investment and other (expense) income, net | |||||||||||||||||
Corporate and eliminations | $ | (4,827) | $ | 5,203 | (192.8) | % | |||||||||||
Interest expense | |||||||||||||||||
Corporate and eliminations | $ | (368) | $ | (1,056) | (65.2) | % | |||||||||||
Income (loss) before income taxes | |||||||||||||||||
Housekeeping | $ | 23,941 | $ | 26,507 | (9.7) | % | |||||||||||
Dietary | 14,329 | 15,425 | (7.1) | % | |||||||||||||
Corporate and eliminations | (11,488) | (30,040) | 61.8 | % | |||||||||||||
Consolidated | $ | 26,782 | $ | 11,892 | 125.2 | % |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | |||||||
Operating costs and expenses: | |||||||||||
Costs of services provided | 86.2 | % | 89.7 | % | |||||||
Selling, general and administrative expense | 6.7 | % | 8.6 | % | |||||||
Other (expense) income: | |||||||||||
Investment and other income, net | (1.1) | % | 1.1 | % | |||||||
Interest expense | (0.1) | % | (0.2) | % | |||||||
Income before income taxes | 5.9 | % | 2.6 | % | |||||||
Income tax | 1.5 | % | 0.6 | % | |||||||
Net income | 4.4 | % | 2.0 | % |
Three Months Ended March 31, | ||||||||||||||||||||
Costs of Services Provided - Key Indicators as a % of Consolidated Revenue | 2020 | 2019 | Change | |||||||||||||||||
Bad debt provision | 0.5% | 3.9% | (3.4)% | |||||||||||||||||
Self-insurance costs | 2.8% | 2.4% | 0.4% |
Three Months Ended March 31, | ||||||||||||||||||||
Costs of Services Provided - Key Indicators as a % of Segment Revenue | 2020 | 2019 | Change | |||||||||||||||||
Housekeeping labor and other labor-related costs | 79.5% | 79.1% | 0.4% | |||||||||||||||||
Housekeeping supplies | 7.7% | 7.7% | —% | |||||||||||||||||
Dietary labor and other labor-related costs | 63.6% | 61.7% | 1.9% | |||||||||||||||||
Dietary supplies | 27.6% | 29.6% | (2.0)% |
Three Months Ended March 31, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Selling, general and administrative expense excluding change in deferred compensation liability | $ | 35,778 | $ | 37,683 | $ | (1,905) | (5.1) | % | |||||||||||||||
(Loss) gain on deferred compensation plan investments | (5,761) | 3,418 | (9,179) | (268.5) | % | ||||||||||||||||||
Selling, general and administrative expense | $ | 30,017 | $ | 41,101 | $ | (11,084) | (27.0) | % |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by operating activities | $ | 12,688 | $ | 17,577 | |||||||
Net cash used in investing activities | $ | (1,572) | $ | (2,010) | |||||||
Net cash provided by (used in) financing activities | $ | 26,053 | $ | (13,230) |
March 31, 2020 | ||||||||
(amounts in thousands, except per share data) | ||||||||
Cash dividend paid per common share | $ | 0.20125 | ||||||
Total cash dividends paid | $ | 15,033 | ||||||
Record date | February 28, 2020 | |||||||
Payment date | March 27, 2020 |
Covenant Descriptions and Requirements | As of March 31, 2020 | |||||||
Funded debt 1 to EBITDA 2 ratio: less than 3.50 to 1.00 | 0.67 | |||||||
EBITDA to Interest Expense ratio: not less than 3.00 to 1.00 | 42.83 |
Exhibit Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | The following financial information from the Company’s Form 10-Q for the quarterly period ended March 31, 2020 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Statement of Stockholders’ Equity, and (v) Notes to Consolidated Financial Statements | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |
HEALTHCARE SERVICES GROUP, INC. | ||||||||||||||||||||
Date: | April 24, 2020 | /s/ Theodore Wahl | ||||||||||||||||||
Theodore Wahl | ||||||||||||||||||||
President & Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
Date: | April 24, 2020 | /s/ John C. Shea | ||||||||||||||||||
John C. Shea | ||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||
(Principal Financial and Accounting Officer) | ||||||||||||||||||||
Date: | April 24, 2020 | /s/ Theodore Wahl | |||||||||
Theodore Wahl | |||||||||||
President & Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | April 24, 2020 | /s/ John C. Shea | |||||||||
John C. Shea | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
/s/ Theodore Wahl | /s/ John C. Shea | |||||||
Theodore Wahl | John C. Shea | |||||||
President & Chief Executive Officer | Chief Financial Officer | |||||||
(Principal Executive Officer) | (Principal Financial and Accounting Officer) | |||||||
April 24, 2020 | April 24, 2020 |
Leases - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Lessee, Lease, Description [Line Items] | ||
Termination option | 1 year | |
Reduction in ROU Assets due to cancellation (less than) | $ 0.2 | $ 0.1 |
Reduction in Lease Liability due to cancellation (less than) | $ 0.2 | $ 0.1 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 1 year | |
Extension option | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 10 years | |
Extension option | 5 years |
Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 21, 2020 |
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Equity [Abstract] | |||
Dividends paid | $ 15,033 | $ 14,588 | |
Subsequent Event [Line Items] | |||
Dividends declared (in dollars per share) | $ 0.2025 | $ 0.1975 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends declared (in dollars per share) | $ 0.20250 |
Share-Based Compensation - Summarized Information About Stock Awards (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
$ / shares
shares
| |
Outstanding: | |
Aggregate intrinsic value | $ 1,340 |
Weighted average remaining contractual life | 5 years 9 months 18 days |
Exercisable: | |
Number of options (in shares) | shares | 1,483 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 31.04 |
Aggregate intrinsic value | $ 1,340 |
Weighted average remaining contractual life | 4 years 7 months 6 days |
Changes in Accumulated Other Comprehensive Income by Component (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following table provides a summary of the changes in accumulated other comprehensive income for the three months ended March 31, 2020 and 2019:
1.All amounts are net of tax 2.Realized gains and losses were recorded pre-tax under “Investment and other income” in the Consolidated Statements of Comprehensive Income. For the three months ended March 31, 2020, the Company recorded less than $0.1 million of realized losses from the sale of available-for-sale securities. For the three months ended March 31, 2019, the Company recorded less than $0.1 million of realized gains from the sale of available-for-sale securities. Refer to Note 9—Fair Value Measurements herein for further information. 3.For the three months ended March 31, 2020, the changes in other comprehensive income were net of a tax benefit of $0.1 million. For the three months ended March 31, 2019, the changes in other comprehensive income were net of a tax expense of $0.4 million.
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Reclassification out of Accumulated Other Comprehensive Income |
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Description of Business and Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations | Healthcare Services Group, Inc. (the “Company”) provides management, administrative and operating expertise and services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. Although the Company does not directly participate in any government reimbursement programs, the Company’s clients receive government reimbursements related to Medicare and Medicaid. Therefore, they are directly affected by any legislation relating to Medicare and Medicaid reimbursement programs. The Company provides services primarily pursuant to full service agreements with its clients. In such agreements, the Company is responsible for the day-to-day management of employees located at the clients’ facilities. The Company also provides services on the basis of management-only agreements for a limited number of clients. The agreements with clients typically provide for a renewable one year service term, cancellable by either party upon 30 to 90 days’ notice after an initial period of 60 to 120 days. The Company is organized into two reportable segments: housekeeping, laundry, linen and other services (“Housekeeping”), and dietary department services (“Dietary”). Housekeeping consists of managing the clients’ housekeeping departments, which are principally responsible for the cleaning, disinfecting and sanitizing of resident rooms and common areas of a client’s facility, as well as the laundering and processing of the bed linens, uniforms, resident personal clothing and other assorted linen items utilized at a client facility. Dietary consists of managing the clients’ dietary departments, which are principally responsible for food purchasing, meal preparation and dietitian professional services, which includes the development of menus that meet residents’ dietary needs.
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Unaudited Interim Financial Data | The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated financial statements do not include all of the information and footnotes necessary for a complete presentation of financial position, results of operations and cash flows. However, in the Company’s opinion, all adjustments which are of a normal recurring nature and are necessary for a fair presentation have been reflected in these consolidated financial statements. The balance sheet shown in this report as of December 31, 2019 has been derived from the audited financial statements for the year ended December 31, 2019. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for any future period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates in Financial Statements | In preparing financial statements in conformity with U.S. GAAP, estimates and assumptions are made that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Significant estimates are used in determining, but are not limited to, the Company’s allowance for doubtful accounts, accrued insurance claims, valuations, deferred taxes and reviews for potential impairment. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19. Management regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of Healthcare Services Group, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and cash equivalents are held in U.S. financial institutions or in custodial accounts with U.S. financial institutions. Cash equivalents are defined as short-term, highly liquid investments with a maturity of three months or less at time of purchase that are readily convertible into cash and have insignificant interest rate risk. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Receivable | Accounts and notes receivable consist of Housekeeping and Dietary segment trade receivables from contracts with customers. The Company’s payment terms with customers for services provided are defined within each customer’s service agreement. All accounts receivables are considered short term assets as the Company does not grant payment terms greater than one year. Accounts receivable initially are recorded at the transaction amount, and are recorded after the Company has an unconditional right to payment where only the passage of time is required before payment is received. Each reporting period, the Company evaluates the collectability of outstanding receivable balances and records an allowance for doubtful accounts representing an estimate of future expected credit loss. Additions to the allowance for doubtful accounts are made by recording a charge to bad debt expense reported in costs of services provided. Notes receivable are initially recorded when accounts receivable are transferred into a promissory note and are recorded as an alternative to accounts receivable to memorialize an unqualified promise to pay a specific sum, typically with interest, in accordance with a defined payment schedule. The Company’s payment terms with customers on promissory notes can vary based on several factors and the circumstances of each promissory note, however typically promissory notes mature over a 1 to 3 year period. Similar to accounts receivable, each reporting period the Company evaluates the collectability of outstanding notes receivable balances and records an allowance for doubtful accounts representing an estimate of future expected credit loss.
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Recent Accounting Pronouncements | The guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification subtopic 326 Credit Losses - Measurement of Credit Losses on Financial Instruments ("ASC 326") became effective and was adopted by the Company prospectively as of January 1, 2020. In adopting ASC 326 the Company replaced its previous incurred loss impairment model for estimating credit losses on accounts and notes receivables for its reporting of quarterly and annual financial results with an expected loss model prepared in accordance with ASC 326. While the incurred loss impairment model had the Company recognize credit losses when it was probable that a loss had been incurred, ASC 326 requires the Company to estimate the lifetime expected credit losses on such instruments and to record an allowance to offset the receivables. ASC 326 requires the recognition of credit losses that are expected based on existing accounts and notes receivable as compared to the incurred loss approach. Accordingly, credit losses under ASC 326 generally are recognized earlier in the life cycle of a receivable than under the Company’s previous incurred loss model. Modeling must be prepared after considering historical experience, current conditions, and reasonable and supportable economic forecasts to estimate lifetime expected credit losses. Under the previous incurred loss impairment model, credit losses were recognized when Management determined that it was more likely than not that a loss had been incurred and such loss was estimable. Refer to Note 4—Allowance for Doubtful Accounts herein for further information. The cumulative effect of initially applying the new ASC 326 guidance to the consolidated financial statements on January 1, 2020 was as follows:
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Inventories and Supplies | Inventories and supplies include housekeeping, linen and laundry supplies, as well as food provisions and supplies. Non-linen inventories and supplies are stated on a first-in, first-out (FIFO) basis, and reduced as deemed necessary to approximate the lower of cost or net realizable value. Linen supplies are amortized on a straight-line basis over their estimated useful life of 24 months. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | The Company recognizes revenue from contracts with customers when or as the promised goods and services are provided to customers. Revenues are reported net of sales taxes that are collected from customers and remitted to taxing authorities.The guidance under the FASB Accounting Standards Codification subtopic 606 Revenue from Contracts with Customers ("ASC 606") requires the Company to recognize revenue as the promised goods and services within the terms of the Company’s contracts are performed and satisfied. The amount of revenue recognized by the Company is based on the consideration to which the Company is entitled in exchange for providing the contracted goods and services. The adoption of this standard did not have a material impact on the Company’s accounting for revenue earned relating to the Housekeeping and Dietary segments. The Company also did not recognize an opening adjustment to retained earnings as a result of the adoption of the standard. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | The guidance under FASB Accounting Standards Codification subtopic ASC 842 Leases (“ASC 842”) became effective and was adopted by the Company as of January 1, 2019, by applying a modified retrospective transition approach which resulted in the capitalization of the Company’s existing operating leases as of January 1, 2019. As such, the Company records assets and liabilities on the balance sheet to recognize the rights and obligations arising from leasing arrangements with contractual terms greater than 12 months, as permitted by U.S. GAAP. A leasing arrangement includes any contract which entitles the Company to the right of use of an identified tangible asset where there are no restrictions as to the direct of use of the asset, and the Company obtains substantially all of the economic benefits from the right of use. As of March 31, 2020 and December 31, 2019, the Company was only the lessee of operating lease arrangements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | The Company uses the asset and liability method of accounting for income taxes. Under this method, income tax expense or benefits are recognized for the amount of taxes payable or refundable for the current period. The Company accrues for probable tax obligations as required, based on facts and circumstances in various regulatory environments. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. When appropriate, valuation allowances are recorded to reduce deferred tax assets to amounts for which realization is more likely than not. Uncertain income tax positions taken or expected to be taken in tax returns are reflected within the Company’s financial statements based on a recognition and measurement process. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Basic earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is computed using the weighted-average number of common shares outstanding and dilutive common shares, such as those issuable upon exercise of stock options and upon the vesting of restricted stock and restricted stock units. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | The Company estimates the fair value of share-based awards on the date of grant using the Black-Scholes valuation model for stock options and using the share price on the date of grant for restricted stock and restricted stock units. The value of the award is recognized ratably as an expense in the Company’s Consolidated Statements of Comprehensive Income over the requisite service periods, with adjustments made for forfeitures as they occur. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Identifiable Intangible Assets and Goodwill | Identifiable intangible assets are amortized on a straight-line basis over their respective lives. Goodwill represents the excess of cost over the fair value of net assets of acquired businesses. Management reviews the carrying value of goodwill annually during the fourth quarter to assess for impairment, or more often if events or circumstances indicate that the carrying value may exceed its estimated fair value. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentrations of Credit Risk | The Company’s financial instruments that are subject to credit risk are cash and cash equivalents, marketable securities, deferred compensation funding and accounts and notes receivable. At March 31, 2020 and December 31, 2019, substantially all of the Company’s cash and cash equivalents and marketable securities were held in one large financial institution located in the United States. The Company’s marketable securities are fixed income investments which are highly liquid and can be readily purchased or sold through established markets. The Company’s clients are concentrated in the healthcare industry and are primarily providers of long-term care. The revenues of many of the Company’s clients are highly reliant on Medicare, Medicaid and third party payors’ reimbursement funding rates. New legislation or changes in existing regulations could directly impact the governmental reimbursement programs in which the clients participate. As a result, the Company may not realize the full effects of such programs until these laws are fully implemented and governmental agencies issue applicable regulations or guidance.
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Segments | The Company’s accounting policies for the segments are generally the same as described in the Company’s significant accounting policies. Differences between the reportable segments’ operating results and other disclosed data and the information in the consolidated financial statements relate primarily to corporate level transactions and recording of transactions at the reportable segment level using other than generally accepted accounting principles. There are certain inventories and supplies that are primarily expensed when incurred within the operating segments, while they are capitalized in the consolidated financial statements. In addition, most corporate expenses such as corporate salary and benefit costs, certain legal costs, debt expense, information technology costs, depreciation, amortization of finite-lived intangible assets, share based compensation costs and other corporate-specific costs, are not fully allocated to the operating segments. There are also allocations for workers’ compensation and general liability expense within the operating segments that differ from the actual expense recorded by the Company under U.S. GAAP. Segment amounts disclosed are prior to elimination entries made in consolidation. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 13—Segment Information The Company manages and evaluates its operations in two reportable segments: Housekeeping (housekeeping, laundry, linen and other services) and Dietary (dietary department services). Although both segments serve the same client base and share many operational similarities, they are managed separately due to distinct differences in the type of services provided, as well as the specialized expertise required of the professional management personnel responsible for delivering each segment’s services. Such services are rendered pursuant to discrete contracts, specific to each reportable segment. The Company’s accounting policies for the segments are generally the same as described in the Company’s significant accounting policies. Differences between the reportable segments’ operating results and other disclosed data and the information in the consolidated financial statements relate primarily to corporate level transactions and recording of transactions at the reportable segment level using other than generally accepted accounting principles. There are certain inventories and supplies that are primarily expensed when incurred within the operating segments, while they are capitalized in the consolidated financial statements. In addition, most corporate expenses such as corporate salary and benefit costs, certain legal costs, debt expense, information technology costs, depreciation, amortization of finite-lived intangible assets, share based compensation costs and other corporate-specific costs, are not fully allocated to the operating segments. There are also allocations for workers’ compensation and general liability expense within the operating segments that differ from the actual expense recorded by the Company under U.S. GAAP. Segment amounts disclosed are prior to elimination entries made in consolidation.
1.Primarily represents corporate office costs and related overhead, recording of certain inventories and supplies and workers compensation costs at the reportable segment level which use accounting methods that differ from those used at the corporate level, as well as consolidated subsidiaries’ operating expenses that are not allocated to the reportable segments, net of investment and other income and interest expense.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 9—Fair Value Measurements The Company’s current assets and current liabilities are financial instruments and most of these items (other than marketable securities and inventories) are recorded at cost in the Consolidated Balance Sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. The carrying value of the Company’s line of credit represents the outstanding amount of the borrowings, which approximates fair value. The Company’s financial assets that are measured at fair value on a recurring basis are its marketable securities and deferred compensation funding. The recorded values of all of the financial instruments approximate their current fair values because of their nature, stated interest rates and respective maturity dates or durations. The Company’s marketable securities consist of tax-exempt municipal bonds, which are classified as available-for-sale and are reported at fair value. Unrealized gains and losses associated with these investments are included in other comprehensive income (net of tax) within the Consolidated Statements of Comprehensive Income. The fair value of these marketable securities is classified within Level 2 of the fair value hierarchy, as these securities are measured using quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable. Such valuations are determined by a third-party pricing service. For the three months ended March 31, 2020 and 2019, the Company recorded unrealized losses of $0.5 million and unrealized gains of $1.4 million on marketable securities, respectively. For the three months ended March 31, 2020 and 2019, the Company received total proceeds, less the amount of interest received, of $1.8 million and $3.5 million, respectively, from sales of available-for-sale municipal bonds. For the three months ended March 31, 2020 and 2019, these sales resulted in realized losses of less than $0.1 million and realized gains of less than $0.1 million, respectively, which were recorded in “Other income – Investment and other income, net” in the Consolidated Statements of Comprehensive Income. The basis for the sale of these securities was the specific identification of each bond sold during the period. The investments under the funded deferred compensation plan are accounted for as trading securities and unrealized gains or losses are included in earnings. The fair value of these investments are determined based on quoted market prices (Level 1). For the three months ended March 31, 2020 and 2019, the Company’s recognized unrealized losses of $5.8 million and unrealized gains of $3.4 million, respectively, related to equity securities still held at the respective reporting dates. The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of March 31, 2020 and December 31, 2019:
1.The fair value of the money market fund is based on the net asset value (“NAV”) of the shares held by the plan at the end of the period. The money market fund includes short-term United States dollar denominated money market instruments and the NAV is determined by the custodian of the fund. The money market fund can be redeemed at its NAV at the measurement date as there are no significant restrictions on the ability to sell this investment.
The following table summarizes the contractual maturities of debt securities held at March 31, 2020 and December 31, 2019, which are classified as marketable securities in the Consolidated Balance Sheets:
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Changes in Accumulated Other Comprehensive Income by Component |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | Note 5—Changes in Accumulated Other Comprehensive Income by Component Accumulated other comprehensive income consists of unrealized gains and losses from the Company’s available-for-sale marketable securities. The following table provides a summary of the changes in accumulated other comprehensive income for the three months ended March 31, 2020 and 2019:
1.All amounts are net of tax 2.Realized gains and losses were recorded pre-tax under “Investment and other income” in the Consolidated Statements of Comprehensive Income. For the three months ended March 31, 2020, the Company recorded less than $0.1 million of realized losses from the sale of available-for-sale securities. For the three months ended March 31, 2019, the Company recorded less than $0.1 million of realized gains from the sale of available-for-sale securities. Refer to Note 9—Fair Value Measurements herein for further information. 3.For the three months ended March 31, 2020, the changes in other comprehensive income were net of a tax benefit of $0.1 million. For the three months ended March 31, 2019, the changes in other comprehensive income were net of a tax expense of $0.4 million.
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Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Amortization Expense For Intangibles Subject To Amortization | The following table sets forth the estimated amortization expense for intangibles subject to amortization for the remainder of 2020, the following five fiscal years and thereafter:
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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, current | $ 87,453 | $ 45,726 |
Accumulated amortization of other intangible assets | 20,342 | 19,300 |
Allowance for doubtful accounts, noncurrent | $ 4,827 | $ 6,667 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 75,725,000 | 75,557,000 |
Common stock outstanding (in shares) | 74,416,000 | 74,149,000 |
Common stock in treasury (in shares) | 1,309,000 | 1,408,000 |
Statement of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||
Dividend paid and accrued (in dollars per share) | $ 0.20125 | $ 0.20 |
Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information of Reportable Segments |
1.Primarily represents corporate office costs and related overhead, recording of certain inventories and supplies and workers compensation costs at the reportable segment level which use accounting methods that differ from those used at the corporate level, as well as consolidated subsidiaries’ operating expenses that are not allocated to the reportable segments, net of investment and other income and interest expense.
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Revenue - Additional Information (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 449,150,000 | $ 476,111,000 | |
Renewal term | 1 year | ||
Contract liabilities | $ 0 | $ 0 | |
Description of timing | The Company’s contracts with customers typically provide for an initial term of one year, with renewable one year service terms, cancellable by either party upon 30 to 90 days’ notice after an initial period of 60 to 120 days.At March 31, 2020, the Company had $612.9 million related to performance obligations that were unsatisfied or partially unsatisfied for which the Company expects to recognize revenue. The Company expects to recognize revenue on approximately 25.6% of the remaining performance obligations over the next 12 months, with the balance to be recognized thereafter. These amounts exclude variable consideration primarily related to performance obligations that consists of a series of distinct service periods with revenues based on future performance that cannot be estimated at contract inception. The Company also has elected to apply the practical expedient that permits exclusion of information about the remaining performance obligations with original expected durations of one year or less. | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Cancellation notice period | 30 days | ||
Initial period preceding cancellation notice | 60 days | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Cancellation notice period | 90 days | ||
Initial period preceding cancellation notice | 120 days | ||
Housekeeping | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 224,293,000 | $ 233,134,000 | |
Percent of revenue | 49.90% | 49.00% | |
Dietary | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 224,857,000 | $ 242,977,000 | |
Percent of revenue | 50.10% | 51.00% |
Share-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense charged against income | $ 1,973 | $ 1,838 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense charged against income | 521 | 664 |
Restricted stock and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense charged against income | 1,301 | 992 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense charged against income | $ 151 | $ 182 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Fair Value Disclosures [Abstract] | ||
Unrealized (loss) gain on available-for-sale marketable securities, net of taxes | $ (533) | $ 1,416 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proceeds from available for sale municipal bonds | 1,757 | 3,539 |
Realized loss (less than $0.1 million for 2020) | 100 | |
Realized gain (less than $0.1 million for 2019) | 100 | |
Unrealized losses related to equity securities | (5,800) | |
Unrealized gains related to equity securities | 3,400 | |
Municipal bonds — available-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proceeds from available for sale municipal bonds | 1,800 | 3,500 |
Realized loss (less than $0.1 million for 2020) | $ 100 | |
Realized gain (less than $0.1 million for 2019) | $ 100 |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Lease, Cost [Abstract] | ||
Operating lease cost | $ 1,355 | $ 1,214 |
Short-term lease cost | 129 | 221 |
Variable lease cost | 146 | 153 |
Total lease cost | 1,630 | 1,588 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,380 | $ 1,307 |
Weighted-average remaining lease term — operating leases | 5 years 10 months 24 days | 6 years 10 months 24 days |
Weighted-average discount rate — operating leases | 4.70% | 4.70% |
Other Contingencies (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Short-term Debt [Line Items] | ||
Bank line of credit | $ 475,000,000 | |
Borrowings under line of credit | 50,000,000 | $ 10,000,000 |
Reduction of bank line of credit | 64,900,000 | |
Amount available under line of credit | 360,100,000 | |
Standby Letter Of Credit | ||
Short-term Debt [Line Items] | ||
Irrevocable standby letter of credit, outstanding | $ 64,900,000 | |
LIBOR | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 1.15% | |
Prime Rate or Overnight Bank Funding Rate | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 0.50% |
Stock-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Note 10—Shared-Based Compensation The components of the Company’s shared-based compensation expense for the three months ended March 31, 2020 and 2019 are as follows:
1.Share-based compensation expense is recorded in cost of services and selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Income. At March 31, 2020, the unrecognized compensation cost related to unvested stock options and awards was $22.4 million. The weighted average period over which these awards will vest is approximately 3.4 years. 2012 Equity Incentive Plan The Company’s Second Amended and Restated 2012 Equity Incentive Plan (the “Plan”) provides that current or prospective officers, employees, non-employee directors and advisors can receive share-based awards such as stock options, restricted stock, restricted stock units and other stock awards. The Plan seeks to promote the highest level of performance by providing an economic interest in the long-term success of the Company. As of March 31, 2020, 3.1 million shares of common stock were reserved for issuance under the Plan, including 0.3 million shares available for future grant. No stock award will have a term in excess of 10 years. All awards granted under the Plan become vested and exercisable ratably over a year period on each yearly anniversary of the grant date. The Nominating, Compensation and Stock Option Committee of the Board of Directors is responsible for determining the terms of the grants in accordance with the Plan. Stock Options A summary of stock options outstanding under the Plan as of December 31, 2019 and changes during the three months ended March 31, 2020 is as follows:
The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2020 and 2019 was $4.62 and $8.18 per common share, respectively. The total intrinsic value of stock options exercised during the three months ended March 31, 2020 and 2019 was $0.8 million and $0.9 million, respectively. The fair value of stock option awards granted in 2020 and 2019 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
The following table summarizes other information about the stock options at March 31, 2020:
Restricted Stock Units and Restricted Stock The fair value of outstanding restricted stock units and restricted stock was determined based on the market price of the shares on the date of grant. During the three months ended March 31, 2020, the Company granted 0.3 million restricted stock units with a weighted average grant date fair value of $24.43 per unit. During the three months ended March 31, 2019, the Company granted 0.2 million restricted stock units with a weighted average grant date fair value of $40.49 per unit. During the three months ended March 31, 2020 and 2019, the Company did not grant any restricted stock. A summary of the outstanding restricted stock units and restricted stock as of December 31, 2019 and changes during the three months ended March 31, 2020 is as follows:
Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan ("ESPP") is currently available through 2021 to all eligible employees. All full-time and part-time employees who work an average of 20 hours per week and have completed two years of continuous service with the Company are eligible to participate. Annual offerings commence and terminate on the respective year’s first and last calendar day. Under the ESPP, the Company is authorized to issue up to 4.1 million shares of its common stock to its employees. Pursuant to such authorization, there are 2.1 million shares available for future grant at March 31, 2020. The expense associated with the options granted under the ESPP during the three months ended March 31, 2020 and 2019 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Deferred Compensation Plan The Company offers a Supplemental Executive Retirement Plan (“SERP”) for executives and certain key employees. The SERP allows participants to defer a portion of their earned income on a pre-tax basis and as of the last day of each plan year, each participant will be credited with a match of a portion of their deferral in the form of the Company’s common stock based on the then-current market value. Under the SERP, the Company is authorized to issue 1.0 million shares of its common stock to its employees. Pursuant to such authorization, the Company has 0.4 million shares available for future grant at March 31, 2020. At the time of issuance, such shares are accounted for at cost as treasury stock. The following table summarizes information about the SERP during the three months ended March 31, 2020 and 2019:
1.Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.
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Property and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Note 6—Property and Equipment Property and equipment are recorded at cost. Depreciation is recorded over the estimated useful life of each class of depreciable asset, and is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated asset life or term of the lease. Repairs and maintenance costs are charged to expense as incurred. The following table sets forth the amounts of property and equipment by each class of depreciable asset as of March 31, 2020 and December 31, 2019:
1.Upon the adoption of ASC 842 the Company recognized right-of-use assets pertaining to leases in Property and Equipment, net. 2.Includes furniture and fixtures, leasehold improvements and autos and trucks including auto leases. Depreciation expense for the three months ended March 31, 2020 and 2019 was $2.5 million and $2.4 million, respectively. Of the depreciation expense recorded for the three months ended March 31, 2020 and 2019, $1.4 million and $1.2 million related to the depreciation of the Company’s operating lease - right-of-use assets ("ROU Assets"), respectively.
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | Components of lease expense required by ASC 842 are presented below for the three months ended March 31, 2020 and 2019.
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Supplemental Information Required by ASC 842 | Supplemental information required by ASC 842 is presented below for the three months ended March 31, 2020 and 2019.
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Schedule of Future Minimum Lease Payments | The following is a schedule by calendar year of future minimum lease payments under operating leases that have remaining terms as of March 31, 2020:
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Dividends (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Payable | During the three months ended March 31, 2020, the Company paid regular quarterly cash dividends totaling approximately $15.0 million as follows:
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Schedule of Dividends Payable on Outstanding Weighted Average Number of Basic Common Shares | Cash dividends declared for the periods presented were as follows:
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Fair Value Measurements - Marketable Securities and Deferred Compensation Fund Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 90,497 | $ 90,711 |
Deferred compensation fund | 30,008 | 37,247 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 28,856 | 34,622 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,152 | 2,625 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 30,008 | 37,247 |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 30,008 | 37,247 |
Municipal bonds — available-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 90,497 | 90,711 |
Municipal bonds — available-for-sale | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Municipal bonds — available-for-sale | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 90,497 | 90,711 |
Municipal bonds — available-for-sale | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Municipal bonds — available-for-sale | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 90,497 | 90,711 |
Municipal bonds — available-for-sale | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 90,497 | 90,711 |
Money Market | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Money Market | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,152 | 2,625 |
Money Market | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Money Market | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,152 | 2,625 |
Money Market | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,152 | 2,625 |
Balanced and Lifestyle | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 8,250 | 10,294 |
Balanced and Lifestyle | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Balanced and Lifestyle | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Balanced and Lifestyle | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 8,250 | 10,294 |
Balanced and Lifestyle | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 8,250 | 10,294 |
Large Cap Growth | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 10,040 | 11,369 |
Large Cap Growth | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Large Cap Growth | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Large Cap Growth | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 10,040 | 11,369 |
Large Cap Growth | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 10,040 | 11,369 |
Small Cap Growth | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 2,935 | 4,120 |
Small Cap Growth | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Small Cap Growth | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Small Cap Growth | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 2,935 | 4,120 |
Small Cap Growth | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 2,935 | 4,120 |
Fixed Income | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 3,977 | 4,072 |
Fixed Income | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Fixed Income | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Fixed Income | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 3,977 | 4,072 |
Fixed Income | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 3,977 | 4,072 |
International | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,496 | 1,932 |
International | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
International | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
International | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,496 | 1,932 |
International | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 1,496 | 1,932 |
Mid Cap Growth | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 2,158 | 2,835 |
Mid Cap Growth | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Mid Cap Growth | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 0 | 0 |
Mid Cap Growth | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | 2,158 | 2,835 |
Mid Cap Growth | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation fund | $ 2,158 | $ 2,835 |
Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands |
Mar. 31, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
April 1 to December 31, 2020 | $ 4,131 |
2021 | 4,390 |
2022 | 3,137 |
2023 | 1,274 |
2024 | 1,295 |
2025 | 1,311 |
Thereafter | 4,204 |
Total minimum lease payments | $ 19,742 |
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 22.4 | |
Period of expense of unrecognized compensation cost, years | 3 years 4 months 24 days | |
Common stock reserved for future issuance (in shares) | 3,100,000 | |
Shares available for future grant (in shares) | 300,000 | |
Maximum term of grants | 10 years | |
Options vested and exercisable, period | 5 years | |
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 4.62 | $ 8.18 |
Aggregate intrinsic value of stock options exercised | $ 0.8 | $ 0.9 |
Average weekly hours of work | 20 hours | |
SERP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized for issuance (in shares) | 1,000,000.0 | |
Remaining shares authorized for issuance (in shares) | 400,000 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted (in shares) | 300,000 | 200,000 |
Weighted average grant date fair value of restricted stock granted (in dollars per share) | $ 24.43 | $ 40.49 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted (in shares) | 0 | 0 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Requisite service period for plan participation eligibility | 2 years | |
Stock options authorized to issue to employees (in shares) | 4,100,000 | |
Shares authorized for issuance (in shares) | 2,100,000 |
Earnings Per Common Share - Schedule Anti-dilutive Outstanding Equity Awards Under Share Based Compensation Plans (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Earnings Per Share [Abstract] | ||
Anti-dilutive (in shares) | 2,090 | 1,146 |
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