0001171200-18-000227.txt : 20181026 0001171200-18-000227.hdr.sgml : 20181026 20181026120141 ACCESSION NUMBER: 0001171200-18-000227 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181026 DATE AS OF CHANGE: 20181026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROLLINS INC CENTRAL INDEX KEY: 0000084839 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TO DWELLINGS & OTHER BUILDINGS [7340] IRS NUMBER: 510068479 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04422 FILM NUMBER: 181140955 BUSINESS ADDRESS: STREET 1: 2170 PIEDMONT RD NE CITY: ATLANTA STATE: GA ZIP: 30324 BUSINESS PHONE: 4048882000 MAIL ADDRESS: STREET 1: 2170 PIEDMONT ROAD NE CITY: ATLANTA STATE: GA ZIP: 30324 10-Q 1 i18372_rol-10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

     
     

FORM 10–Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

 

Commission File Number 1-4422

ROLLINS, INC.

(Exact name of registrant as specified in its charter)

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

 

2170 Piedmont Road, N.E., Atlanta, Georgia

(Address of principal executive offices)

 

30324

(Zip Code)

 

(404) 888-2000

(Registrant’s telephone number, including area code)

     

 

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

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

 

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

Large accelerated filer      x Accelerated filer o
Non-accelerated filer o Smaller reporting company      o
    Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

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

Yes o No x  

 

Rollins, Inc. had 218,212,261 shares of its $1 par value Common Stock outstanding as of October 16, 2018.

 
 

ROLLINS, INC. AND SUBSIDIARIES

 

PART 1 FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(in thousands except share data)

   September 30,   December 31, 
   2018   2017 
   (Unaudited)     
ASSETS          
Cash and cash equivalents  $118,652   $107,050 
Trade receivables, net of allowance for doubtful accounts of $13,080 and $11,814, respectively   122,375    97,802 
Financed receivables, short-term, net of allowance for doubtful accounts of $1,691 and $1,535, respectively   20,384    17,263 
Materials and supplies   16,093    14,983 
Other current assets   25,576    25,697 
Total current assets   303,080    262,795 
Equipment and property, net   136,857    134,088 
Goodwill   365,480    346,514 
Customer contracts   185,477    152,869 
Trademarks & tradenames   53,850    49,998 
Other intangible assets   11,587    11,550 
Financed receivables, long-term, net of allowance for doubtful accounts of $1,416 and $1,357, respectively   26,882    20,414 
Prepaid Pension   19,522    17,595 
Deferred income taxes   5,863    18,420 
Other assets   20,975    19,420 
Total assets  $1,129,573   $1,033,663 
LIABILITIES          
Accounts payable   29,991    26,161 
Accrued insurance   27,722    28,018 
Accrued compensation and related liabilities   73,829    73,016 
Unearned revenues   123,916    109,029 
Other current liabilities   53,923    58,345 
Total current liabilities   309,381    294,569 
Accrued insurance, less current portion   33,883    34,245 
Accrued pension   58     
Long-term accrued liabilities   51,493    50,925 
Total liabilities   394,815    379,739 
Commitments and contingencies        
STOCKHOLDERS’ EQUITY          
Preferred stock, without par value; 500,000 shares authorized, zero shares issued        
Common stock, par value $1 per share; 375,000,000 shares authorized, 218,212,261 and 217,992,177 shares issued and outstanding, respectively   218,212    217,992 
Paid in capital   81,682    81,405 
Accumulated other comprehensive loss   (54,637)   (45,956)
Retained earnings   489,501    400,483 
Total stockholders’ equity   734,758    653,924 
Total liabilities and stockholders’ equity  $1,129,573   $1,033,663 

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

2
 

ROLLINS, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

(in thousands per except share data)

(unaudited)

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2018   2017   2018   2017 
REVENUES                    
Customer services  $487,739   $450,442   $1,376,942   $1,259,244 
COSTS AND EXPENSES                    
Cost of services provided   236,287    218,781    673,202    612,424 
Depreciation and amortization   16,867    14,313    50,149    41,630 
Sales, general and administrative   145,072    134,932    414,938    379,753 
Gain on sale of assets, net   (314)   (66)   (678)   (179)
Interest income, net   (63)   (79)   70    (342)
INCOME BEFORE INCOME TAXES   89,890    82,561    239,261    225,958 
PROVISION FOR INCOME TAXES   23,262    31,131    58,566    80,569 
NET INCOME  $66,628   $51,430   $180,695   $145,389 
NET INCOME PER SHARE - BASIC AND DILUTED  $0.31   $0.24   $0.83   $0.67 
DIVIDENDS PAID PER SHARE  $0.14   $0.12   $0.42   $0.35 
Weighted average participating shares outstanding - basic and diluted   218,214    217,988    218,188    217,987 

 

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

3
 

ROLLINS, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

(in thousands)

(unaudited)

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2018   2017   2018   2017 
NET INCOME  $66,628   $51,430   $180,695   $145,389 
Other comprehensive (loss) earnings, net of tax                    
Foreign currency translation adjustments   (611)   4,085    (8,681)   10,474 
Other comprehensive (loss) earnings   (611)   4,085    (8,681)   10,474 
Comprehensive earnings  $66,017   $55,515   $172,014   $155,863 

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

4
 

ROLLINS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Rollins, Inc. and Subsidiaries

(In thousands) (unaudited)

   Common Stock       Accumulated Other         
           Paid-in-   Comprehensive   Retained     
   Shares   Amount   capital   income/ (loss)   Earnings   Total 
Balance at December 31, 2016   217,792   $217,792   $77,452    (70,075)  $343,376   $568,545 
Net Income                     179,124    179,124 
Other comprehensive income, net of tax                              
Pension Liability Adjustments               14,159        14,159 
Foreign currency translation adjustments               9,960        9,960 
Cash dividends                   (122,017)   (122,017)
Stock compensation   434    434    11,965            12,399 
Employee stock buybacks   (234)   (234)   (8,012)           (8,246)
Balance at December 31, 2017   217,992    217,992    81,405    (45,956)   400,483    653,924 
Net Income                     180,695    180,695 
Other comprehensive income, net of tax                             
Foreign currency translation adjustments               (8,681)      (8,681)
Cash dividends                   (91,677)   (91,677)
Stock compensation   409    409    9,621            10,030 
Employee stock buybacks   (189)   (189)   (9,344)           (9,533)
Balance at September 30, 2018   218,212   218,212   81,682    (54,637)  489,501   734,758 

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

5
 

ROLLINS, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

(in thousands)

(unaudited)

   Nine Months Ended
September 30,
 
   2018   2017 
OPERATING ACTIVITIES          
Net income  $180,695   $145,389 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   50,149    41,630 
Provision for deferred income taxes   4,604    9,386 
Provision for bad debts   9,509    7,222 
Stock - based compensation expense   10,030    9,406 
Other, net   (1,920)   (728)
Changes in operating assets and liabilities   (39,793)   (22,918)
Net cash provided by operating activities   213,274    189,387 
INVESTING ACTIVITIES          
Cash used for acquisitions of companies, net of cash acquired   (71,785)   (127,881)
Purchases of equipment and property   (19,645)   (17,217)
Proceeds from sales of franchises   343    437 
Other   1,002    67 
Net cash used in investing activities   (90,085)   (144,594)
FINANCING ACTIVITIES          
Cash paid for common stock purchased   (9,533)   (8,193)
Dividends paid   (91,677)   (75,182)
Net cash used in financing activities   (101,210)   (83,375)
Effect of exchange rate changes on cash   (10,377)   9,194 
Net increase/(decrease) in cash and cash equivalents   11,602    (29,388)
Cash and cash equivalents at beginning of period   107,050    142,785 
Cash and cash equivalents at end of period  $118,652   $113,397 

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

6
 

ROLLINS, INC. AND SUBSIDIARIES

 

NOTE 1.          BASIS OF PREPARATION AND OTHER

 

Basis of Preparation -The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (the “Company”) for the year ended December 31, 2017 other than updates related to Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (ASC 606) as noted below. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2017 Annual Report on Form 10-K.

 

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

 

In the opinion of management, all adjustments necessary for a fair presentation of the Company’s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three and nine month periods ended September 30, 2018 are not necessarily indicative of results for the entire year.

 

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

 

NOTE 2.          RECENT ACCOUNTING PRONOUNCEMENTS

Revenue

Service Revenue and Other Revenue

Rollins’ revenues are sourced primarily from the sale of pest control and other protection services to residential and commercial consumers.

Revenue Recognition

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, each of which are distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Goods and Services and Performance Obligations

The Company contracts with its customers to provide the following goods and services, each of which is a distinct performance obligation:

Pest control services - Rollins provides pest control services to protect residential and commercial properties from common pests, including rodents and insects. Pest control generally consists of assessing a customer’s property for conditions that invite pests, tackling current infestations, and stopping the life cycle to prevent future invaders. Revenue from pest control services is recognized as services are rendered.

7
 

ROLLINS, INC. AND SUBSIDIARIES

 

The Company’s revenue recognition policies are designed to recognize revenues upon satisfaction of the performance obligation at the time services are performed. For certain revenue types, because of the timing of billing and the receipt of cash versus the timing of performing services, certain accounting estimates are utilized. Residential and commercial pest control services are primarily recurring in nature on a monthly, bi-monthly or quarterly basis, while certain types of commercial customers may receive multiple treatments within a given month. In general, pest control customers sign an initial one-year contract, and revenues are recognized at the time services are performed. The Company defers recognition of advance payments and recognizes the revenue as the services are rendered. The Company classifies discounts related to the advance payments as a reduction in revenues.

Termite control services (including traditional and baiting) - Rollins provides both conventional and baiting termite protection services. Traditional termite protection uses “Termidor” liquid treatment and/or dry foam and Orkin foam to treat voids and spaces around the property, while baiting termite protection uses baits to disrupt the molting process termites require for growth and offers ongoing protection. Revenue from initial termite treatment services is recognized as services are provided.

Maintenance/monitoring/inspection - In connection with the initial service offerings, Rollins provides recurring maintenance, monitoring or inspection services to help protect consumer’s property for any future sign of termite activities after the original treatment. This recurring service is a service-type warranty under ASC 606 as it is routinely sold and purchased separately from the initial treatment services and is typically purchased or renewed annually.

Termite baiting revenues are recognized based on the transfer of control of the individual units of accounting. At the inception of a new baiting services contract, upon quality control review of the installation, the Company recognizes revenue for the installation of the monitoring stations, initial directed liquid termiticide treatment and servicing of the monitoring stations. A portion of the contract amount is deferred for the undelivered monitoring element. This portion is recognized as income on a straight-line basis over the remaining contract term, which results in recognition of revenue that depicts the Company’s performance in transferring control of the service. The allocation of the purchase price to the two deliverables is based on the relative stand-alone selling price. There are no contingencies related to the delivery of additional items or meeting other specified performance conditions. Baiting renewal revenue is deferred and recognized over the annual contract period on a straight-line basis that depicts the Company’s performance in transferring control of the service.

Revenue received for conventional termite renewals is deferred and recognized on a straight-line basis over the remaining contract term that depicts the Company’s performance in transferring control of the service; and, the cost of reinspections, reapplications and repairs and associated labor and chemicals are expensed as incurred. For outstanding claims, an estimate is made of the costs to be incurred (including legal costs) based upon current factors and historical information. The performance of reinspections tends to be close to the contract renewal date and while reapplications and repairs involve an insubstantial number of the contracts, these costs are incurred over the contract term. As the revenue is being deferred, the future cost of reinspections, reapplications and repairs and associated labor and chemicals applicable to the deferred revenue are expensed as incurred. The Company accrues for noticed claims. The costs of providing termite services upon renewal are compared to the expected revenue to be received and a provision is made for any expected losses.

Miscellaneous services (e.g., cleaning, etc.) - In certain agreements with customers, Rollins may offer other miscellaneous services, including restroom cleaning (e.g., eliminating foul odors, grease and grime which could attract pests), training (e.g., seminars covering good manufacturing practices and product stewardship), etc. Revenue from miscellaneous services is recognized when services are provided.

Products - Depending on customer demand, Rollins may separately sell pest control and/or termite protection products, such as baits. Revenue from product sales is recognized upon transfer of control of the asset.

Equipment rental (or lease) - Depending on customer demand, Rollins may lease certain pest control and/or termite protection equipment. Revenue from equipment rentals are recognized over the period of the rental/lease. Revenue from equipment rentals are not material and represent less than 1.0% of the Company’s revenues for each reported period.

Right to access intellectual property (Franchise) - The right to access Rollins’ intellectual property is an essential part of Orkin’s franchising agreements. These agreements provide the franchisee (the customer) a license to use the Rollins’ name and trademark when advertising and selling services to end customers in their normal course of business. Orkin Franchise agreements contain a clause allowing Orkin to purchase certain assets of the franchisee. This is only an offer for Orkin to repurchase the assets originally provided by Orkin to the franchisee and is not a performance obligation or a form of consideration. International and domestic franchising revenue was less than 1.0% of the Company’s annual revenues.

8
 

ROLLINS, INC. AND SUBSIDIARIES

 

All Orkin domestic franchises have a guaranteed repurchase clause that the Orkin franchise may be repurchased by Orkin at a later date once it has been established. The Company amortizes the initial franchise fee over the initial franchise term. Deferred Orkin franchise fees of $1.7 million at September 30, 2018 and $3.4 million December 31, 2017 were not material to the Company’s financial statements.

Royalties from Orkin franchises are accrued and recognized as revenues are earned on a monthly basis. Revenue from Orkin franchises was $2.0 million for the three month period ended September 30, 2018 and $1.5 million for the same period in 2017 and $7.0 million and $4.1 million for the nine month periods ended in September 30, 2018 and 2017, respectively.

Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. We record revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. The balance of long-term accounts receivable, net of allowance for doubtful accounts, was $26.9 million as of September 30, 2018. As of December 31, 2017, long-term accounts receivable, net of allowance for doubtful accounts, was $20.4 million and is included in financed receivables as a long-term asset on our consolidated statements of financial position.

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Activity in the allowance for doubtful accounts was as follows:

(In thousands)
Balance at December 31, 2017  $14,706 
Charged to costs and expenses   9,509 
Net (write-offs)/recoveries   (8,028)
Balance at September 30, 2018  $16,187 

Unearned revenue is comprised mainly of unearned revenue related to the Company’s termite baiting offering and year-in-advance pest control services for which we have been paid in advance and earn the revenue when we transfer control of the product or service.

Refer to Note 7 - Unearned Revenue for further information, including changes in unearned revenue during the period.

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing.

Practical Expedients and Exemptions

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

9
 

ROLLINS, INC. AND SUBSIDIARIES

 

Recently issued accounting standards to be adopted in 2018 or later

In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.

 

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (ASC 815), which provides new guidance intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This ASU is effective for the Company beginning in fiscal year 2020. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

NOTE 3.          REVENUE

Adoption of ASC 606, “Revenue from Contracts with Customers”. On January 1, 2018, and the Company adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2017. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.

There was no material impact on the Company’s financial statements as a result of adopting ASC 606 for the nine months ended September 30, 2018 and 2017, or the twelve months ended December 31, 2017.

The following tables present our revenues disaggregated by revenue source (in thousands, unaudited).

Sales and usage-based taxes are excluded from revenues. No sales to an individual customer or in a country other than the United States accounted for more than 10% of the sales for the periods listed on the following table. Revenue, classified by the major geographic areas in which our customers are located, was as follows:

   (In thousands) 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2018   2017   2018   2017 
United States  $448,910   $414,278   $1,268,652   $1,160,157 
Other countries   38,829    36,164    108,290    99,087 
Total Revenues  $487,739   $450,442   $1,376,942   $1,259,244 

 

Revenue from external customers, classified by significant product and service offerings, was as follows:

   (In thousands) 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2018   2017   2018   2017 
Residential contract revenue  $183,512   $165,878   $496,957   $449,474 
Commercial contract revenue   141,309    133,761    410,227    387,767 
Termite completions, bait monitoring, & renewals   83,136    74,929    253,501    221,531 
Other revenues   80,782    75,874    216,257    200,472 
Total Revenues  $488,739   $450,442   $1,376,942   $1,259,244 
10
 

ROLLINS, INC. AND SUBSIDIARIES

 

NOTE 4.          EARNINGS PER SHARE

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

 

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

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2018   2017   2018   2017 
Basic and diluted earnings per share                    
Common stock  $0.31   $0.24   $0.83   $0.67 
Restricted shares of common stock  $0.30   $0.23   $0.85   $0.65 

NOTE 5.          CONTINGENCIES

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

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

 

NOTE 6.          FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, notes receivable, accounts payable and other short-term liabilities. The carrying amounts of these financial instruments approximate their fair values.  The Company has a Revolving Credit Agreement with SunTrust Bank and Bank of America, N.A. for an unsecured line of credit of up to $175.0 million, which includes a $75.0 million letter of credit subfacility and a $25.0 million swingline subfacility. There were no outstanding borrowings at September 30, 2018 and December 31, 2017.  The Company remained in compliance with applicable debt covenants through the date of this filing and expects to maintain compliance through 2018.

 

NOTE 7.          UNEARNED REVENUE

Changes in unearned revenue were as follows:

(In Thousands)    
Year ended December 31, 2017     
Balance at December 31, 2016  $106,323 
Deferral of unearned revenue   140,019 
Recognition of unearned revenue   (128,728)
Balance at December 31, 2017  $117,614 
      
Nine months ended September 30, 2018     
Balance at December 31, 2017  $117,614 
Deferral of unearned revenue   134,527 
Recognition of unearned revenue   (117,297)
Balance at September 30, 2018  $134,844 

Deferred revenue recognized in the three months ended September 30, 2018 and 2017 was $39.0 million and $36.3 million, respectively, and was $117.3 million and $101.7 million for the nine month period ended September 30, 2018 and 2017, respectively.

11
 

ROLLINS, INC. AND SUBSIDIARIES

 

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (“contracted not recognized revenue”), which includes both unearned revenue and revenue that will be invoiced and recognized in future periods. The Company has no material contracted not recognized revenue as of September 30, 2018 or December 31, 2017.

At September 30, 2018 and December 31, 2017, the Company had long-term unearned revenue of $10.9 million and $8.6 million, respectively. Unearned short-term revenue is recognized over the next 12 month period. The majority of unearned long-term revenue is recognized over a period of five years or less with immaterial amounts recognized through 2025.

 

NOTE 8.          STOCKHOLDERS’ EQUITY

During the nine months ended September 30, 2018, the Company paid $91.7 million or $0.42 per share in cash dividends compared to $75.2 million or $0.35 per share during the same period in 2017.

During the first nine months ended September 30, 2018 and during the same period in 2017 the Company did not repurchase shares on the open market.

The Company repurchases shares from employees for the payment of taxes on restricted shares that have vested. The Company repurchased $0.2 million and $0.5 million of common stock for the quarter ended September 30, 2018 and during the same period in 2017, respectively, and $9.5 million and $8.2 million for the nine months ended September 30, 2018 and 2017, respectively.

As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, time-lapse restricted shares and restricted stock units have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. At September 30, 2018, approximately 6.0 million shares of the Company’s common stock were reserved for issuance.

Time Lapse Restricted Shares and Restricted Stock Units

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

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands)  2018   2017   2018   2017 
Time lapse restricted stock:                    
Pre-tax compensation expense  $3,660   $3,049   $10,030   $9,406 
Tax benefit   (947)   (1,180)   (2,455)   (3,640)
Restricted stock expense, net of tax  $2,713   $1,869   $7,575   $5,766 

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2018:

   Number of
Shares
   Average Grant-
Date Fair Value
 
Unvested Restricted Stock at December 31, 2017   2,017   $24.49 
Forfeited   (19)   26.83 
Vested   (603)   19.40 
Granted   428    48.36 
Unvested Restricted Stock at September 30, 2018   1,823   $31.63 

At September 30, 2018 and December 31, 2017, the Company had $43.2 million and $32.9 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.1 years and 3.9 years, respectively.

12
 

ROLLINS, INC. AND SUBSIDIARIES

 

NOTE 9.          PENSION AND POST RETIREMENT BENEFIT PLANS

 

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

 

Components of Net Pension Benefit Gain

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands)  2018   2017   2018   2017 
Interest and service cost  $1,995   $2,138   $5,985   $6,414 
Expected return on plan assets   (3,443)   (3,342)   (10,329)   (10,026)
Amortization of net loss   826    830    2,478    2,490 
Net periodic benefit  $(622)  $(374)  $(1,866)  $(1,122)

 

During the nine months ended September 30, 2018 and the same period in 2017 the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2017. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2018.

 

The Company has initiated the process to transition its Pension Plan to an Insurance provider. The transition will take approximately 12-15 months.  The Company’s Pension Plan is currently more than 100% funded.

 

NOTE 10.        BUSINESS COMBINATIONS

 

The Company made 32 acquisitions during the nine month period ended September 30, 2018, and 23 acquisitions for the year ended December 31, 2017, respectively, some of which have been disclosed on various press releases and related Current Reports on Form 8-K.

 

On July 2, 2018, the Company acquired the stock of Aardwolf Pestkare (Singapore) Pte Ltd. This is Rollins’ first company-owned operation in Singapore.

 

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

   September 30,
2018
 
Accounts receivable  $3,422 
Materials & supplies   555 
Equipment and property   6,790 
Goodwill   21,055 
Customer contracts and other intangible assets   66,738 
Current liabilities   (19,011)
Other assets and liabilities, net   (2,535)
Total consideration paid  $77,014 
Less:  Contingent consideration liability   (5,229)
Total cash purchase price  $71,785 

 

Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $365.5 million and $346.5 million at September 30, 2018 and December 31, 2017, respectively. Goodwill generally changes due to the timing of acquisitions, finalization of allocation of purchase prices of previous acquisitions and foreign currency translations. The carrying amount of goodwill in foreign countries was $52.8 million at September 30, 2018 and $46.3 million at December 31, 2017.

13
 

ROLLINS, INC. AND SUBSIDIARIES

 

The Company completed its most recent annual impairment analysis as of September 30, 2018. Based upon the results of this analysis, the Company has concluded that no impairment of its goodwill or other intangible assets was indicated.

 

The carrying amount of customer contracts was $185.5 million and $152.9 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of trademarks and tradenames was $53.9 million and $50.0 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of other intangible assets was $11.6 million and $11.6 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of customer contracts in foreign countries was $43.4 million and $29.8 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of trademarks and tradenames in foreign countries was $3.3 million and $1.7 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of other intangible assets in foreign countries was $1.9 million and $1.7 million at September 30, 2018 and December 31, 2017, respectively.

 

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September 30, 2018 (in thousands):

Intangible Asset  Carrying Value   Useful Life in Years 
Customer contracts  $185,477    3-12 
Trademarks and tradenames   53,850    0 - 20 
Non-compete agreements   4,658    3-20 
Patents   2,137    3-15 
Other assets   2,565    10 
Internet domains   2,227    n/a 
Total customer contracts and other intangible assets  $250,914      

NOTE 11.        DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

 

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

Hedges of Foreign Exchange Risk

 

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

14
 

ROLLINS, INC. AND SUBSIDIARIES

 

The Company does not currently designate any of these foreign exchange forwards under hedge accounting, but rather reflects the changes in fair value immediately in earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign exchange rates. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were equal to a net loss of $0.1 million for the quarter ended September 30, 2018 and a net loss of $0.2 million for the same quarter in the prior year. Changes in the fair value of derivatives for the nine months ended September 30, 2018 and during the same period in 2017 were equal to a gain of $0.2 million and a net loss of $0.3 million, respectively. As of September 30, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):

Non-Designated Derivative Summary
   Number of Instruments   Sell Notional   Buy Notional 
FX Forward Contracts               
Sell AUD/Buy USD Fwd Contract   8   $1,050   $780 
Sell CAD/Buy USD Fwd Contract   10   $6,200   $4,786 
Total   18        $5,566 

 

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of September 30, 2018 and December 31, 2017 (in thousands):

   Tabular Disclosure of Fair Values of Derivative Instruments 
   Derivatives Asset   Derivative Liabilities 
       Fair Value as of:     
Derivatives Not Designated as Hedging Instruments   September 30,
2018
   December 31,
2017
   September 30,
2018
   December 31,
2017
 
FX Forward Contracts                
Balance Sheet Location  Other Assets   Other Assets   Other Current
Liabilities
   Other Current
Liabilities
 
Sell AUD/Buy USD Fwd Contract  $22   $   $2   $(9)
Sell CAD/Buy USD Fwd Contract   10        39    (61)
Total  $32   $   $41   $(70)

The table below presents the effect of the Company’s derivative financial instruments on the income statement as of September 30, 2018 and September 30, 2017 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated

as Hedging Instruments for the Three and Nine Months Ended September 30, 2018 and 2017

 

Derivatives Not Designated as
Hedging Instruments
  Location of Gain or (Loss)
Recognized in Income
  Amount of Gain or (Loss)
Recognized in Income
Three Months Ended
September 30,
   Amount of Gain or
(Loss) Recognized in
Income Nine Months
Ended September 30,
 
      2018   2017   2018   2017 
Sell AUD/Buy USD Fwd Contract  Other inc/(exp)  $9   $(11)  $47   $(29)
Sell CAD/Buy USD Fwd Contract  Other inc/(exp)   (81)   (224)   178    (319)
Total     $(72)  $(235)  $225   $(348)
                        

15
 

ROLLINS, INC. AND SUBSIDIARIES

 

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September 30, 2018 (in thousands):

Recurring Fair Value Measurements
   Quoted Prices in Active                         
   Markets for Identical   Significant Other   Significant Unobservable         
   Assets and Liabilities   Observable Inputs   Inputs     
   at September 30,   at September 30,   at September 30,   Total Fair Value 
   (Level 1)   (Level 2)   (Level 3)   at September 30, 
   2018   2017   2018   2017   2018   2017   2018   2017 
Assets                                        
Derivative Financial Instruments  $   $   $32   $   $   $   $32   $ 
Liabilities                                        
Derivative Financial Instruments  $   $   $(41)  $(153)  $   $   $(41)  $(153)

As of September 30, 2018, the fair value of derivatives in a net liability position was nine thousand dollars inclusive of counterparty credit risk. As of the balance sheet date, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2018, it could have been required to settle its obligations under the agreements at their termination value of nine thousand dollars.

NOTE 12.        SUBSEQUENT EVENTS

 

On October 23, 2018, the Company announced today that the Board of Directors has approved a three-for-two stock split of the Company’s common shares.

 

The split will be affected by issuing one additional share of common stock for every two shares of common stock held. The additional shares will be distributed on December 10, 2018, to stockholders of record at the close of business on November 9, 2018. Fractional share amounts resulting from the split will be paid to shareholders in cash. Dividends will be paid on pre-split shares.

 

In addition, the Company declared a regular quarterly cash dividend on its common stock of $0.14 per share plus a special year-end dividend of $0.14 per share both payable December 10, 2018 to stockholders of record at the close of business November 9, 2018.

 

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

 

On October 24, 2018, the Company reported its 50th consecutive quarter of improved revenue and earnings. The Company recorded third quarter revenues of $487.7 million, an increase of 8.3% over the prior year’s third quarter revenue of $450.4 million. Rollins’ net income increased 29.6% to $66.6 million or $0.31 per diluted share for the third quarter ended September 30, 2018, compared to $51.4 million or $0.24 per diluted share for the same period in 2017.

 

Rollins’ revenues rose 9.3% for the first nine months of 2018 to $1.377 billion compared to $1.259 billion for the prior year. Net income for the first nine months of 2018 was $180.7 million or $0.83 per diluted share, an increase of 24.3%, or $0.16 per diluted share compared to $145.4 million or $0.67 per diluted share for the same period last year.

 

On July 2, 2018, the Company announced that it had purchased the stock of Aardwolf Pestkare (Singapore) Pte Ltd. This acquisition is Rollins’ first company-owned operation in Singapore.

 

Rollins continued its solid financial performance generating $213.3 million in cash from operations year to date.

16
 

ROLLINS, INC. AND SUBSIDIARIES

 

Results of Operations:

THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2017

 

Revenue

Revenues for the third quarter ended September 30, 2018 increased $37.3 million or 8.3% to $487.7 million compared to $450.4 million for the third quarter ended September 30, 2017.  Growth occurred across all service lines. Approximately 3.2 percentage points of the 8.3% increase in revenues came from acquisitions while growth in customers and pricing made up the remaining 5.1 percentage points.

 

The Company has three primary service offerings: commercial pest control, residential pest control and termite, including ancillary services. During the third quarter ended September 30, 2018, commercial pest control revenue approximated 38% of the Company’s revenues, residential pest control approximated 44% of the Company’s revenues, and termite and ancillary service revenue approximated 17% of the Company’s revenues. Comparing third quarter 2018 to third quarter 2017, the Company’s commercial pest control revenue increased 5.7%, residential pest control revenue grew 9.2%, and termite and ancillary services revenue grew 11.0%. Foreign operations accounted for approximately 8% of total revenues during the third quarters of both 2018 and 2017, respectively.

 

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

Consolidated Net Revenues
(in thousands)
   2018   2017   2016 
First Quarter  $408,742   $375,247   $352,736 
Second Quarter   480,461    433,555    411,133 
Third Quarter   487,739    450,442    423,994 
Fourth Quarter       414,713    385,614 
Year ended December 31,  $1,376,942   $1,673,957   $1,573,477 

Cost of Services Provided

Cost of Services provided for the third quarter ended September 30, 2018 increased $17.5 million or 8.0% to $236.3 million, compared to $218.8 million the quarter ended September 30, 2017. Gross Margin for the quarter was 51.6%, up 0.2 percentage points from 51.4% prior years’ quarter. The quarter benefited from improved efficiencies in routing and scheduling technology, which helped reduce mileage and alleviate increased gasoline prices. The Company also experienced a decrease in insurance driven by actuarial reductions in the corporate reserve. Fleet expenses increased $1.8 million or 10.7% for the quarter driven by gasoline increases in cost per gallon and increased lease vehicle expense. Personnel related costs were up due to the improved 401(k) Company match and stock grants the Company announced earlier.

 

Depreciation and Amortization

Depreciation and Amortization expenses for the third quarter ended September 30, 2018 increased $2.6 million to $16.9 million, an increase of 17.8%. Depreciation increased $0.9 million due to acquisitions and equipment purchases while amortization of intangible assets increased $1.7 million due to amortization of customer contracts included in several acquisitions. These changes together reduced the Company’s earnings per share by approximately $0.06 per diluted share after taxes.

 

Sales, General and Administrative

Sales, General and Administrative Expenses for the third quarter ended September 30, 2018 increased $10.1 million or 7.5%, to $145.1 million or 29.7% of revenues, down 0.3 percentage points from $134.9 million or 30.0% of revenues for the third quarter ended September 30, 2017.  The decrease in the percent of revenue is due to lower administrative salaries and sales salaries, as well as lower advertising as percent of revenue, and reduced professional expenses as we finalize various projects.

17
 

ROLLINS, INC. AND SUBSIDIARIES

 

Income Taxes

Income Taxes for the third quarter ended September 30, 2018 decreased $7.9 million or 25.3% to $23.3 million from $31.1 million reported for third quarter ended September 30, 2017. The effective tax rate was 25.9% for the third quarter ended September 30, 2018 and 37.7% for the third quarter ended September 30, 2017. The decrease in the effective rate was primarily due to a reduction in the federal income tax rate enacted under the Tax Cuts and Jobs Act of 2017 (the Tax Act). The Tax Act has significant complexities and the Company, under Staff Accounting Bulletin 118, has made certain reasonable estimates that could be adjusted in future periods as required. Implementation guidance from the Internal Revenue Service, clarifications of state tax law and completion of the Company’s 2017 tax return filings could all impact these estimates. The Company does not believe potential adjustments in future periods would materially impact the Company’s financial condition or results of operations. Management believes that the corporate effective tax rate for 2018 will be in the mid 20% range.

 

NINE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2017

 

Revenue

Revenues for the nine months ended September 30, 2018 increased $117.7 million or 9.3% to $1.377 billion compared to $1.259 billion for the nine months ended September 30, 2017. The Company saw an increase in new sales leads received leading to increasing our customer base. Average price increased in most categories. Acquisitions contributed approximately 4.0% of revenues for the first nine months. The greater sales to new customers resulted in growth across all service lines.

 

Commercial pest control revenue approximated 38% of the Company’s revenues during the nine months ended September 30, 2018, residential pest control revenue approximated 42% of revenues, and termite and ancillary service revenues, made up approximately 18% of the Company’s revenues. The Company’s commercial pest control revenue increased 5.8%, residential pest control revenue grew 9.8%, and termite and ancillary services revenue grew 14.4%. Foreign operations accounted for approximately 8% of total revenues for the first nine months of both 2018 and 2017, respectively.

 

Cost of Services Provided

Cost of Services provided for the nine months ended September 30, 2018 increased $60.8 million or 9.9% to $673.2 million compared to $612.4 million for the nine months ended September 30, 2017. Gross margin decreased to 51.1% a decrease of 0.3 percentage points from 51.4% of revenues prior year-to-date. The year-to-date decrease in gross margin transpired as the Company increased its personnel related costs due to benefit enhancements in the first quarter that will continue throughout the year. Higher service and administrative salaries, fuel cost, lease vehicle expenses, materials and supplies, and higher maintenance and repairs expenses all had a negative impact. These were partially offset by better insurance and claims.

 

Depreciation and Amortization

Depreciation and Amortization expenses for the nine months ended September 30, 2018 increased $8.5 million to $50.1 million, an increase of 20.5%, increasing 0.3 percentage points as a percent of revenue to 3.6% of revenue compared to 3.3% of revenue the prior year. Depreciation increased due to acquisitions and equipment purchases. Amortization of intangible assets increased due to amortization of customer contracts purchased in various acquisitions. For the nine months period, depreciation and amortization decreased the Company’s earnings by $0.17 per share.

 

Sales, General and Administrative

Sales, General and Administrative (SG&A) expenses for the nine months ended September 30, 2018 increased $35.2 million or 9.3% to $414.9 million or 30.1% of revenues, from $379.8 million or 30.2% of revenues in the prior year period. The decrease in SG&A as a percentage of revenue was primarily due to lower sales salaries, lower advertising, and lower insurance costs. These were partially offset by higher personnel related cost due to our initiative to improve added employee benefit enhancements, higher fleet expenses and increase in bad debt expense.

 

Gain on Sale of assets, Net

Gain on sales of assets, net was a net gain of $0.7 million for the nine month period ended September 30, 2018, an increase of $0.5 million from $0.2 million for the nine months ended September 30, 2017 due to an increase in recognized net gains from the sale of Company owned vehicles and property in 2018 and 2017.

18
 

ROLLINS, INC. AND SUBSIDIARIES

 

Income Taxes

Income Taxes for the nine months ended September 30, 2018 decreased $22.0 million or 27.3% to $58.6 million from $80.6 million reported for nine months ended September 30, 2017. The effective tax rate was 24.5% for the nine months ended September 30, 2018 and 35.7% for the nine months ended September 30, 2017. The decrease in the effective rate was primarily due to a reduction in the federal income tax rate enacted under the Tax Cuts and Jobs Act of 2017 (the Tax Act). The Tax Act has significant complexities and the Company, under Staff Accounting Bulletin 118, has made certain reasonable estimates that could be adjusted in future periods as required. Implementation guidance from the Internal Revenue Service, clarifications of state tax law and completion of the Company’s 2017 tax return filings could all impact these estimates. The Company does not believe potential adjustments in future periods would materially impact the Company’s financial condition or results of operations. Management believes that the corporate effective tax rate for 2018 will be in the mid 20% range.

 

Liquidity and Capital Resources

The Company believes its current cash and cash equivalents balances, future cash flows expected to be generated from operating activities and available borrowings under its $175.0 million credit facility will be sufficient to finance its current operations and obligations, and fund expansion of the business for the foreseeable future. The Company’s operating activities generated net cash of $213.3 million and $189.4 million for the nine months ended September 30, 2018, and 2017, respectively. During the nine months ended September 30, 2018 and the same period in 2017, the Company made no contribution to its defined benefit retirement plans. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2018. The Company has initiated the process to transition its Pension Plan to an Insurance provider.  The transition will take approximately 12-15 months.  The Company’s Pension Plan is currently more than 100% funded.

The Company invested approximately $19.6 million in capital expenditures, exclusive of expenditures for business acquisitions, during the nine months ended September 30, 2018, compared to $17.2 million during the same period in 2017, and expects to invest approximately $8.0 million for the remainder of 2018. Capital expenditures for the first nine months consisted primarily of the purchase of operating equipment replacements and technology related projects. During the nine months ended September 30, 2018, the Company made expenditures for acquisitions totaling $71.8 million, compared to $127.9 million during the same period in 2017. A total of $91.7 million was paid in cash dividends ($0.42 per share), compared to $75.2 million or ($0.35 per share) during the same period in 2017. On October 23, 2018, the Company announced today that the Board of Directors has approved a three-for-two stock split of the Company’s common shares. The split will be affected by issuing one additional share of common stock for every two shares of common stock held. The additional shares will be distributed on December 10, 2018, to stockholders of record at the close of business on November 9, 2018. Fractional share amounts resulting from the split will be paid to shareholders in cash. Dividends will be paid on pre-split shares. In addition, the Company declared a regular quarterly cash dividend on its common stock of $0.14 per share plus a special year-end dividend of $0.14 per share both payable December 10, 2018 to stockholders of record at the close of business November 9, 2018 to be funded with existing cash balances. The Company expects to continue to pay cash dividends to common stockholders, subject to the earnings and financial condition of the Company and other relevant factors. The Company did not repurchase shares of its common stock on the open market during the first nine months of 2018 and during the same period in 2017. The Company has had a buyback program in place for a number of years and has routinely purchased shares when it felt the opportunity was desirable. The Board authorized the purchase of 7.5 million additional shares of the Company’s common stock in July 2012. These authorizations enable the Company to continue the purchase of Company common stock when appropriate, which is an important benefit resulting from the Company’s strong cash flows. The stock buy-back program has no expiration date. In total, 5.1 million additional shares may be purchased under the share repurchase program. The Company repurchased $9.5 million and $8.2 million of common stock for the nine months ended September 30, 2018 and 2017, respectively, from employees for the payment of taxes on vesting restricted shares. The acquisitions, capital expenditures, share repurchases and cash dividends were funded through existing cash balances and operating activities.

The Company’s balance sheet as of September 30, 2018 and December 31, 2017 includes short-term unearned revenues of $123.9 million and $109.0 million, respectively, representing approximately 7% of our annual revenue. This represents cash paid to the Company by its customers in advance of services that will be recognized over the next twelve months. The Company’s $118.7 million of total cash and cash equivalents at September 30, 2018, is held at various banking institutions. Approximately $53.6 million is held in cash accounts at foreign bank institutions and the remaining $65.1 million is primarily held in non-interest-bearing accounts at various domestic banks. The Company’s international business is expanding and we intend to continue to grow the business in foreign markets in the future through reinvestment of foreign deposits and future earnings as well as acquisitions of unrelated companies. Repatriation of cash from the Company’s foreign subsidiaries is not a part of the Company’s current business plan. The Company maintains a large cash position in the United States while having little first-party debt to service. The Company maintains adequate liquidity and capital resources that are directed to finance domestic operations and obligations and to fund expansion of its domestic business for the foreseeable future without regard to its foreign deposits.

19
 

ROLLINS, INC. AND SUBSIDIARIES

 

Litigation

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

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

 

Critical Accounting Policies

 

There have been no changes to the Company’s critical accounting policies since the filing of its Form 10-K for the year ended December 31, 2017, other than ASC 606.

 

New Accounting Standards

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

 

Forward-Looking Statements

 

This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, the effect of the future adoption of recent accounting pronouncements on the Company’s financial statements; statements regarding management’s expectation regarding the effect of the ultimate resolution of pending claims, proceedings or litigation on the Company’s financial position, results of operation and liquidity; the Company’s belief that its current cash and cash equivalent balances, future cash flows expected to be generated from operating activities and available borrowings will be sufficient to finance its current operations and obligations, and fund expansion of the business for the foreseeable future; our expectation that the Company will continue to pay dividends; our intention to continue to grow the business in foreign markets in the future through reinvestment of foreign deposits and future earnings as well as acquisitions of unrelated companies and that repatriation of cash is not a part of the Company’s business plan; the expectation of no defined benefit retirement plan contributions for the remainder of 2018; the Company’s ability to complete the transition of the pension plan to the insurance provider, including the ability to meet the proposed timeline of 16-18 months; the Company’s expectation regarding capital expenditure for the remainder of 2018; the Company’s expectations regarding our corporate tax rate for 2018; and the impact of any potential adjustments resulting from the Tax Act; the Company’s expectation to maintain compliance with debt covenants and the Company’s belief that foreign exchange rate risk will not have a material effect on the Company’s results of operations going forward. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation, the possibility of an adverse ruling against the Company in pending litigation; general economic conditions; actions taken by our franchisees, subcontractors or vendors that may harm our business; market risk; changes in industry practices or technologies; a breach of data security; the degree of success of the Company’s termite process and pest control selling and treatment methods; damage to our brands or reputation; our ability to protect our intellectual property and other proprietary rights; the Company’s ability to identify and successfully integrate potential acquisitions; climate and weather conditions; competitive factors and pricing practices; our ability to attract and retain skilled workers, and potential increases in labor costs; changes in various government laws and regulations, including environmental regulations; and the existence of certain anti-takeover provisions in our governance documents, which could make a tender offer, change in control or takeover attempt that is opposed by the Company’s Board of Directors more difficult or expensive. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. A more detailed discussion of potential risks facing the Company can be found in the Company’s Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2017. The Company does not undertake to update its forward-looking statements.

20
 

ROLLINS, INC. AND SUBSIDIARIES

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As of September 30, 2018, the Company maintained an investment portfolio (included in cash and cash equivalents) subject to short-term interest rate risk exposure. The Company is subject to interest rate risk exposure through borrowings on its $175.0 million credit facility. The Company is also exposed to market risks arising from changes in foreign exchange rates. See Note 11 to Part I, Item 1 for a discussion of the Company’s investments in derivative financial instruments to manage risks of fluctuations in foreign exchange rates. The Company believes that this foreign exchange rate risk will not have a material impact upon the Company’s results of operations going forward. There have been no material changes to the Company’s market risk exposure since the end of fiscal year 2017.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of September 30, 2018 (the “Evaluation Date”). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the Evaluation Date to ensure that the information required to be included in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

In addition, management’s quarterly evaluation identified no changes in our internal control over financial reporting during the third quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. As of September 30, 2018, we did not identify any material weaknesses in our internal controls, and therefore no corrective actions were taken.

21
 

ROLLINS, INC. AND SUBSIDIARIES

 

PART II OTHER INFORMATION

 

Item 1.Legal Proceedings

 

See Note 5 to Part I, Item 1 for discussion of certain litigation.

 

Item 1A.Risk Factors

 

See the Company’s risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

 

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

 

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

Shares repurchased by Rollins and affiliated purchases during the third quarter ended September 30, 2018 were as follows:

           Total number of shares   Maximum number of 
   Total number   Weighted-Average   purchased as part   shares that may yet 
   of shares   price paid   of publicly announced   be purchased under 
Period  Purchased (1)   per share   repurchases (2)   repurchase plan 
July 1 to 31, 2018   3,550   $55.01        5,073,611 
August 1 to 31, 2018               5,073,611 
September 1 to 30, 2018               5,073,611 
Total   3,550   $55.01        5,073,611 

(1)Includes repurchases from employees for the payment of taxes on vesting of restricted shares in the following amounts: July 2018: 3,550; August 2018: 0; and September 2018: 0.

 

(2)The Company has a share repurchase plan, adopted in 2012, to repurchase up to 7.5 million shares of the Company’s common stock. The plan has no expiration date.
22
 

ROLLINS, INC. AND SUBSIDIARIES

 

Item 5.   Exhibits.
    (a)   Exhibits
             
        (3)    (i)   (A) Restated Certificate of Incorporation of Rollins, Inc. dated July 28, 1981, incorporated herein by reference to Exhibit (3)(i)(A) as filed with the registrant’s Form 10-Q filed August 1, 2005.
             
            (B) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated August 20, 1987, incorporated herein by reference to Exhibit 3(i)(B) filed with the registrant’s 10-K filed March 11, 2005.
             
            (C) Certificate of Change of Location of Registered Office and of Registered Agent dated March 22, 1994, incorporated herein by reference to Exhibit (3)(i)(C) filed with the registrant’s Form 10-Q filed August 1, 2005.
             
            (D) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated April 25, 2006, incorporated herein by reference to Exhibit 3(i)(D) filed with the registrant’s 10-Q filed October 31, 2006.
             
            (E) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated April, 26, 2011, incorporated herein by reference to Exhibit 3(i)(E) filed with the Registrant’s 10-K filed February 25, 2015.
             
            (F) Certificate of Amendment of Certificate of Incorporation of Rollins, Inc. dated April 28, 2015, incorporated herein by reference to Exhibit 3(i)(F) filed with the Registrant’s 10-Q filed on July 29, 2015.
             
                (ii)   Amended and Restated By-laws of Rollins, Inc., incorporated herein by reference to exhibit 3(ii) as filed with its Form 10-Q for the quarter ended March 31, 2017.
             
        (4)   Form of Common Stock Certificate of Rollins, Inc., incorporated herein by reference to Exhibit (4) as filed with its Form 10-K for the year ended December 31, 1998.

 

  (31.1) Certification of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
  (31.2) Certification of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
  (32.1) Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
  (101.INS) XBRL Instance Document
     
  (101.SCH) XBRL Taxonomy Extension Schema Document
     
  (101.CAL) XBRL Taxonomy Extension Calculation Linkbase Document
     
  (101.DEF) XBRL Taxonomy Extension Definition Linkbase Document
     
  (101.LAB) XBRL Taxonomy Extension Label Linkbase Document
     
  (101.PRE) XBRL Taxonomy Extension Presentation Linkbase Document
     
+   Confidential treatment has been requested for certain portions of this exhibit (indicated by asterisks). Such information has been omitted and was filed separately with the securities and Exchange Commission.
23
 

ROLLINS, INC. AND SUBSIDIARIES

 

SIGNATURES

 

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

    ROLLINS, INC.  
    (Registrant)  
         
Date: October 26, 2018 By: /s/ Gary W. Rollins  
      Gary W. Rollins  
      Vice Chairman and Chief Executive Officer  
      (Principal Executive Officer)  
         
Date: October 26, 2018 By: /s/ Paul E. Northen  
      Paul E. Northen  
      Senior Vice President, Chief Financial Officer and Treasurer  
      (Principal Financial and Accounting Officer)  
24
EX-31.1 2 i18372_ex31-1.htm

 

Exhibit 31.1

 

I, Gary W. Rollins, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: October 26, 2018 /s/ Gary W. Rollins
 

Gary W. Rollins,

Vice Chairman and Chief Executive Officer 
  (Principle Executive Officer)
 
EX-31.2 3 i18372_ex31-2.htm

 

Exhibit 31.2

 

I, Paul E. Northen, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: October 26, 2018 /s/ Paul E. Northen
  Paul E. Northen
  Senior Vice President, Chief Financial Officer and Treasurer
  (Principal Financial and Accounting Officer)
 
EX-32.1 4 i18372_ex32-1.htm

 

Exhibit 32.1

 

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

In connection with the Quarterly Report of Rollins, Inc., a Delaware corporation (the “Company”), on Form 10-Q for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U.S.C. sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

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

 

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

 

  
Date: October 26, 2018 By: /s/ Gary W. Rollins
   

Gary W. Rollins

Vice Chairman and Chief Executive Officer

(Principle Executive Officer)

     
Date: October 26, 2018 By: /s/ Paul E. Northen
   

Paul E. Northen

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

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

 
EX-101.INS 5 rol-20180930.xml XBRL INSTANCE FILE 0000084839 2018-01-01 2018-09-30 0000084839 2018-10-16 0000084839 2017-12-31 0000084839 2018-09-30 0000084839 srt:MaximumMember 2018-01-01 2018-09-30 0000084839 srt:MinimumMember 2018-01-01 2018-09-30 0000084839 rol:PestControlMember 2018-01-01 2018-09-30 0000084839 2017-01-01 2017-12-31 0000084839 2017-01-01 2017-09-30 0000084839 2018-07-01 2018-09-30 0000084839 rol:SellAUDBuyUSDFwdContractMember 2018-09-30 0000084839 rol:SellCADBuyUSDFwdContractMember 2018-09-30 0000084839 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0000084839 us-gaap:FranchiseMember 2018-01-01 2018-09-30 0000084839 rol:OtherAssetMember 2018-01-01 2018-09-30 0000084839 us-gaap:CustomerContractsMember srt:MaximumMember 2018-01-01 2018-09-30 0000084839 us-gaap:CustomerContractsMember srt:MinimumMember 2018-01-01 2018-09-30 0000084839 us-gaap:NoncompeteAgreementsMember srt:MaximumMember 2018-01-01 2018-09-30 0000084839 us-gaap:NoncompeteAgreementsMember srt:MinimumMember 2018-01-01 2018-09-30 0000084839 us-gaap:PatentsMember srt:MaximumMember 2018-01-01 2018-09-30 0000084839 us-gaap:PatentsMember srt:MinimumMember 2018-01-01 2018-09-30 0000084839 us-gaap:TrademarksAndTradeNamesMember srt:MaximumMember 2018-01-01 2018-09-30 0000084839 us-gaap:TrademarksAndTradeNamesMember srt:MinimumMember 2018-01-01 2018-09-30 0000084839 rol:TimeLapseRestrictedSharesAndRestrictedStockUnitsRSUMember 2017-07-01 2017-09-30 0000084839 rol:TimeLapseRestrictedSharesAndRestrictedStockUnitsRSUMember 2017-01-01 2017-09-30 0000084839 rol:TimeLapseRestrictedSharesAndRestrictedStockUnitsRSUMember 2018-07-01 2018-09-30 0000084839 rol:TimeLapseRestrictedSharesAndRestrictedStockUnitsRSUMember 2018-01-01 2018-09-30 0000084839 2016-12-31 0000084839 2017-09-30 0000084839 us-gaap:SubsequentEventMember 2018-10-22 2018-10-23 0000084839 us-gaap:FranchiseMember 2017-12-31 0000084839 us-gaap:FranchiseMember 2018-09-30 0000084839 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000084839 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0000084839 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0000084839 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0000084839 us-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0000084839 rol:SellAUDBuyUSDFwdContractMember 2017-12-31 0000084839 rol:SellCADBuyUSDFwdContractMember 2017-12-31 0000084839 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000084839 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000084839 us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000084839 rol:SellAUDBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2017-07-01 2017-09-30 0000084839 rol:SellCADBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2017-07-01 2017-09-30 0000084839 rol:SellAUDBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2017-01-01 2017-09-30 0000084839 rol:SellCADBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2017-01-01 2017-09-30 0000084839 rol:SellAUDBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-07-01 2018-09-30 0000084839 rol:SellCADBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-07-01 2018-09-30 0000084839 rol:SellAUDBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-01-01 2018-09-30 0000084839 rol:SellCADBuyUSDFwdContractMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-01-01 2018-09-30 0000084839 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0000084839 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000084839 us-gaap:CommonStockMember 2017-07-01 2017-09-30 0000084839 us-gaap:RestrictedStockMember 2017-07-01 2017-09-30 0000084839 us-gaap:CommonStockMember 2017-01-01 2017-09-30 0000084839 us-gaap:RestrictedStockMember 2017-01-01 2017-09-30 0000084839 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000084839 us-gaap:RestrictedStockMember 2018-07-01 2018-09-30 0000084839 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000084839 us-gaap:RestrictedStockMember 2018-01-01 2018-09-30 0000084839 us-gaap:RestrictedStockUnitsRSUMember 2017-12-31 0000084839 us-gaap:RestrictedStockUnitsRSUMember 2018-09-30 0000084839 us-gaap:RestrictedStockUnitsRSUMember 2017-01-01 2017-12-31 0000084839 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-09-30 0000084839 us-gaap:CustomerContractsMember 2017-12-31 0000084839 us-gaap:OtherIntangibleAssetsMember 2017-12-31 0000084839 us-gaap:OtherIntangibleAssetsMember us-gaap:NonUsMember 2017-12-31 0000084839 us-gaap:TrademarksAndTradeNamesMember 2017-12-31 0000084839 us-gaap:TrademarksAndTradeNamesMember us-gaap:NonUsMember 2017-12-31 0000084839 rol:OtherAssetMember 2018-09-30 0000084839 us-gaap:CustomerContractsMember 2018-09-30 0000084839 us-gaap:NoncompeteAgreementsMember 2018-09-30 0000084839 us-gaap:OtherIntangibleAssetsMember 2018-09-30 0000084839 us-gaap:OtherIntangibleAssetsMember us-gaap:NonUsMember 2018-09-30 0000084839 us-gaap:PatentsMember 2018-09-30 0000084839 us-gaap:TrademarksAndTradeNamesMember 2018-09-30 0000084839 us-gaap:TrademarksAndTradeNamesMember us-gaap:NonUsMember 2018-09-30 0000084839 2017-07-01 2017-09-30 0000084839 us-gaap:InternetDomainNamesMember 2018-09-30 0000084839 us-gaap:LineOfCreditMember 2017-12-31 0000084839 us-gaap:LineOfCreditMember 2018-09-30 0000084839 rol:SwinglineCreditFacilityMember 2018-09-30 0000084839 us-gaap:LetterOfCreditMember 2018-09-30 0000084839 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000084839 rol:CommercialContractRevenueMember 2017-07-01 2017-09-30 0000084839 us-gaap:FranchiseMember 2017-07-01 2017-09-30 0000084839 rol:OtherRevenuesMember 2017-07-01 2017-09-30 0000084839 rol:ResidentialContractRevenueMember 2017-07-01 2017-09-30 0000084839 rol:TermiteCompletionsBaitMonitoringRenewalsMember 2017-07-01 2017-09-30 0000084839 country:US 2017-07-01 2017-09-30 0000084839 us-gaap:NonUsMember 2017-07-01 2017-09-30 0000084839 rol:CommercialContractRevenueMember 2017-01-01 2017-09-30 0000084839 us-gaap:FranchiseMember 2017-01-01 2017-09-30 0000084839 rol:OtherRevenuesMember 2017-01-01 2017-09-30 0000084839 rol:ResidentialContractRevenueMember 2017-01-01 2017-09-30 0000084839 rol:TermiteCompletionsBaitMonitoringRenewalsMember 2017-01-01 2017-09-30 0000084839 country:US 2017-01-01 2017-09-30 0000084839 us-gaap:NonUsMember 2017-01-01 2017-09-30 0000084839 rol:CommercialContractRevenueMember 2018-07-01 2018-09-30 0000084839 us-gaap:FranchiseMember 2018-07-01 2018-09-30 0000084839 rol:OtherRevenuesMember 2018-07-01 2018-09-30 0000084839 rol:ResidentialContractRevenueMember 2018-07-01 2018-09-30 0000084839 rol:TermiteCompletionsBaitMonitoringRenewalsMember 2018-07-01 2018-09-30 0000084839 country:US 2018-07-01 2018-09-30 0000084839 us-gaap:NonUsMember 2018-07-01 2018-09-30 0000084839 rol:CommercialContractRevenueMember 2018-01-01 2018-09-30 0000084839 rol:OtherRevenuesMember 2018-01-01 2018-09-30 0000084839 rol:ResidentialContractRevenueMember 2018-01-01 2018-09-30 0000084839 rol:TermiteCompletionsBaitMonitoringRenewalsMember 2018-01-01 2018-09-30 0000084839 country:US 2018-01-01 2018-09-30 0000084839 us-gaap:NonUsMember 2018-01-01 2018-09-30 0000084839 us-gaap:CommonStockMember 2016-12-31 0000084839 us-gaap:CommonStockMember 2017-12-31 0000084839 us-gaap:CommonStockMember 2018-09-30 0000084839 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0000084839 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000084839 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0000084839 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000084839 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0000084839 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0000084839 us-gaap:RetainedEarningsMember 2016-12-31 0000084839 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000084839 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000084839 us-gaap:RetainedEarningsMember 2017-12-31 0000084839 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000084839 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000084839 us-gaap:RetainedEarningsMember 2018-09-30 0000084839 rol:MajorClassOfAssetsAndLiabilitiesAcquiredMember 2018-09-30 0000084839 rol:MajorClassOfAssetsAndLiabilitiesAcquiredMember 2018-07-01 2018-09-30 rol:acquisition rol:segment rol:derivative_instrument iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q3 2018 2018-09-30 10-Q 0000084839 218212261 Yes Large Accelerated Filer ROLLINS INC rol 14706000 16187000 2535000 P5Y P60D P30D P1Y 134527000 140019000 5985000 6414000 1995000 2138000 46300000 52800000 5566000 4786000 780000 6200000 1050000 14159000 14159000 26161000 29991000 97802000 122375000 20400000 26900000 28018000 27722000 34245000 33883000 -45956000 -54637000 P10Y P12Y P3Y P20Y P3Y P15Y P3Y P20Y P0Y 3049000 9406000 3660000 10030000 1869000 5766000 2713000 7575000 11814000 13080000 1357000 1416000 8028000 1535000 1691000 1033663000 1129573000 262795000 303080000 77014000 5229000 555000 3422000 19011000 66738000 71785000 6790000 107050000 118652000 142785000 113397000 11602000 -29388000 0.42 0.35 0.14 0.12 0.14 1 1 375000000 375000000 217992177 218212261 217992177 218212261 217992000 218212000 172014000 155863000 66017000 55515000 117614000 134844000 106323000 109029000 123916000 3400000 1700000 8600000 10900000 117297000 128728000 101700000 39000000 36300000 673202000 612424000 236287000 218781000 4604000 9386000 18420000 5863000 58000 -2478000 -2490000 -826000 -830000 0 0 0 10329000 10026000 3443000 3342000 -1866000 -1122000 -622000 -374000 50149000 41630000 16867000 14313000 32000 22000 10000 32000 0 0 0 0 0 0 32000 -225000 348000 72000 11000 224000 29000 319000 -9000 81000 -47000 -178000 235000 -70000 41000 2000 39000 41000 0 153000 0 153000 -9000 -61000 0 0 41000 18 10 8 91677000 122017000 122017000 91677000 0.83 0.67 0.31 0.24 0.23 0.67 0.65 0.31 0.30 0.83 0.85 0.24 -10377000 9194000 73016000 73829000 32900000 43200000 P3Y10M24D P4Y1M6D 1180000 3640000 947000 2455000 250914000 152900000 11600000 1700000 50000000 1700000 2565000 185477000 4658000 11600000 1900000 2137000 53850000 3300000 678000 179000 314000 66000 346514000 365480000 21055000 239261000 225958000 89890000 82561000 58566000 80569000 23262000 31131000 39793000 22918000 2227000 -70000 342000 63000 79000 14983000 16093000 379739000 394815000 1033663000 1129573000 294569000 309381000 0 0 175000000.0 25000000.0 75000000.0 20414000 26882000 -101210000 -83375000 -90085000 -144594000 213274000 189387000 180695000 179124000 145389000 66628000 179124000 180695000 51430000 17263000 20384000 32 23 1 50925000 51493000 25697000 25576000 19420000 20975000 -8681000 9960000 10474000 -611000 9960000 4085000 -8681000 -8681000 10474000 -611000 4085000 11550000 11587000 58345000 53923000 1920000 728000 -1002000 -67000 9533000 8193000 91677000 75182000 71785000 127881000 19645000 17217000 500000 500000 0 0 17595000 19522000 343000 437000 134088000 136857000 9509000 7222000 400483000 489501000 1376942000 1259244000 487739000 7000000 450442000 133761000 1500000 75874000 165878000 74929000 414278000 36164000 387767000 4100000 200472000 449474000 221531000 1160157000 99087000 141309000 2000000 80782000 183512000 83136000 448910000 38829000 410227000 216257000 496957000 253501000 1268652000 108290000 414938000 379753000 145072000 134932000 10030000 9406000 19000 26.83 428000 48.36 2017000 1823000 24.49 31.63 603000 19.40 6000000 217792000 217992000 218212000 434000 409000 10030000 12399000 434000 409000 11965000 9621000 234000 189000 9533000 8246000 8200000 200000 500000 234000 189000 8012000 9344000 0 0 653924000 734758000 568545000 217792000 217992000 218212000 -70075000 77452000 343376000 -45956000 81405000 400483000 -54637000 81682000 489501000 <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Changes in unearned revenue were as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 60%"> <tr style="vertical-align: bottom"> <td style="text-align: left">(In Thousands)</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Year ended December 31, 2017</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 89%">Balance at December 31, 2016</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">106,323</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferral of unearned revenue</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">140,019</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Recognition of unearned revenue</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(128,728</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2017</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">117,614</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Nine months ended September 30, 2018</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td>Balance at December 31, 2017</td> <td>&#160;</td> <td style="text-align: left">$</td> <td style="text-align: right">117,614</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferral of unearned revenue</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">134,527</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; border-bottom: black 1pt solid">Recognition of unearned revenue</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(117,297</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">134,844</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Sales and usage-based taxes are excluded from revenues. No sales to an individual customer or in a country other than the United States accounted for more than 10% of the sales for the periods listed on the following table. Revenue, classified by the major geographic areas in which our customers are located, was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="14" style="text-align: center; border-bottom: black 1pt solid">(In thousands)</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Nine Months Ended</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 52%; text-align: left">United States</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">448,910</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">414,278</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">1,268,652</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">1,160,157</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">Other countries</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">38,829</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">36,164</td> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">108,290</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">99,087</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">Total Revenues</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">487,739</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">450,442</td> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">1,376,942</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">1,259,244</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Revenue from external customers, classified by significant product and service offerings, was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td colspan="14" style="text-align: center; border-bottom: black 1pt solid">(In thousands)</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Nine Months Ended</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 52%; text-align: left">Residential contract revenue</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">183,512</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">165,878</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">496,957</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">449,474</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Commercial contract revenue</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">141,309</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">133,761</td> <td style="text-align: left">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">410,227</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">387,767</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Termite completions, bait monitoring, &#38; renewals</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">83,136</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">74,929</td> <td style="text-align: left">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">253,501</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">221,531</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Other revenues</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">80,782</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">75,874</td> <td style="text-align: left">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">216,257</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">200,472</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">Total Revenues</td> <td style="padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">488,739</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid">450,442</td> <td style="text-align: left; padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">1,376,942</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid">1,259,244</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic and diluted earnings per share attributable to common and restricted shares of common stock for the period were as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Three Months Ended<br /> September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Nine Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Basic and diluted earnings per share</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%; text-align: left; padding-bottom: 1pt">Common stock</td> <td style="width: 2%; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.31</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; border-bottom: black 1pt solid">0.24</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.83</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; border-bottom: black 1pt solid">0.67</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 1pt">Restricted shares of common stock</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.30</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">0.23</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.85</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">0.65</td></tr> </table> 49998000 53850000 152869000 185477000 81405000 81682000 218188000 217987000 218214000 217988000 0.14 <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;BASIS OF PREPARATION AND OTHER</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Preparation</i></b> -The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (the &#8220;Company&#8221;) for the year ended December&#160;31, 2017 other than updates related to Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (ASC 606) as noted below. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2017 Annual Report on Form 10-K.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of interim financial statements requires management to make estimates and assumptions for the amounts reported in the condensed consolidated financial statements. Specifically, the Company makes estimates in its interim condensed consolidated financial statements for the termite accrual, which includes future costs including termiticide life expectancy and government regulations, the insurance accrual, which includes self-insurance and worker&#8217;s compensation, inventory adjustments, discounts and volume incentives earned, among others.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In the opinion of management, all adjustments necessary for a fair presentation of the Company&#8217;s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three and nine month periods ended September&#160;30, 2018 are not necessarily indicative of results for the entire year.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has only one reportable segment, its pest and termite control business. The Company&#8217;s results of operations and its financial condition are not reliant upon any single customer, a few customers, or the Company&#8217;s foreign operations.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RECENT ACCOUNTING PRONOUNCEMENTS</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Service Revenue and Other Revenue</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Rollins&#8217; revenues are sourced primarily from the sale of pest control and other protection services to residential and commercial consumers.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, each of which are distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Nature of Goods and Services and Performance Obligations</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company contracts with its customers to provide the following goods and services, each of which is a distinct performance obligation:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pest control services - Rollins provides pest control services to protect residential and commercial properties from common pests, including rodents and insects. Pest control generally consists of assessing a customer&#8217;s property for conditions that invite pests, tackling current infestations, and stopping the life cycle to prevent future invaders. Revenue from pest control services is recognized as services are rendered.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s revenue recognition policies are designed to recognize revenues upon satisfaction of the performance obligation at the time services are performed. For certain revenue types, because of the timing of billing and the receipt of cash versus the timing of performing services, certain accounting estimates are utilized. Residential and commercial pest control services are primarily recurring in nature on a monthly, bi-monthly or quarterly basis, while certain types of commercial customers may receive multiple treatments within a given month. In general, pest control customers sign an initial one-year contract, and revenues are recognized at the time services are performed. The Company defers recognition of advance payments and recognizes the revenue as the services are rendered. The Company classifies discounts related to the advance payments as a reduction in revenues.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Termite control services (including traditional and baiting) - Rollins provides both conventional and baiting termite protection services. Traditional termite protection uses &#8220;Termidor&#8221; liquid treatment and/or dry foam and Orkin foam to treat voids and spaces around the property, while baiting termite protection uses baits to disrupt the molting process termites require for growth and offers ongoing protection. Revenue from initial termite treatment services is recognized as services are provided.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Maintenance/monitoring/inspection - In connection with the initial service offerings, Rollins provides recurring maintenance, monitoring or inspection services to help protect consumer&#8217;s property for any future sign of termite activities after the original treatment. This recurring service is a service-type warranty under ASC 606 as it is routinely sold and purchased separately from the initial treatment services and is typically purchased or renewed annually.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Termite baiting revenues are recognized based on the transfer of control of the individual units of accounting. At the inception of a new baiting services contract, upon quality control review of the installation, the Company recognizes revenue for the installation of the monitoring stations, initial directed liquid termiticide treatment and servicing of the monitoring stations. A portion of the contract amount is deferred for the undelivered monitoring element. This portion is recognized as income on a straight-line basis over the remaining contract term, which results in recognition of revenue that depicts the Company&#8217;s performance in transferring control of the service. The allocation of the purchase price to the two deliverables is based on the relative stand-alone selling price. There are no contingencies related to the delivery of additional items or meeting other specified performance conditions. Baiting renewal revenue is deferred and recognized over the annual contract period on a straight-line basis that depicts the Company&#8217;s performance in transferring control of the service.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue received for conventional termite renewals is deferred and recognized on a straight-line basis over the remaining contract term that depicts the Company&#8217;s performance in transferring control of the service; and, the cost of reinspections, reapplications and repairs and associated labor and chemicals are expensed as incurred. For outstanding claims, an estimate is made of the costs to be incurred (including legal costs) based upon current factors and historical information. The performance of reinspections tends to be close to the contract renewal date and while reapplications and repairs involve an insubstantial number of the contracts, these costs are incurred over the contract term. As the revenue is being deferred, the future cost of reinspections, reapplications and repairs and associated labor and chemicals applicable to the deferred revenue are expensed as incurred. The Company accrues for noticed claims. The costs of providing termite services upon renewal are compared to the expected revenue to be received and a provision is made for any expected losses.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Miscellaneous services (e.g., cleaning, etc.) - In certain agreements with customers, Rollins may offer other miscellaneous services, including restroom cleaning (e.g., eliminating foul odors, grease and grime which could attract pests), training (e.g., seminars covering good manufacturing practices and product stewardship), etc. Revenue from miscellaneous services is recognized when services are provided.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Products - Depending on customer demand, Rollins may separately sell pest control and/or termite protection products, such as baits. Revenue from product sales is recognized upon transfer of control of the asset.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Equipment rental (or lease) - Depending on customer demand, Rollins may lease certain pest control and/or termite protection equipment. Revenue from equipment rentals are recognized over the period of the rental/lease. Revenue from equipment rentals are not material and represent less than 1.0% of the Company&#8217;s revenues for each reported period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Right to access intellectual property (Franchise) - The right to access Rollins&#8217; intellectual property is an essential part of Orkin&#8217;s franchising agreements. These agreements provide the franchisee (the customer) a license to use the Rollins&#8217; name and trademark when advertising and selling services to end customers in their normal course of business. Orkin Franchise agreements contain a clause allowing Orkin to purchase certain assets of the franchisee. This is only an offer for Orkin to re-purchase the assets originally provided by Orkin to the franchisee and is not a performance obligation or a form of consideration. International and domestic franchising revenue was less than 1.0% of the Company&#8217;s annual revenues.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All Orkin domestic franchises have a guaranteed repurchase clause that the Orkin franchise may be repurchased by Orkin at a later date once it has been established. The Company amortizes the initial franchise fee over the initial franchise term. Deferred Orkin franchise fees of $1.7 million at September 30, 2018 and $3.4 million December 31, 2017 were not material to the Company&#8217;s financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royalties from Orkin franchises are accrued and recognized as revenues are earned on a monthly basis. Revenue from Orkin franchises was $2.0 million for the three month period ended September 30, 2018 and $1.5 million for the same period in 2017 and $7.0 million and $4.1 million for the nine month periods ended in September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Contract Balances</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Timing of revenue recognition may differ from the timing of invoicing to customers. We record revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. The balance of long-term accounts receivable, net of allowance for doubtful accounts, was $26.9 million as of September 30, 2018. As of December 31, 2017, long-term accounts receivable, net of allowance for doubtful accounts, was $20.4 million and is included in financed receivables as a long-term asset on our consolidated statements of financial position.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Activity in the allowance for doubtful accounts was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td colspan="5" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(In thousands)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 89%">Balance at December 31, 2017</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">14,706</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Charged to costs and expenses</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">9,509</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Net (write-offs)/recoveries</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(8,028</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">16,187</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unearned revenue is comprised mainly of unearned revenue related to the Company&#8217;s termite baiting offering and year-in-advance pest control services for which we have been paid in advance and earn the revenue when we transfer control of the product or service.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Refer to Note 7 - Unearned Revenue for further information, including changes in unearned revenue during the period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Practical Expedients and Exemptions</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recently issued accounting standards to be adopted in 2018 or later</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2017, the FASB issued ASU 2017-12,&#160;Derivatives and Hedging (ASC 815), which provides new guidance intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity&#8217;s risk management activities in its financial statements. This ASU is effective for the Company beginning in fiscal year 2020. The adoption of this ASU is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EARNINGS PER SHARE</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows ASC 260, <i>Earnings Per Share</i> (ASC 260) that requires the reporting of both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to participating common stockholders by the weighted average number of participating common shares outstanding for the period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic and diluted earnings per share attributable to common and restricted shares of common stock for the period were as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Three Months Ended<br /> September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Nine Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Basic and diluted earnings per share</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%; text-align: left; padding-bottom: 1pt">Common stock</td> <td style="width: 2%; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.31</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; border-bottom: black 1pt solid">0.24</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.83</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 8%; text-align: right; border-bottom: black 1pt solid">0.67</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 1pt">Restricted shares of common stock</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.30</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">0.23</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">0.85</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">0.65</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CONTINGENCIES</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In the normal course of business, certain of the Company&#8217;s subsidiaries are defendants in a number of lawsuits, claims or arbitrations which allege that the subsidiaries&#8217; services caused damage.&#160; In addition, the Company defends employment related cases and claims from time to time. We are involved in certain environmental matters primarily arising in the normal course of business. We are actively contesting each of these matters.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Management does not believe that any pending claim, proceeding or litigation, either alone or in the aggregate will have a material adverse effect on the Company&#8217;s financial position, results of operations or liquidity; however, it is possible that an unfavorable outcome of some or all of the matters, however unlikely, could result in a charge that might be material to the results of an individual quarter or year.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FAIR VALUE OF FINANCIAL INSTRUMENTS</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s financial instruments consist of cash and cash equivalents, trade receivables, notes receivable, accounts payable and other short-term liabilities. The carrying amounts of these financial instruments approximate their fair values.&#160; The Company has a Revolving Credit Agreement with SunTrust Bank and Bank of America, N.A. for an unsecured line of credit of up to $175.0 million, which includes a $75.0 million letter of credit subfacility and a $25.0 million swingline subfacility. There were no outstanding borrowings at September&#160;30, 2018 and December&#160;31, 2017.&#160; The Company remained in compliance with applicable debt covenants through the date of this filing and expects to maintain compliance through 2018.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;STOCKHOLDERS&#8217; EQUITY</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September&#160;30, 2018, the Company paid $91.7 million or $0.42 per share in cash dividends compared to $75.2 million or $0.35 per share during the same period in 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first nine months ended September&#160;30, 2018 and during the same period in 2017 the Company did not repurchase shares on the open market.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company repurchases shares from employees for the payment of taxes on restricted shares that have vested. The Company repurchased $0.2 million and $0.5 million of common stock for the quarter ended September&#160;30, 2018 and during the same period in 2017, respectively, and $9.5 million and $8.2 million for the nine months ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As more fully discussed in Note 15 of the Company&#8217;s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, time-lapse restricted shares and restricted stock units have been issued to officers and other management employees under the Company&#8217;s Employee Stock Incentive Plans.&#160; The Company issues new shares from its authorized but unissued share pool. At September&#160;30, 2018, approximately 6.0 million shares of the Company&#8217;s common stock were reserved for issuance.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Time Lapse Restricted Shares and Restricted Stock Units</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The following table summarizes the components of the Company&#8217;s stock-based compensation programs recorded as expense:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Three Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Nine Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Time lapse restricted stock:</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%; text-align: left">Pre-tax compensation expense</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">3,660</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">3,049</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">10,030</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">9,406</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Tax benefit</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">(947</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(1,180</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">(2,455</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(3,640</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Restricted stock expense, net of tax</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">2,713</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,869</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">7,575</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">5,766</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The following table summarizes information on unvested restricted stock outstanding as of September&#160;30, 2018:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of<br /> Shares</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Average Grant- <br /> Date Fair Value</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 66%; text-align: left">Unvested Restricted Stock at December 31, 2017</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 10%; text-align: right">2,017</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">24.49</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Forfeited</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(19</td> <td style="text-align: left">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">26.83</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td>Vested</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(603</td> <td style="text-align: left">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">19.40</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Granted</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">428</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">48.36</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt">Unvested Restricted Stock at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,823</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">31.63</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At September&#160;30, 2018 and December&#160;31, 2017, the Company had $43.2 million and $32.9 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.1 years and 3.9 years, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;PENSION AND POST RETIREMENT BENEFIT PLANS</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents the net periodic pension benefit costs and related components in accordance with FASB ASC 715 &#8220;<i>Compensation Retirement Benefits&#8221;:</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Components of Net Pension Benefit Gain</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Three Months Ended<br /> September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Nine Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 52%; text-align: left">Interest and service cost</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">1,995</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">2,138</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">5,985</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">6,414</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected return on plan assets</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">(3,443</td> <td style="text-align: left; font-weight: bold">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(3,342</td> <td style="text-align: left">)</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">(10,329</td> <td style="text-align: left; font-weight: bold">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(10,026</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of net loss</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">826</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">830</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">2,478</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">2,490</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Net periodic benefit</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">(622</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">)</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(374</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">(1,866</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">)</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(1,122</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September&#160;30, 2018 and the same period in 2017 the Company made no contributions to its defined benefit retirement plans (the &#8220;Plans&#8221;). The Company made no contributions for the year ended December&#160;31, 2017. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2018.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has initiated the process to transition its Pension Plan to an Insurance provider. The transition will take approximately 12-15 months.&#160; The Company&#8217;s Pension Plan is currently more than 100% funded.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;BUSINESS COMBINATIONS</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company made 32 acquisitions during the nine month period ended September&#160;30, 2018, and 23 acquisitions for the year ended December&#160;31, 2017, respectively, some of which have been disclosed on various press releases and related Current Reports on Form 8-K.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">On July 2, 2018, the Company acquired the stock of Aardwolf Pestkare (Singapore) Pte Ltd. This is Rollins&#8217; first company-owned operation in Singapore.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preliminary values of major classes of assets acquired and liabilities assumed recorded at the date of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 70%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">&#160;</td> <td style="border-bottom: black 1pt solid; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">September 30, <br /> 2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 77%; text-align: left">Accounts receivable</td> <td style="width: 4%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 17%; text-align: right">3,422</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Materials &#38; supplies</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">555</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Equipment and property</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">6,790</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Goodwill</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">21,055</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Customer contracts and other intangible assets</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">66,738</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Current liabilities</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(19,011</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Other assets and liabilities, net</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(2,535</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Total consideration paid</td> <td>&#160;</td> <td style="text-align: left">$</td> <td style="text-align: right">77,014</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Less:&#160;&#160;Contingent consideration liability</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(5,229</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Total cash purchase price</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">71,785</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $365.5 million and $346.5 million at September&#160;30, 2018 and December&#160;31, 2017, respectively. Goodwill generally changes due to the timing of acquisitions, finalization of allocation of purchase prices of previous acquisitions and foreign currency translations. The carrying amount of goodwill in foreign countries was $52.8 million at September&#160;30, 2018 and $46.3 million at December&#160;31, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company completed its most recent annual impairment analysis as of September 30, 2018. Based upon the results of this analysis, the Company has concluded that no impairment of its goodwill or other intangible assets was indicated.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of customer contracts was $185.5 million and $152.9 million at September&#160;30, 2018 and December&#160;31, 2017, respectively. The carrying amount of trademarks and tradenames was $53.9 million and $50.0 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of other intangible assets was $11.6 million and $11.6 million at September&#160;30, 2018 and December&#160;31, 2017, respectively. The carrying amount of customer contracts in foreign countries was $43.4 million and $29.8 million at September&#160;30, 2018 and December&#160;31, 2017, respectively. The carrying amount of trademarks and tradenames in foreign countries was $3.3 million and $1.7 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of other intangible assets in foreign countries was $1.9 million and $1.7 million at September&#160;30, 2018 and December&#160;31, 2017, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September&#160;30, 2018 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Intangible Asset</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">Carrying Value</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">Useful Life in Years</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left">Customer contracts</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">185,477</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 10%; text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">3-12</font></td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Trademarks and tradenames</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">53,850</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">0 - 20</font></td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td>Non-compete agreements</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">4,658</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">3-20</font></td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Patents</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">2,137</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">3-15</font></td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Other assets</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">2,565</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">10</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Internet domains</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">2,227</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="text-align: right; padding-bottom: 1pt"><font style="font: 10pt/normal Times New Roman, Times, Serif">n/a</font></td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total customer contracts and other intangible assets</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">250,914</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Risk Management Objective of Using Derivatives</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is exposed to certain risks arising from both its business operations and economic conditions. To manage this risk, the Company enters into derivative financial instruments from time to time. Certain of the Company&#8217;s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company&#8217;s cash receipts and payments in terms of the Company&#8217;s functional currency. The Company enters into derivative financial instruments from time to time to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Hedges of Foreign Exchange Risk</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is exposed to fluctuations in various foreign currencies against its functional currency, the U.S. dollar. The Company uses foreign currency derivatives, specifically vanilla foreign currency forwards, to manage its exposure to fluctuations in the USD-CAD and AUD-USD exchange rates. Currency forward agreements involve fixing the foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not currently designate any of these foreign exchange forwards under hedge accounting, but rather reflects the changes in fair value immediately in earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company&#8217;s exposure to foreign exchange rates. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were equal to a net loss of $0.1 million for the quarter ended September&#160;30, 2018 and a net loss of $0.2 million for the same quarter in the prior year. Changes in the fair value of derivatives for the nine months ended September 30, 2018 and during the same period in 2017 were equal to a gain of $0.2 million and a net loss of $0.3 million, respectively. As of September&#160;30, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td colspan="13" style="text-align: center; font-weight: bold; text-decoration: underline"><u>Non-Designated Derivative Summary</u></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Number of Instruments</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Sell Notional</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Buy Notional</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">FX Forward Contracts</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 55%; text-align: left">Sell AUD/Buy USD Fwd Contract</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 10%; text-align: right">8</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">1,050</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">780</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; border-bottom: black 1pt solid">Sell CAD/Buy USD Fwd Contract</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">10</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">6,200</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">4,786</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="border-bottom: black 2.5pt double">Total</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: right; border-bottom: black 2.5pt double">18</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: right; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">5,566</td> <td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="color: red; font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The table below presents the fair value of the Company&#8217;s derivative financial instruments as well as their classification on the balance sheet as of September&#160;30, 2018 and December&#160;31, 2017 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="14" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Tabular Disclosure of Fair Values of Derivative Instruments</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Derivatives Asset</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Derivative Liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td style="font-weight: bold">&#160;</td> <td colspan="6" style="text-align: center; font-weight: bold">Fair Value as of:</td> <td style="font-weight: bold">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold">Derivatives Not Designated as Hedging Instruments</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">September 30, <br /> 2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31,<br /> 2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">September 30,<br /> 2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31,<br /> 2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">FX Forward Contracts</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Balance Sheet Location</td> <td style="font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold">Other Assets</td> <td style="font-weight: bold">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">Other Assets</td> <td>&#160;</td> <td style="font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold">Other Current<br /> Liabilities</td> <td style="font-weight: bold">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">Other Current<br /> Liabilities</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 55%; text-align: left">Sell AUD/Buy USD Fwd Contract</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">22</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">&#8212;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">2</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 5%; text-align: right">(9)</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Sell CAD/Buy USD Fwd Contract</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">10</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">&#8212;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">39</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(61)</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">32</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">&#8212;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="font-weight: bold; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">41</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(70)</td> <td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below presents the effect of the Company&#8217;s derivative financial instruments on the income statement as of September&#160;30, 2018 and September&#160;30, 2017 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated</u></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>as Hedging Instruments for the Three and Nine Months Ended September&#160;30, 2018 and 2017</u>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left">Derivatives Not Designated as <br /> Hedging Instruments</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center">Location of Gain or (Loss)<br /> Recognized in Income</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Amount of Gain or (Loss)<br /> Recognized in Income<br /> Three Months Ended<br /> September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Amount of Gain or <br /> (Loss) Recognized in<br /> Income Nine Months<br /> Ended September 30,</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%; text-align: left">Sell AUD/Buy USD Fwd Contract</td> <td style="width: 2%">&#160;</td> <td style="width: 10%">Other inc/(exp)</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">9</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">(11</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">47</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">(29</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Sell CAD/Buy USD Fwd Contract</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">Other inc/(exp)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">(81</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(224</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">178</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(319</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">(72</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">)</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(235</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">225</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(348</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September&#160;30, 2018 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="33" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Recurring Fair Value Measurements</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Quoted Prices in Active</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Markets for Identical</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Significant Other</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Significant Unobservable</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Assets and Liabilities</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Observable Inputs</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Inputs</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">Total Fair Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">(Level 1)</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">(Level 2)</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">(Level 3)</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font-weight: bold; text-decoration: underline"><font style="font-size: 9pt">Assets</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font-size: 9pt">Derivative Financial Instruments</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">32</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">32</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font-weight: bold; text-decoration: underline"><font style="font-size: 9pt">Liabilities</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font-size: 9pt">Derivative Financial Instruments</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">(41</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">)</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">(153</font></td> <td style="text-align: left"><font style="font-size: 9pt">)</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">(41</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">)</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">(153</font></td> <td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&#160;30, 2018, the fair value of derivatives in a net liability position was nine thousand dollars inclusive of counterparty credit risk. As of the balance sheet date, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September&#160;30, 2018, it could have been required to settle its obligations under the agreements at their termination value of nine thousand dollars.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;SUBSEQUENT EVENTS</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 23, 2018, the Company announced today that the Board of Directors has approved a three-for-two stock split of the Company&#8217;s common shares.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The split will be affected by issuing one additional share of common stock for every two shares of common stock held. The additional shares will be distributed on December 10, 2018, to stockholders of record at the close of business on November 9, 2018. Fractional share amounts resulting from the split will be paid to shareholders in cash. Dividends will be paid on pre-split shares.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company declared a regular quarterly cash dividend on its common stock of $0.14 per share plus a special year-end dividend of $0.14 per share both payable December 10, 2018 to stockholders of record at the close of business November 9, 2018.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Service Revenue and Other Revenue</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Rollins&#8217; revenues are sourced primarily from the sale of pest control and other protection services to residential and commercial consumers.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, each of which are distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Nature of Goods and Services and Performance Obligations</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company contracts with its customers to provide the following goods and services, each of which is a distinct performance obligation:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pest control services - Rollins provides pest control services to protect residential and commercial properties from common pests, including rodents and insects. Pest control generally consists of assessing a customer&#8217;s property for conditions that invite pests, tackling current infestations, and stopping the life cycle to prevent future invaders. Revenue from pest control services is recognized as services are rendered.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s revenue recognition policies are designed to recognize revenues upon satisfaction of the performance obligation at the time services are performed. For certain revenue types, because of the timing of billing and the receipt of cash versus the timing of performing services, certain accounting estimates are utilized. Residential and commercial pest control services are primarily recurring in nature on a monthly, bi-monthly or quarterly basis, while certain types of commercial customers may receive multiple treatments within a given month. In general, pest control customers sign an initial one-year contract, and revenues are recognized at the time services are performed. The Company defers recognition of advance payments and recognizes the revenue as the services are rendered. The Company classifies discounts related to the advance payments as a reduction in revenues.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Termite control services (including traditional and baiting) - Rollins provides both conventional and baiting termite protection services. Traditional termite protection uses &#8220;Termidor&#8221; liquid treatment and/or dry foam and Orkin foam to treat voids and spaces around the property, while baiting termite protection uses baits to disrupt the molting process termites require for growth and offers ongoing protection. Revenue from initial termite treatment services is recognized as services are provided.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Maintenance/monitoring/inspection - In connection with the initial service offerings, Rollins provides recurring maintenance, monitoring or inspection services to help protect consumer&#8217;s property for any future sign of termite activities after the original treatment. This recurring service is a service-type warranty under ASC 606 as it is routinely sold and purchased separately from the initial treatment services and is typically purchased or renewed annually.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Termite baiting revenues are recognized based on the transfer of control of the individual units of accounting. At the inception of a new baiting services contract, upon quality control review of the installation, the Company recognizes revenue for the installation of the monitoring stations, initial directed liquid termiticide treatment and servicing of the monitoring stations. A portion of the contract amount is deferred for the undelivered monitoring element. This portion is recognized as income on a straight-line basis over the remaining contract term, which results in recognition of revenue that depicts the Company&#8217;s performance in transferring control of the service. The allocation of the purchase price to the two deliverables is based on the relative stand-alone selling price. There are no contingencies related to the delivery of additional items or meeting other specified performance conditions. Baiting renewal revenue is deferred and recognized over the annual contract period on a straight-line basis that depicts the Company&#8217;s performance in transferring control of the service.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue received for conventional termite renewals is deferred and recognized on a straight-line basis over the remaining contract term that depicts the Company&#8217;s performance in transferring control of the service; and, the cost of reinspections, reapplications and repairs and associated labor and chemicals are expensed as incurred. For outstanding claims, an estimate is made of the costs to be incurred (including legal costs) based upon current factors and historical information. The performance of reinspections tends to be close to the contract renewal date and while reapplications and repairs involve an insubstantial number of the contracts, these costs are incurred over the contract term. As the revenue is being deferred, the future cost of reinspections, reapplications and repairs and associated labor and chemicals applicable to the deferred revenue are expensed as incurred. The Company accrues for noticed claims. The costs of providing termite services upon renewal are compared to the expected revenue to be received and a provision is made for any expected losses.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Miscellaneous services (e.g., cleaning, etc.) - In certain agreements with customers, Rollins may offer other miscellaneous services, including restroom cleaning (e.g., eliminating foul odors, grease and grime which could attract pests), training (e.g., seminars covering good manufacturing practices and product stewardship), etc. Revenue from miscellaneous services is recognized when services are provided.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Products - Depending on customer demand, Rollins may separately sell pest control and/or termite protection products, such as baits. Revenue from product sales is recognized upon transfer of control of the asset.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Equipment rental (or lease) - Depending on customer demand, Rollins may lease certain pest control and/or termite protection equipment. Revenue from equipment rentals are recognized over the period of the rental/lease. Revenue from equipment rentals are not material and represent less than 1.0% of the Company&#8217;s revenues for each reported period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Right to access intellectual property (Franchise) - The right to access Rollins&#8217; intellectual property is an essential part of Orkin&#8217;s franchising agreements. These agreements provide the franchisee (the customer) a license to use the Rollins&#8217; name and trademark when advertising and selling services to end customers in their normal course of business. Orkin Franchise agreements contain a clause allowing Orkin to purchase certain assets of the franchisee. This is only an offer for Orkin to re-purchase the assets originally provided by Orkin to the franchisee and is not a performance obligation or a form of consideration. International and domestic franchising revenue was less than 1.0% of the Company&#8217;s annual revenues.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All Orkin domestic franchises have a guaranteed repurchase clause that the Orkin franchise may be repurchased by Orkin at a later date once it has been established. The Company amortizes the initial franchise fee over the initial franchise term. Deferred Orkin franchise fees of $1.7 million at September 30, 2018 and $3.4 million December 31, 2017 were not material to the Company&#8217;s financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royalties from Orkin franchises are accrued and recognized as revenues are earned on a monthly basis. Revenue from Orkin franchises was $2.0 million for the three month period ended September 30, 2018 and $1.5 million for the same period in 2017 and $7.0 million and $4.1 million for the nine month periods ended in September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Contract Balances</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. The balance of long-term accounts receivable, net of allowance for doubtful accounts, was $26.9 million as of September 30, 2018. As of December 31, 2017, long-term accounts receivable, net of allowance for doubtful accounts, was $20.4 million and is included in financed receivables as a long-term asset on our consolidated statements of financial position.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Activity in the allowance for doubtful accounts was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td colspan="5" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(In thousands)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 89%">Balance at December 31, 2017</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">14,706</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Charged to costs and expenses</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">9,509</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Net (write-offs)/recoveries</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(8,028</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">16,187</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unearned revenue is comprised mainly of unearned revenue related to the Company&#8217;s termite baiting offering and year-in-advance pest control services for which we have been paid in advance and earn the revenue when we transfer control of the product or service.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Refer to Note 7 - Unearned Revenue for further information, including changes in unearned revenue during the period.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Practical Expedients and Exemptions</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recently issued accounting standards to be adopted in 2018 or later</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2017, the FASB issued ASU 2017-12,&#160;Derivatives and Hedging (ASC 815), which provides new guidance intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity&#8217;s risk management activities in its financial statements. This ASU is effective for the Company beginning in fiscal year 2020. The adoption of this ASU is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Activity in the allowance for doubtful accounts was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td colspan="5" style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(In thousands)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 89%">Balance at December 31, 2017</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">14,706</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Charged to costs and expenses</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">9,509</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Net (write-offs)/recoveries</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(8,028</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">16,187</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">NOTE 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;UNEARNED REVENUE</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in unearned revenue were as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 60%"> <tr style="vertical-align: bottom"> <td style="text-align: left">(In Thousands)</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Year ended December 31, 2017</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 89%">Balance at December 31, 2016</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">106,323</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferral of unearned revenue</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">140,019</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Recognition of unearned revenue</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(128,728</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2017</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">117,614</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Nine months ended September 30, 2018</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td>Balance at December 31, 2017</td> <td>&#160;</td> <td style="text-align: left">$</td> <td style="text-align: right">117,614</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferral of unearned revenue</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">134,527</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; border-bottom: black 1pt solid">Recognition of unearned revenue</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(117,297</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">134,844</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred revenue recognized in the three months ended September 30, 2018 and 2017 was $39.0 million and $36.3 million, respectively, and was $117.3 million and $101.7 million for the nine month period ended September 30, 2018 and 2017, respectively.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (&#8220;contracted not recognized revenue&#8221;), which includes both unearned revenue and revenue that will be invoiced and recognized in future periods. The Company has no material contracted not recognized revenue as of September 30, 2018 or December 31, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2018 and December 31, 2017, the Company had long-term unearned revenue of $10.9 million and $8.6 million, respectively. Unearned short-term revenue is recognized over the next 12 month period. The majority of unearned long-term revenue is recognized over a period of five years or less with immaterial amounts recognized through 2025.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;REVENUE</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Adoption of ASC 606, &#8220;Revenue from Contracts with Customers&#8221;. On January 1, 2018, and the Company adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2017. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There was no material impact on the Company&#8217;s financial statements as a result of adopting ASC 606 for the nine months ended September 30, 2018 and 2017, or the twelve months ended December 31, 2017.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables present our revenues disaggregated by revenue source (in thousands, unaudited).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Sales and usage-based taxes are excluded from revenues. No sales to an individual customer or in a country other than the United States accounted for more than 10% of the sales for the periods listed on the following table. Revenue, classified by the major geographic areas in which our customers are located, was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="14" style="text-align: center; border-bottom: black 1pt solid">(In thousands)</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Nine Months Ended</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 52%; text-align: left">United States</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">448,910</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">414,278</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">1,268,652</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">1,160,157</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">Other countries</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">38,829</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">36,164</td> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">108,290</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">99,087</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">Total Revenues</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">487,739</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">450,442</td> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">1,376,942</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">1,259,244</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Revenue from external customers, classified by significant product and service offerings, was as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td colspan="14" style="text-align: center; border-bottom: black 1pt solid">(In thousands)</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center">Nine Months Ended</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 52%; text-align: left">Residential contract revenue</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">183,512</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">165,878</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">496,957</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">449,474</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Commercial contract revenue</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">141,309</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">133,761</td> <td style="text-align: left">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">410,227</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">387,767</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Termite completions, bait monitoring, &#38; renewals</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">83,136</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">74,929</td> <td style="text-align: left">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">253,501</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">221,531</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Other revenues</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">80,782</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">75,874</td> <td style="text-align: left">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">216,257</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">200,472</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">Total Revenues</td> <td style="padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">488,739</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid">450,442</td> <td style="text-align: left; padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">1,376,942</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="padding-bottom: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-top: black 1pt solid; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-top: black 1pt solid; border-bottom: black 1pt solid">1,259,244</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The following table summarizes the components of the Company&#8217;s stock-based compensation programs recorded as expense:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Three Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Nine Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Time lapse restricted stock:</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%; text-align: left">Pre-tax compensation expense</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">3,660</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">3,049</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">10,030</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">9,406</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Tax benefit</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">(947</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(1,180</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">(2,455</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(3,640</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Restricted stock expense, net of tax</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">2,713</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,869</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">7,575</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">5,766</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The following table summarizes information on unvested restricted stock outstanding as of September&#160;30, 2018:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Number of<br /> Shares</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Average Grant- <br /> Date Fair Value</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 66%; text-align: left">Unvested Restricted Stock at December 31, 2017</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 10%; text-align: right">2,017</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">24.49</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Forfeited</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(19</td> <td style="text-align: left">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">26.83</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td>Vested</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(603</td> <td style="text-align: left">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">19.40</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Granted</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">428</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">48.36</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt">Unvested Restricted Stock at September 30, 2018</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,823</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">31.63</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b><i>Components of Net Pension Benefit Gain</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Three Months Ended<br /> September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">Nine Months Ended<br /> September 30,</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">(in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 52%; text-align: left">Interest and service cost</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">1,995</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">2,138</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">5,985</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">6,414</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected return on plan assets</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">(3,443</td> <td style="text-align: left; font-weight: bold">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(3,342</td> <td style="text-align: left">)</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold">(10,329</td> <td style="text-align: left; font-weight: bold">)</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(10,026</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of net loss</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">826</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">830</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">2,478</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">2,490</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Net periodic benefit</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">(622</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">)</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(374</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">(1,866</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">)</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(1,122</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The preliminary values of major classes of assets acquired and liabilities assumed recorded at the date of acquisition, as adjusted during the valuation period, are included in the reconciliation of the total consideration as follows (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 70%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">&#160;</td> <td style="border-bottom: black 1pt solid; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">September 30, <br /> 2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 77%; text-align: left">Accounts receivable</td> <td style="width: 4%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 17%; text-align: right">3,422</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Materials &#38; supplies</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">555</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Equipment and property</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">6,790</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Goodwill</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">21,055</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Customer contracts and other intangible assets</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">66,738</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Current liabilities</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">(19,011</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Other assets and liabilities, net</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(2,535</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Total consideration paid</td> <td>&#160;</td> <td style="text-align: left">$</td> <td style="text-align: right">77,014</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Less:&#160;&#160;Contingent consideration liability</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(5,229</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Total cash purchase price</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">71,785</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September&#160;30, 2018 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Intangible Asset</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">Carrying Value</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">Useful Life in Years</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left">Customer contracts</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">185,477</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 10%; text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">3-12</font></td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Trademarks and tradenames</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">53,850</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">0 - 20</font></td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td>Non-compete agreements</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">4,658</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">3-20</font></td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Patents</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">2,137</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right"><font style="font: 10pt/normal Times New Roman, Times, Serif">3-15</font></td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Other assets</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">2,565</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">10</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Internet domains</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">2,227</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td> <td style="text-align: right; padding-bottom: 1pt"><font style="font: 10pt/normal Times New Roman, Times, Serif">n/a</font></td> <td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total customer contracts and other intangible assets</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">250,914</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">As of September&#160;30, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td colspan="13" style="text-align: center; font-weight: bold; text-decoration: underline"><u>Non-Designated Derivative Summary</u></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Number of Instruments</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Sell Notional</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Buy Notional</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">FX Forward Contracts</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 55%; text-align: left">Sell AUD/Buy USD Fwd Contract</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 10%; text-align: right">8</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">1,050</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">780</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; border-bottom: black 1pt solid">Sell CAD/Buy USD Fwd Contract</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">10</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">6,200</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">4,786</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="border-bottom: black 2.5pt double">Total</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: right; border-bottom: black 2.5pt double">18</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: right; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">5,566</td> <td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The table below presents the fair value of the Company&#8217;s derivative financial instruments as well as their classification on the balance sheet as of September&#160;30, 2018 and December&#160;31, 2017 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="14" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Tabular Disclosure of Fair Values of Derivative Instruments</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Derivatives Asset</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Derivative Liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td style="font-weight: bold">&#160;</td> <td colspan="6" style="text-align: center; font-weight: bold">Fair Value as of:</td> <td style="font-weight: bold">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold">Derivatives Not Designated as Hedging Instruments</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">September 30, <br /> 2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31,<br /> 2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">September 30,<br /> 2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31,<br /> 2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">FX Forward Contracts</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Balance Sheet Location</td> <td style="font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold">Other Assets</td> <td style="font-weight: bold">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">Other Assets</td> <td>&#160;</td> <td style="font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold">Other Current<br /> Liabilities</td> <td style="font-weight: bold">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">Other Current<br /> Liabilities</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 55%; text-align: left">Sell AUD/Buy USD Fwd Contract</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">22</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">&#8212;</td> <td style="width: 1%; text-align: left">&#160;</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">2</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 5%; text-align: right">(9)</td> <td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Sell CAD/Buy USD Fwd Contract</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">10</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">&#8212;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">39</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(61)</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">32</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">&#8212;</td> <td style="text-align: left; border-bottom: black 2.5pt double">&#160;</td> <td style="font-weight: bold; border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">41</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">&#160;</td> <td style="border-bottom: black 2.5pt double">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(70)</td> <td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below presents the effect of the Company&#8217;s derivative financial instruments on the income statement as of September&#160;30, 2018 and September&#160;30, 2017 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated</u></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>as Hedging Instruments for the Three and Nine Months Ended September&#160;30, 2018 and 2017</u>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left">Derivatives Not Designated as <br /> Hedging Instruments</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center">Location of Gain or (Loss)<br /> Recognized in Income</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Amount of Gain or (Loss)<br /> Recognized in Income<br /> Three Months Ended<br /> September 30,</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Amount of Gain or <br /> (Loss) Recognized in<br /> Income Nine Months<br /> Ended September 30,</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%; text-align: left">Sell AUD/Buy USD Fwd Contract</td> <td style="width: 2%">&#160;</td> <td style="width: 10%">Other inc/(exp)</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">9</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">(11</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 2%; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold">$</td> <td style="width: 8%; text-align: right; font-weight: bold">47</td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right">(29</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Sell CAD/Buy USD Fwd Contract</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">Other inc/(exp)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">(81</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(224</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; font-weight: bold; border-bottom: black 1pt solid">178</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left; border-bottom: black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: black 1pt solid">(319</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">(72</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">)</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(235</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">225</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(348</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September&#160;30, 2018 (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="33" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Recurring Fair Value Measurements</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Quoted Prices in Active</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Markets for Identical</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Significant Other</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Significant Unobservable</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Assets and Liabilities</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Observable Inputs</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold"><font style="font-size: 9pt">Inputs</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">Total Fair Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">(Level 1)</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">(Level 2)</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">(Level 3)</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">at September 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid"><font style="font-size: 9pt">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid"><font style="font-size: 9pt">2017</font></td> <td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font-weight: bold; text-decoration: underline"><font style="font-size: 9pt">Assets</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font-size: 9pt">Derivative Financial Instruments</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">32</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-size: 9pt">32</font></td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="font-weight: bold; text-decoration: underline"><font style="font-size: 9pt">Liabilities</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font-size: 9pt">Derivative Financial Instruments</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">(41</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">)</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">(153</font></td> <td style="text-align: left"><font style="font-size: 9pt">)</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">&#8212;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-size: 9pt">(41</font></td> <td style="text-align: left; font-weight: bold"><font style="font-size: 9pt">)</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td> <td style="text-align: right"><font style="font-size: 9pt">(153</font></td> <td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> </table> false false false 9000 9000 EX-101.SCH 6 rol-20180930.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - BASIS OF PREPARATION AND OTHER link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - REVENUE link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - EARNINGS PER SHARE link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - UNEARNED REVENUE link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - BUSINESS COMBINATIONS link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Policies) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - REVENUE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - EARNINGS PER SHARE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - UNEARNED REVENUE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - STOCKHOLDERS' EQUITY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - BUSINESS COMBINATIONS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - BASIS OF PREPARATION AND OTHER (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - REVENUE (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - REVENUE (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - EARNINGS PER SHARE (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - UNEARNED REVENUE (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - STOCKHOLDERS' EQUITY (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - STOCKHOLDERS' EQUITY (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - BUSINESS COMBINATIONS (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - BUSINESS COMBINATIONS (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - BUSINESS COMBINATIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 4) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - SUBSEQUENT EVENTS (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 rol-20180930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 rol-20180930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 rol-20180930_lab.xml XBRL LABEL FILE Range [Axis] Maximum [Member] Minimum [Member] Products and Services [Axis] Pest Control [Member] Derivative Instrument [Axis] Sell AUD/Buy USD Fwd Contract [Member] Sell CAD/Buy USD Fwd Contract [Member] Equity Components [Axis] Accumulated Other Comprehensive income/ (loss) [Member] Franchise [Member] Finite-Lived Intangible Assets by Major Class [Axis] Other Assets Customer Contracts [Member] Noncompete Agreements [Member] Patents [Member] Trademarks and Trade Names [Member] Award Type [Axis] Time Lapse Restricted Shares and Restricted Stock Units Subsequent Event Type [Axis] Subsequent Event [Member] Fair Value, Hierarchy [Axis] Fair Value, Inputs, Level 2 [Member] Measurement Frequency [Axis] Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 3 [Member] Income Statement Location [Axis] Other Nonoperating Income (Expense) [Member] Retained Earnings [Member] Class of Stock [Axis] Common Stock [Member] Restricted Stock [Member] Restricted Stock Units (RSUs) [Member] Other Intangible Assets [Member] Geographical [Axis] Non-US [Member] Indefinite-lived Intangible Assets [Axis] Internet Domain Names [Member] Short-term Debt, Type [Axis] Line of Credit [Member] Swingline Credit Facility [Member] Letter of Credit [Member] Commercial Contract Revenue [Member] Other Revenues [Member] Residential Contract Revenue [Member] Termite Completions, Bait Monitoring, & Renewals [Member] UNITED STATES Additional Paid-in Capital [Member] Business Acquisition [Axis] Major Classes of Assets and Liabilities acquired [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Trading Symbol Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Entity Emerging Growth Company Entity Small Business Entity Ex Transition Period Condensed Consolidated Statements Of Financial Position ASSETS Cash and cash equivalents Trade receivables, net of allowance for doubtful accounts of $13,080 and $11,814, respectively Financed receivables, short-term, net of allowance for doubtful accounts of $1,691 and $1,535, respectively Materials and supplies Other current assets Total current assets Equipment and property, net Goodwill Customer contracts Trademarks & tradenames Other intangible assets Financed receivables, long-term, net of allowance for doubtful accounts of $1,416 and $1,357, respectively Prepaid Pension Deferred income taxes Other assets Total Assets LIABILITIES Accounts payable Accrued insurance Accrued compensation and related liabilities Unearned revenues Other current liabilities Total current liabilities Accrued insurance, less current portion Accrued pension Long-term accrued liabilities Total liabilities Commitments and contingencies STOCKHOLDERS' EQUITY Preferred stock, without par value; 500,000 shares authorized, zero shares issued Common stock, par value $1 per share; 375,000,000 shares authorized, 218,212,261 and 217,992,177 shares issued and outstanding, respectively Paid in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Trade receivables, short-term, allowance for doubtful accounts Financed receivables, short-term, allowance for doubtful accounts Financed receivables, long-term, allowance for doubtful accounts Preferred stock, authorized (in shares) Preferred stock, issued (in shares) Common stock, par value (in dollars per share) Common stock, authorized (in shares) Common stock, issued (in shares) Common stock, outstanding (in shares) Income Statement [Abstract] REVENUES Customer services COSTS AND EXPENSES Cost of services provided Depreciation and amortization Sales, general and administrative Gain on sale of assets, net Interest income, net INCOME BEFORE INCOME TAXES PROVISION FOR INCOME TAXES NET INCOME NET INCOME PER SHARE - BASIC AND DILUTED (in dollars per share) DIVIDENDS PAID PER SHARE (in dollars per share) Weighted average participating shares outstanding - basic and diluted (in share) Statement of Comprehensive Income [Abstract] NET INCOME Other comprehensive earnings (loss), net of tax Foreign currency translation adjustments Other comprehensive earnings (loss) Comprehensive earnings Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance Balance (in shares) Net income Other comprehensive income, net of tax Pension liability adjustment Cash dividends Stock compensation Stock compensation (in shares) Employee stock buybacks Employee stock buybacks (in shares) Balance Balance (in shares) Statement of Cash Flows [Abstract] OPERATING ACTIVITIES Adjustments to reconcile net income to net cash provided by operating activities: Provision for deferred income taxes Provision for bad debts Stock - based compensation expense Other, net Changes in operating assets and liabilities Net cash provided by operating activities INVESTING ACTIVITIES Cash used for acquisitions of companies, net of cash acquired Purchases of equipment and property Proceeds from sales of franchises Other Net cash used in investing activities FINANCING ACTIVITIES Cash paid for common stock purchased Dividends paid Net cash used in financing activities Effect of exchange rate changes on cash Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Preparation and Other Accounting Changes and Error Corrections [Abstract] Recent Accounting Pronouncements Revenue from Contract with Customer [Abstract] Revenue Earnings Per Share [Abstract] Earnings Per Share Commitments and Contingencies Disclosure [Abstract] Contingencies Fair Value Disclosures [Abstract] Fair Value of Financial Instruments Unearned Revenue Equity [Abstract] Stockholders' Equity Retirement Benefits [Abstract] Pension and Post Retirement Benefit Plans Business Combinations [Abstract] Business Combinations Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Subsequent Events [Abstract] Subsequent Events Revenue Allowance for doubtful accounts Recently issued accounting standards to be adopted in 2018 or later Receivables and allowance for doubtful accounts Revenue by major geographic area, and by significant product and service offerings Basic and diluted earnings per share Changes in unearned revenue Components of stock-based compensation Unvested restricted stock activity Components of net periodic benefit Assets acquired and liabilities assumed Components of intangible assets Outstanding derivative instruments Fair value of derivative instruments and classification on the balance sheet Effects of derivative instruments on income statement Derivative instruments classification within fair value hierarchy Number of reportable segments Disaggregation of Revenue [Table] Disaggregation of Revenue [Line Items] Product and Service [Axis] Contract with customer, term Deferred revenue Revenue Long-term accounts receivable, net Contract with customer, payment term Accounts, Notes, Loans and Financing Receivable, Net [Roll Forward] Balance at December 31, 2017 Charged to costs and expenses Net (write-offs)/recoveries Balance at September 30, 2018 Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table] Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] Earnings per share - basic and diluted (in dollars per share) Schedule of Short-term Debt [Table] Short-term Debt [Line Items] Maximum borrowing capacity Outstanding borrowings Change in Contract with Customer, Liability [Roll Forward] Balance, beginning of period Deferral of unearned revenue Recognition of unearned revenue Balance, end of period Long-term unearned revenue Long-term unearned revenue, recognition period (or less) Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Payment of dividends Dividends paid (in dollars per share) Number of shares repurchased (in shares) Repurchase of common stock Common stock reserved for issuance (in shares) Unrecognized compensation cost Unrecognized compensation cost, period for recognition Pre-tax compensation expense Tax benefit Restricted stock expense, net of tax Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Unvested Restricted Stock, Beginning Balance (in shares) Forfeited (in shares) Vested (in shares) Granted (in shares) Unvested Restricted Stock, Ending Balance (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] Unvested Restricted Stock, Beginning Balance (in dollars per share) Forfeited (in dollars per share) Vested (in dollars per share) Granted (in dollars per share) Unvested Restricted Stock, Ending Balance (in dollars per share) Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] Interest and service cost Expected return on plan assets Amortization of net loss Net periodic benefit Company contributions to defined benefit plan Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Line Items] Accounts receivable Current assets Equipment and property Customer contracts and other intangible assets Current liabilities Other assets and liabilities, net Total consideration paid Less: Contingent consideration liability Total cash purchase price Carrying Value, finite-lived intangible assets Carrying Value, indefinite-lived intangible assets Useful Life in Years Number of acquisitions Number of states in which entity operates Number of customers Carrying amount of goodwill Carrying amount of goodwill in foreign countries Goodwill and intangible asset impairment Finite-lived intangible assets, net Derivative [Table] Derivative [Line Items] Number of Instruments Sell Notional Buy Notional Derivatives Asset Derivative Liabilities Derivative Instruments, Gain (Loss) [Table] Derivative Instruments, Gain (Loss) [Line Items] Amount of gain or (loss) recognized in income Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Hierarchy and NAV [Axis] Assets Derivative Financial Instruments Liabilities Derivative Financial Instruments Fair value of derivatives, net Obligation to return cash Subsequent Event [Table] Subsequent Event [Line Items] Quarterly dividend declared (in dollars per share) Special Year end Dividend Declared (in dollars per share) Accounts, Notes, Loans and Financing Receivable, Net [Roll Forward] Allowance For Doubtful Accounts, Notes, Loans and Financing Receivable Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other, Net Change in Contract with Customer, Liability [Roll Forward] Commercial Contract Revenue [Member] Contract With Customer, Liability, Recognition Period Contract With Customer, Payment Term Contract With Customer, Term Contract with Customer, Liability, Increase from Cash Receipts Defined Benefit Plan Interest and Service Cost Equipment Rental [Member] Goodwill, Carrying Amount in Foreign Countries Non Designated Derivative Buy Notional Amount. Non Designated Derivative Sell Notional Amount. Northwest Exterminating [Member] Number Of Customers Other Asset [Member] Other Comprehensive Income Minimum Pensions Liability Net Adjustment Net of Tax Other Revenues [Member] Pest Control [Member] Residential Contract Revenue [Member] Sell AUD/Buy USD Fwd Contract [Member] Sell CAD/Buy USD Fwd Contract [Member] Swingline Credit Facility [Member] Termite Completions, Bait Monitoring, &amp; Renewals [Member] Time Lapse Restricted Shares and Restricted Stock Units Member Aggregate dividends declared during the period for each share of common stock outstanding. Major Class Of Assets And Liabilities Acquired [Member] Assets, Current Assets [Default Label] Liabilities, Current Liabilities [Default Label] Stockholders' Equity Attributable to Parent Liabilities and Equity Gain (Loss) on Disposition of Assets Interest Income (Expense), Net Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Issued Dividends, Common Stock, Cash Stock Repurchased and Retired During Period, Shares Other Noncash Income (Expense) Increase (Decrease) in Operating Capital Net Cash Provided by (Used in) Operating Activities Payments to Acquire Businesses, Net of Cash Acquired Payments to Acquire Property, Plant, and Equipment Payments for (Proceeds from) Other Investing Activities Net Cash Provided by (Used in) Investing Activities Payments for Repurchase of Common Stock Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Revenue from Contract with Customer [Policy Text Block] Allowance For Doubtful Accounts, Notes, Loans and Financing Receivable Allowance for Doubtful Accounts Receivable, Recoveries Contract with Customer, Liability Employee Service Share-based Compensation, Tax Benefit from Compensation Expense Allocated Share-based Compensation Expense, Net of Tax Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Defined Benefit Plan, Expected Return (Loss) on Plan Assets Defined Benefit Plan, Amortization of Gain (Loss) Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other, Net Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net EX-101.PRE 10 rol-20180930_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Oct. 16, 2018
Document And Entity Information    
Entity Registrant Name ROLLINS INC  
Entity Central Index Key 0000084839  
Trading Symbol rol  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   218,212,261
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Ex Transition Period false  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 118,652 $ 107,050
Trade receivables, net of allowance for doubtful accounts of $13,080 and $11,814, respectively 122,375 97,802
Financed receivables, short-term, net of allowance for doubtful accounts of $1,691 and $1,535, respectively 20,384 17,263
Materials and supplies 16,093 14,983
Other current assets 25,576 25,697
Total current assets 303,080 262,795
Equipment and property, net 136,857 134,088
Goodwill 365,480 346,514
Customer contracts 185,477 152,869
Trademarks & tradenames 53,850 49,998
Other intangible assets 11,587 11,550
Financed receivables, long-term, net of allowance for doubtful accounts of $1,416 and $1,357, respectively 26,882 20,414
Prepaid Pension 19,522 17,595
Deferred income taxes 5,863 18,420
Other assets 20,975 19,420
Total Assets 1,129,573 1,033,663
LIABILITIES    
Accounts payable 29,991 26,161
Accrued insurance 27,722 28,018
Accrued compensation and related liabilities 73,829 73,016
Unearned revenues 123,916 109,029
Other current liabilities 53,923 58,345
Total current liabilities 309,381 294,569
Accrued insurance, less current portion 33,883 34,245
Accrued pension 58
Long-term accrued liabilities 51,493 50,925
Total liabilities 394,815 379,739
Commitments and contingencies
STOCKHOLDERS' EQUITY    
Preferred stock, without par value; 500,000 shares authorized, zero shares issued
Common stock, par value $1 per share; 375,000,000 shares authorized, 218,212,261 and 217,992,177 shares issued and outstanding, respectively 218,212 217,992
Paid in capital 81,682 81,405
Accumulated other comprehensive loss (54,637) (45,956)
Retained earnings 489,501 400,483
Total stockholders' equity 734,758 653,924
Total liabilities and stockholders' equity $ 1,129,573 $ 1,033,663
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Condensed Consolidated Statements Of Financial Position    
Trade receivables, short-term, allowance for doubtful accounts $ 13,080 $ 11,814
Financed receivables, short-term, allowance for doubtful accounts 1,691 1,535
Financed receivables, long-term, allowance for doubtful accounts $ 1,416 $ 1,357
Preferred stock, authorized (in shares) 500,000 500,000
Preferred stock, issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 375,000,000 375,000,000
Common stock, issued (in shares) 218,212,261 217,992,177
Common stock, outstanding (in shares) 218,212,261 217,992,177
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Customer services $ 487,739 $ 450,442 $ 1,376,942 $ 1,259,244
COSTS AND EXPENSES        
Cost of services provided 236,287 218,781 673,202 612,424
Depreciation and amortization 16,867 14,313 50,149 41,630
Sales, general and administrative 145,072 134,932 414,938 379,753
Gain on sale of assets, net (314) (66) (678) (179)
Interest income, net (63) (79) 70 (342)
INCOME BEFORE INCOME TAXES 89,890 82,561 239,261 225,958
PROVISION FOR INCOME TAXES 23,262 31,131 58,566 80,569
NET INCOME $ 66,628 $ 51,430 $ 180,695 $ 145,389
NET INCOME PER SHARE - BASIC AND DILUTED (in dollars per share) $ 0.31 $ 0.24 $ 0.83 $ 0.67
DIVIDENDS PAID PER SHARE (in dollars per share) $ 0.14 $ 0.12 $ 0.42 $ 0.35
Weighted average participating shares outstanding - basic and diluted (in share) 218,214,000 217,988,000 218,188,000 217,987,000
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 66,628 $ 51,430 $ 180,695 $ 145,389
Other comprehensive earnings (loss), net of tax        
Foreign currency translation adjustments (611) 4,085 (8,681) 10,474
Other comprehensive earnings (loss) (611) 4,085 (8,681) 10,474
Comprehensive earnings $ 66,017 $ 55,515 $ 172,014 $ 155,863
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive income/ (loss) [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2016 $ 217,792 $ 77,452 $ (70,075) $ 343,376 $ 568,545
Balance (in shares) at Dec. 31, 2016 217,792,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 179,124 179,124
Other comprehensive income, net of tax          
Pension liability adjustment 14,159 14,159
Foreign currency translation adjustments 9,960 9,960
Cash dividends (122,017) (122,017)
Stock compensation $ 434 11,965 12,399
Stock compensation (in shares) 434,000        
Employee stock buybacks $ (234) (8,012) (8,246)
Employee stock buybacks (in shares) (234,000)        
Balance at Dec. 31, 2017 $ 217,992 81,405 (45,956) 400,483 653,924
Balance (in shares) at Dec. 31, 2017 217,992,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income       180,695 180,695
Other comprehensive income, net of tax          
Foreign currency translation adjustments (8,681)   (8,681)
Cash dividends (91,677) (91,677)
Stock compensation $ 409 9,621 10,030
Stock compensation (in shares) 409,000        
Employee stock buybacks $ (189) (9,344) (9,533)
Employee stock buybacks (in shares) (189,000)        
Balance at Sep. 30, 2018 $ 218,212 $ 81,682 $ (54,637) $ 489,501 $ 734,758
Balance (in shares) at Sep. 30, 2018 218,212,000        
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net income $ 180,695 $ 145,389
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,149 41,630
Provision for deferred income taxes 4,604 9,386
Provision for bad debts 9,509 7,222
Stock - based compensation expense 10,030 9,406
Other, net (1,920) (728)
Changes in operating assets and liabilities (39,793) (22,918)
Net cash provided by operating activities 213,274 189,387
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (71,785) (127,881)
Purchases of equipment and property (19,645) (17,217)
Proceeds from sales of franchises 343 437
Other 1,002 67
Net cash used in investing activities (90,085) (144,594)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (9,533) (8,193)
Dividends paid (91,677) (75,182)
Net cash used in financing activities (101,210) (83,375)
Effect of exchange rate changes on cash (10,377) 9,194
Net increase/(decrease) in cash and cash equivalents 11,602 (29,388)
Cash and cash equivalents at beginning of period 107,050 142,785
Cash and cash equivalents at end of period $ 118,652 $ 113,397
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PREPARATION AND OTHER
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Preparation and Other

NOTE 1.          BASIS OF PREPARATION AND OTHER

 

Basis of Preparation -The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. There has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Rollins, Inc. (the “Company”) for the year ended December 31, 2017 other than updates related to Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (ASC 606) as noted below. Accordingly, the quarterly condensed consolidated financial statements and related disclosures herein should be read in conjunction with the 2017 Annual Report on Form 10-K.

 

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

 

In the opinion of management, all adjustments necessary for a fair presentation of the Company’s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three and nine month periods ended September 30, 2018 are not necessarily indicative of results for the entire year.

 

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

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS
9 Months Ended
Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

NOTE 2.          RECENT ACCOUNTING PRONOUNCEMENTS

 

Revenue

 

Service Revenue and Other Revenue

 

Rollins’ revenues are sourced primarily from the sale of pest control and other protection services to residential and commercial consumers.

 

Revenue Recognition

 

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, each of which are distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

 

Nature of Goods and Services and Performance Obligations

 

The Company contracts with its customers to provide the following goods and services, each of which is a distinct performance obligation:

 

Pest control services - Rollins provides pest control services to protect residential and commercial properties from common pests, including rodents and insects. Pest control generally consists of assessing a customer’s property for conditions that invite pests, tackling current infestations, and stopping the life cycle to prevent future invaders. Revenue from pest control services is recognized as services are rendered.

 

The Company’s revenue recognition policies are designed to recognize revenues upon satisfaction of the performance obligation at the time services are performed. For certain revenue types, because of the timing of billing and the receipt of cash versus the timing of performing services, certain accounting estimates are utilized. Residential and commercial pest control services are primarily recurring in nature on a monthly, bi-monthly or quarterly basis, while certain types of commercial customers may receive multiple treatments within a given month. In general, pest control customers sign an initial one-year contract, and revenues are recognized at the time services are performed. The Company defers recognition of advance payments and recognizes the revenue as the services are rendered. The Company classifies discounts related to the advance payments as a reduction in revenues.

 

Termite control services (including traditional and baiting) - Rollins provides both conventional and baiting termite protection services. Traditional termite protection uses “Termidor” liquid treatment and/or dry foam and Orkin foam to treat voids and spaces around the property, while baiting termite protection uses baits to disrupt the molting process termites require for growth and offers ongoing protection. Revenue from initial termite treatment services is recognized as services are provided.

 

Maintenance/monitoring/inspection - In connection with the initial service offerings, Rollins provides recurring maintenance, monitoring or inspection services to help protect consumer’s property for any future sign of termite activities after the original treatment. This recurring service is a service-type warranty under ASC 606 as it is routinely sold and purchased separately from the initial treatment services and is typically purchased or renewed annually.

 

Termite baiting revenues are recognized based on the transfer of control of the individual units of accounting. At the inception of a new baiting services contract, upon quality control review of the installation, the Company recognizes revenue for the installation of the monitoring stations, initial directed liquid termiticide treatment and servicing of the monitoring stations. A portion of the contract amount is deferred for the undelivered monitoring element. This portion is recognized as income on a straight-line basis over the remaining contract term, which results in recognition of revenue that depicts the Company’s performance in transferring control of the service. The allocation of the purchase price to the two deliverables is based on the relative stand-alone selling price. There are no contingencies related to the delivery of additional items or meeting other specified performance conditions. Baiting renewal revenue is deferred and recognized over the annual contract period on a straight-line basis that depicts the Company’s performance in transferring control of the service.

 

Revenue received for conventional termite renewals is deferred and recognized on a straight-line basis over the remaining contract term that depicts the Company’s performance in transferring control of the service; and, the cost of reinspections, reapplications and repairs and associated labor and chemicals are expensed as incurred. For outstanding claims, an estimate is made of the costs to be incurred (including legal costs) based upon current factors and historical information. The performance of reinspections tends to be close to the contract renewal date and while reapplications and repairs involve an insubstantial number of the contracts, these costs are incurred over the contract term. As the revenue is being deferred, the future cost of reinspections, reapplications and repairs and associated labor and chemicals applicable to the deferred revenue are expensed as incurred. The Company accrues for noticed claims. The costs of providing termite services upon renewal are compared to the expected revenue to be received and a provision is made for any expected losses.

 

Miscellaneous services (e.g., cleaning, etc.) - In certain agreements with customers, Rollins may offer other miscellaneous services, including restroom cleaning (e.g., eliminating foul odors, grease and grime which could attract pests), training (e.g., seminars covering good manufacturing practices and product stewardship), etc. Revenue from miscellaneous services is recognized when services are provided.

 

Products - Depending on customer demand, Rollins may separately sell pest control and/or termite protection products, such as baits. Revenue from product sales is recognized upon transfer of control of the asset.

 

Equipment rental (or lease) - Depending on customer demand, Rollins may lease certain pest control and/or termite protection equipment. Revenue from equipment rentals are recognized over the period of the rental/lease. Revenue from equipment rentals are not material and represent less than 1.0% of the Company’s revenues for each reported period.

 

Right to access intellectual property (Franchise) - The right to access Rollins’ intellectual property is an essential part of Orkin’s franchising agreements. These agreements provide the franchisee (the customer) a license to use the Rollins’ name and trademark when advertising and selling services to end customers in their normal course of business. Orkin Franchise agreements contain a clause allowing Orkin to purchase certain assets of the franchisee. This is only an offer for Orkin to re-purchase the assets originally provided by Orkin to the franchisee and is not a performance obligation or a form of consideration. International and domestic franchising revenue was less than 1.0% of the Company’s annual revenues.

 

All Orkin domestic franchises have a guaranteed repurchase clause that the Orkin franchise may be repurchased by Orkin at a later date once it has been established. The Company amortizes the initial franchise fee over the initial franchise term. Deferred Orkin franchise fees of $1.7 million at September 30, 2018 and $3.4 million December 31, 2017 were not material to the Company’s financial statements.

 

Royalties from Orkin franchises are accrued and recognized as revenues are earned on a monthly basis. Revenue from Orkin franchises was $2.0 million for the three month period ended September 30, 2018 and $1.5 million for the same period in 2017 and $7.0 million and $4.1 million for the nine month periods ended in September 30, 2018 and 2017, respectively.

 

Contract Balances

 

Timing of revenue recognition may differ from the timing of invoicing to customers. We record revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. The balance of long-term accounts receivable, net of allowance for doubtful accounts, was $26.9 million as of September 30, 2018. As of December 31, 2017, long-term accounts receivable, net of allowance for doubtful accounts, was $20.4 million and is included in financed receivables as a long-term asset on our consolidated statements of financial position.

 

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Activity in the allowance for doubtful accounts was as follows:

 

(In thousands)
Balance at December 31, 2017   $ 14,706  
Charged to costs and expenses     9,509  
Net (write-offs)/recoveries     (8,028 )
Balance at September 30, 2018   $ 16,187  

 

Unearned revenue is comprised mainly of unearned revenue related to the Company’s termite baiting offering and year-in-advance pest control services for which we have been paid in advance and earn the revenue when we transfer control of the product or service.

 

Refer to Note 7 - Unearned Revenue for further information, including changes in unearned revenue during the period.

 

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing.

 

Practical Expedients and Exemptions

 

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.

 

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

 

Recently issued accounting standards to be adopted in 2018 or later

 

In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.

 

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (ASC 815), which provides new guidance intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This ASU is effective for the Company beginning in fiscal year 2020. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 3.          REVENUE

 

Adoption of ASC 606, “Revenue from Contracts with Customers”. On January 1, 2018, and the Company adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2017. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605.

 

There was no material impact on the Company’s financial statements as a result of adopting ASC 606 for the nine months ended September 30, 2018 and 2017, or the twelve months ended December 31, 2017.

 

The following tables present our revenues disaggregated by revenue source (in thousands, unaudited).

 

Sales and usage-based taxes are excluded from revenues. No sales to an individual customer or in a country other than the United States accounted for more than 10% of the sales for the periods listed on the following table. Revenue, classified by the major geographic areas in which our customers are located, was as follows:

 

    (In thousands)  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2018     2017     2018     2017  
United States   $ 448,910     $ 414,278     $ 1,268,652     $ 1,160,157  
Other countries     38,829       36,164       108,290       99,087  
Total Revenues   $ 487,739     $ 450,442     $ 1,376,942     $ 1,259,244  

 

Revenue from external customers, classified by significant product and service offerings, was as follows:

 

    (In thousands)  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2018     2017     2018     2017  
Residential contract revenue   $ 183,512     $ 165,878     $ 496,957     $ 449,474  
Commercial contract revenue     141,309       133,761       410,227       387,767  
Termite completions, bait monitoring, & renewals     83,136       74,929       253,501       221,531  
Other revenues     80,782       75,874       216,257       200,472  
Total Revenues   $ 488,739     $ 450,442     $ 1,376,942     $ 1,259,244  
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 4.          EARNINGS PER SHARE

 

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

 

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

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Basic and diluted earnings per share                                
Common stock   $ 0.31     $ 0.24     $ 0.83     $ 0.67  
Restricted shares of common stock   $ 0.30     $ 0.23     $ 0.85     $ 0.65
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONTINGENCIES
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

NOTE 5.          CONTINGENCIES

 

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

 

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

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

NOTE 6.          FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, notes receivable, accounts payable and other short-term liabilities. The carrying amounts of these financial instruments approximate their fair values.  The Company has a Revolving Credit Agreement with SunTrust Bank and Bank of America, N.A. for an unsecured line of credit of up to $175.0 million, which includes a $75.0 million letter of credit subfacility and a $25.0 million swingline subfacility. There were no outstanding borrowings at September 30, 2018 and December 31, 2017.  The Company remained in compliance with applicable debt covenants through the date of this filing and expects to maintain compliance through 2018.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
UNEARNED REVENUE
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Unearned Revenue

NOTE 7.          UNEARNED REVENUE

 

Changes in unearned revenue were as follows:

 

(In Thousands)      
Year ended December 31, 2017        
Balance at December 31, 2016   $ 106,323  
Deferral of unearned revenue     140,019  
Recognition of unearned revenue     (128,728 )
Balance at December 31, 2017   $ 117,614  
         
Nine months ended September 30, 2018        
Balance at December 31, 2017   $ 117,614  
Deferral of unearned revenue     134,527  
Recognition of unearned revenue     (117,297 )
Balance at September 30, 2018   $ 134,844  

 

Deferred revenue recognized in the three months ended September 30, 2018 and 2017 was $39.0 million and $36.3 million, respectively, and was $117.3 million and $101.7 million for the nine month period ended September 30, 2018 and 2017, respectively.

 

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (“contracted not recognized revenue”), which includes both unearned revenue and revenue that will be invoiced and recognized in future periods. The Company has no material contracted not recognized revenue as of September 30, 2018 or December 31, 2017.

 

At September 30, 2018 and December 31, 2017, the Company had long-term unearned revenue of $10.9 million and $8.6 million, respectively. Unearned short-term revenue is recognized over the next 12 month period. The majority of unearned long-term revenue is recognized over a period of five years or less with immaterial amounts recognized through 2025.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Stockholders' Equity

NOTE 8.          STOCKHOLDERS’ EQUITY

 

During the nine months ended September 30, 2018, the Company paid $91.7 million or $0.42 per share in cash dividends compared to $75.2 million or $0.35 per share during the same period in 2017.

 

During the first nine months ended September 30, 2018 and during the same period in 2017 the Company did not repurchase shares on the open market.

 

The Company repurchases shares from employees for the payment of taxes on restricted shares that have vested. The Company repurchased $0.2 million and $0.5 million of common stock for the quarter ended September 30, 2018 and during the same period in 2017, respectively, and $9.5 million and $8.2 million for the nine months ended September 30, 2018 and 2017, respectively.

 

As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, time-lapse restricted shares and restricted stock units have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. At September 30, 2018, approximately 6.0 million shares of the Company’s common stock were reserved for issuance.

 

Time Lapse Restricted Shares and Restricted Stock Units

 

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

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2018     2017     2018     2017  
Time lapse restricted stock:                                
Pre-tax compensation expense   $ 3,660     $ 3,049     $ 10,030     $ 9,406  
Tax benefit     (947 )     (1,180 )     (2,455 )     (3,640 )
Restricted stock expense, net of tax   $ 2,713     $ 1,869     $ 7,575     $ 5,766  

 

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2018:

 

    Number of
Shares
    Average Grant-
Date Fair Value
 
Unvested Restricted Stock at December 31, 2017     2,017     $ 24.49  
Forfeited     (19 )     26.83  
Vested     (603 )     19.40  
Granted     428       48.36  
Unvested Restricted Stock at September 30, 2018     1,823     $ 31.63  

 

At September 30, 2018 and December 31, 2017, the Company had $43.2 million and $32.9 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.1 years and 3.9 years, respectively.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
PENSION AND POST RETIREMENT BENEFIT PLANS
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Pension and Post Retirement Benefit Plans

NOTE 9.          PENSION AND POST RETIREMENT BENEFIT PLANS

 

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

 

Components of Net Pension Benefit Gain

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2018     2017     2018     2017  
Interest and service cost   $ 1,995     $ 2,138     $ 5,985     $ 6,414  
Expected return on plan assets     (3,443 )     (3,342 )     (10,329 )     (10,026 )
Amortization of net loss     826       830       2,478       2,490  
Net periodic benefit   $ (622 )   $ (374 )   $ (1,866 )   $ (1,122 )

 

During the nine months ended September 30, 2018 and the same period in 2017 the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2017. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2018.

 

The Company has initiated the process to transition its Pension Plan to an Insurance provider. The transition will take approximately 12-15 months.  The Company’s Pension Plan is currently more than 100% funded.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
BUSINESS COMBINATIONS
9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Business Combinations

NOTE 10.        BUSINESS COMBINATIONS

 

The Company made 32 acquisitions during the nine month period ended September 30, 2018, and 23 acquisitions for the year ended December 31, 2017, respectively, some of which have been disclosed on various press releases and related Current Reports on Form 8-K.

 

On July 2, 2018, the Company acquired the stock of Aardwolf Pestkare (Singapore) Pte Ltd. This is Rollins’ first company-owned operation in Singapore.

 

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

 

    September 30,
2018
 
Accounts receivable   $ 3,422  
Materials & supplies     555  
Equipment and property     6,790  
Goodwill     21,055  
Customer contracts and other intangible assets     66,738  
Current liabilities     (19,011 )
Other assets and liabilities, net     (2,535 )
Total consideration paid   $ 77,014  
Less:  Contingent consideration liability     (5,229 )
Total cash purchase price   $ 71,785  

 

Goodwill from acquisitions represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $365.5 million and $346.5 million at September 30, 2018 and December 31, 2017, respectively. Goodwill generally changes due to the timing of acquisitions, finalization of allocation of purchase prices of previous acquisitions and foreign currency translations. The carrying amount of goodwill in foreign countries was $52.8 million at September 30, 2018 and $46.3 million at December 31, 2017.

 

The Company completed its most recent annual impairment analysis as of September 30, 2018. Based upon the results of this analysis, the Company has concluded that no impairment of its goodwill or other intangible assets was indicated.

 

The carrying amount of customer contracts was $185.5 million and $152.9 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of trademarks and tradenames was $53.9 million and $50.0 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of other intangible assets was $11.6 million and $11.6 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of customer contracts in foreign countries was $43.4 million and $29.8 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of trademarks and tradenames in foreign countries was $3.3 million and $1.7 million at September 30, 2018 and December 31, 2017, respectively. The carrying amount of other intangible assets in foreign countries was $1.9 million and $1.7 million at September 30, 2018 and December 31, 2017, respectively.

 

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September 30, 2018 (in thousands):

 

Intangible Asset   Carrying Value     Useful Life in Years  
Customer contracts   $ 185,477       3-12  
Trademarks and tradenames     53,850       0 - 20  
Non-compete agreements     4,658       3-20  
Patents     2,137       3-15  
Other assets     2,565       10  
Internet domains     2,227       n/a  
Total customer contracts and other intangible assets   $ 250,914          
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities

NOTE 11.        DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

Risk Management Objective of Using Derivatives

 

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

 

Hedges of Foreign Exchange Risk

 

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

 

The Company does not currently designate any of these foreign exchange forwards under hedge accounting, but rather reflects the changes in fair value immediately in earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign exchange rates. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were equal to a net loss of $0.1 million for the quarter ended September 30, 2018 and a net loss of $0.2 million for the same quarter in the prior year. Changes in the fair value of derivatives for the nine months ended September 30, 2018 and during the same period in 2017 were equal to a gain of $0.2 million and a net loss of $0.3 million, respectively. As of September 30, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):

 

Non-Designated Derivative Summary
    Number of Instruments     Sell Notional     Buy Notional  
FX Forward Contracts                        
Sell AUD/Buy USD Fwd Contract     8     $ 1,050     $ 780  
Sell CAD/Buy USD Fwd Contract     10     $ 6,200     $ 4,786  
Total     18             $ 5,566  

 

 

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of September 30, 2018 and December 31, 2017 (in thousands):

 

    Tabular Disclosure of Fair Values of Derivative Instruments  
    Derivatives Asset     Derivative Liabilities  
          Fair Value as of:        
Derivatives Not Designated as Hedging Instruments    September 30,
2018
    December 31,
2017
    September 30,
2018
    December 31,
2017
 
FX Forward Contracts                        
Balance Sheet Location   Other Assets     Other Assets     Other Current
Liabilities
    Other Current
Liabilities
 
Sell AUD/Buy USD Fwd Contract   $ 22     $     $ 2     $ (9)  
Sell CAD/Buy USD Fwd Contract     10             39       (61)  
Total   $ 32     $     $ 41     $ (70)  

 

The table below presents the effect of the Company’s derivative financial instruments on the income statement as of September 30, 2018 and September 30, 2017 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated

as Hedging Instruments for the Three and Nine Months Ended September 30, 2018 and 2017 

 

Derivatives Not Designated as
Hedging Instruments
  Location of Gain or (Loss)
Recognized in Income
  Amount of Gain or (Loss)
Recognized in Income
Three Months Ended
September 30,
    Amount of Gain or
(Loss) Recognized in
Income Nine Months
Ended September 30,
 
        2018     2017     2018     2017  
Sell AUD/Buy USD Fwd Contract   Other inc/(exp)   $ 9     $ (11 )   $ 47     $ (29 )
Sell CAD/Buy USD Fwd Contract   Other inc/(exp)     (81 )     (224 )     178       (319 )
Total       $ (72 )   $ (235 )   $ 225     $ (348 )
                                     

 

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September 30, 2018 (in thousands):

 

Recurring Fair Value Measurements
    Quoted Prices in Active                                      
    Markets for Identical     Significant Other     Significant Unobservable              
    Assets and Liabilities     Observable Inputs     Inputs        
    at September 30,     at September 30,     at September 30,     Total Fair Value  
    (Level 1)     (Level 2)     (Level 3)     at September 30,  
    2018     2017     2018     2017     2018     2017     2018     2017  
Assets                                                                
Derivative Financial Instruments   $     $     $ 32     $     $     $     $ 32     $  
Liabilities                                                                
Derivative Financial Instruments   $     $     $ (41 )   $ (153 )   $     $     $ (41 )   $ (153 )

 

As of September 30, 2018, the fair value of derivatives in a net liability position was nine thousand dollars inclusive of counterparty credit risk. As of the balance sheet date, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2018, it could have been required to settle its obligations under the agreements at their termination value of nine thousand dollars.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 12.        SUBSEQUENT EVENTS

 

On October 23, 2018, the Company announced today that the Board of Directors has approved a three-for-two stock split of the Company’s common shares.

 

The split will be affected by issuing one additional share of common stock for every two shares of common stock held. The additional shares will be distributed on December 10, 2018, to stockholders of record at the close of business on November 9, 2018. Fractional share amounts resulting from the split will be paid to shareholders in cash. Dividends will be paid on pre-split shares.

 

In addition, the Company declared a regular quarterly cash dividend on its common stock of $0.14 per share plus a special year-end dividend of $0.14 per share both payable December 10, 2018 to stockholders of record at the close of business November 9, 2018.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Revenue

Revenue

 

Service Revenue and Other Revenue

 

Rollins’ revenues are sourced primarily from the sale of pest control and other protection services to residential and commercial consumers.

 

Revenue Recognition

 

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, each of which are distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

 

Nature of Goods and Services and Performance Obligations

 

The Company contracts with its customers to provide the following goods and services, each of which is a distinct performance obligation:

 

Pest control services - Rollins provides pest control services to protect residential and commercial properties from common pests, including rodents and insects. Pest control generally consists of assessing a customer’s property for conditions that invite pests, tackling current infestations, and stopping the life cycle to prevent future invaders. Revenue from pest control services is recognized as services are rendered.

 

The Company’s revenue recognition policies are designed to recognize revenues upon satisfaction of the performance obligation at the time services are performed. For certain revenue types, because of the timing of billing and the receipt of cash versus the timing of performing services, certain accounting estimates are utilized. Residential and commercial pest control services are primarily recurring in nature on a monthly, bi-monthly or quarterly basis, while certain types of commercial customers may receive multiple treatments within a given month. In general, pest control customers sign an initial one-year contract, and revenues are recognized at the time services are performed. The Company defers recognition of advance payments and recognizes the revenue as the services are rendered. The Company classifies discounts related to the advance payments as a reduction in revenues.

 

Termite control services (including traditional and baiting) - Rollins provides both conventional and baiting termite protection services. Traditional termite protection uses “Termidor” liquid treatment and/or dry foam and Orkin foam to treat voids and spaces around the property, while baiting termite protection uses baits to disrupt the molting process termites require for growth and offers ongoing protection. Revenue from initial termite treatment services is recognized as services are provided.

 

Maintenance/monitoring/inspection - In connection with the initial service offerings, Rollins provides recurring maintenance, monitoring or inspection services to help protect consumer’s property for any future sign of termite activities after the original treatment. This recurring service is a service-type warranty under ASC 606 as it is routinely sold and purchased separately from the initial treatment services and is typically purchased or renewed annually.

 

Termite baiting revenues are recognized based on the transfer of control of the individual units of accounting. At the inception of a new baiting services contract, upon quality control review of the installation, the Company recognizes revenue for the installation of the monitoring stations, initial directed liquid termiticide treatment and servicing of the monitoring stations. A portion of the contract amount is deferred for the undelivered monitoring element. This portion is recognized as income on a straight-line basis over the remaining contract term, which results in recognition of revenue that depicts the Company’s performance in transferring control of the service. The allocation of the purchase price to the two deliverables is based on the relative stand-alone selling price. There are no contingencies related to the delivery of additional items or meeting other specified performance conditions. Baiting renewal revenue is deferred and recognized over the annual contract period on a straight-line basis that depicts the Company’s performance in transferring control of the service.

 

Revenue received for conventional termite renewals is deferred and recognized on a straight-line basis over the remaining contract term that depicts the Company’s performance in transferring control of the service; and, the cost of reinspections, reapplications and repairs and associated labor and chemicals are expensed as incurred. For outstanding claims, an estimate is made of the costs to be incurred (including legal costs) based upon current factors and historical information. The performance of reinspections tends to be close to the contract renewal date and while reapplications and repairs involve an insubstantial number of the contracts, these costs are incurred over the contract term. As the revenue is being deferred, the future cost of reinspections, reapplications and repairs and associated labor and chemicals applicable to the deferred revenue are expensed as incurred. The Company accrues for noticed claims. The costs of providing termite services upon renewal are compared to the expected revenue to be received and a provision is made for any expected losses.

 

Miscellaneous services (e.g., cleaning, etc.) - In certain agreements with customers, Rollins may offer other miscellaneous services, including restroom cleaning (e.g., eliminating foul odors, grease and grime which could attract pests), training (e.g., seminars covering good manufacturing practices and product stewardship), etc. Revenue from miscellaneous services is recognized when services are provided.

 

Products - Depending on customer demand, Rollins may separately sell pest control and/or termite protection products, such as baits. Revenue from product sales is recognized upon transfer of control of the asset.

 

Equipment rental (or lease) - Depending on customer demand, Rollins may lease certain pest control and/or termite protection equipment. Revenue from equipment rentals are recognized over the period of the rental/lease. Revenue from equipment rentals are not material and represent less than 1.0% of the Company’s revenues for each reported period.

 

Right to access intellectual property (Franchise) - The right to access Rollins’ intellectual property is an essential part of Orkin’s franchising agreements. These agreements provide the franchisee (the customer) a license to use the Rollins’ name and trademark when advertising and selling services to end customers in their normal course of business. Orkin Franchise agreements contain a clause allowing Orkin to purchase certain assets of the franchisee. This is only an offer for Orkin to re-purchase the assets originally provided by Orkin to the franchisee and is not a performance obligation or a form of consideration. International and domestic franchising revenue was less than 1.0% of the Company’s annual revenues.

 

All Orkin domestic franchises have a guaranteed repurchase clause that the Orkin franchise may be repurchased by Orkin at a later date once it has been established. The Company amortizes the initial franchise fee over the initial franchise term. Deferred Orkin franchise fees of $1.7 million at September 30, 2018 and $3.4 million December 31, 2017 were not material to the Company’s financial statements.

 

Royalties from Orkin franchises are accrued and recognized as revenues are earned on a monthly basis. Revenue from Orkin franchises was $2.0 million for the three month period ended September 30, 2018 and $1.5 million for the same period in 2017 and $7.0 million and $4.1 million for the nine month periods ended in September 30, 2018 and 2017, respectively.

 

Contract Balances

 

Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. The balance of long-term accounts receivable, net of allowance for doubtful accounts, was $26.9 million as of September 30, 2018. As of December 31, 2017, long-term accounts receivable, net of allowance for doubtful accounts, was $20.4 million and is included in financed receivables as a long-term asset on our consolidated statements of financial position.

 

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Activity in the allowance for doubtful accounts was as follows:

 

(In thousands)
Balance at December 31, 2017   $ 14,706  
Charged to costs and expenses     9,509  
Net (write-offs)/recoveries     (8,028 )
Balance at September 30, 2018   $ 16,187  

 

Unearned revenue is comprised mainly of unearned revenue related to the Company’s termite baiting offering and year-in-advance pest control services for which we have been paid in advance and earn the revenue when we transfer control of the product or service.

 

Refer to Note 7 - Unearned Revenue for further information, including changes in unearned revenue during the period.

 

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing.

 

Practical Expedients and Exemptions

 

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.

 

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Recently issued accounting standards to be adopted in 2018 or later

Recently issued accounting standards to be adopted in 2018 or later

 

In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets at the beginning of the earliest period presented. The Company is continuing its assessment, which may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.

 

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (ASC 815), which provides new guidance intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This ASU is effective for the Company beginning in fiscal year 2020. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Receivables and allowance for doubtful accounts

Activity in the allowance for doubtful accounts was as follows:

 

(In thousands)
Balance at December 31, 2017   $ 14,706  
Charged to costs and expenses     9,509  
Net (write-offs)/recoveries     (8,028 )
Balance at September 30, 2018   $ 16,187  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE (Tables)
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Revenue by major geographic area, and by significant product and service offerings

Sales and usage-based taxes are excluded from revenues. No sales to an individual customer or in a country other than the United States accounted for more than 10% of the sales for the periods listed on the following table. Revenue, classified by the major geographic areas in which our customers are located, was as follows:

 

    (In thousands)  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2018     2017     2018     2017  
United States   $ 448,910     $ 414,278     $ 1,268,652     $ 1,160,157  
Other countries     38,829       36,164       108,290       99,087  
Total Revenues   $ 487,739     $ 450,442     $ 1,376,942     $ 1,259,244  

 

Revenue from external customers, classified by significant product and service offerings, was as follows:

 

    (In thousands)  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2018     2017     2018     2017  
Residential contract revenue   $ 183,512     $ 165,878     $ 496,957     $ 449,474  
Commercial contract revenue     141,309       133,761       410,227       387,767  
Termite completions, bait monitoring, & renewals     83,136       74,929       253,501       221,531  
Other revenues     80,782       75,874       216,257       200,472  
Total Revenues   $ 488,739     $ 450,442     $ 1,376,942     $ 1,259,244  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Basic and diluted earnings per share

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

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Basic and diluted earnings per share                                
Common stock   $ 0.31     $ 0.24     $ 0.83     $ 0.67  
Restricted shares of common stock   $ 0.30     $ 0.23     $ 0.85     $ 0.65
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
UNEARNED REVENUE (Tables)
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Changes in unearned revenue

Changes in unearned revenue were as follows:

 

(In Thousands)      
Year ended December 31, 2017        
Balance at December 31, 2016   $ 106,323  
Deferral of unearned revenue     140,019  
Recognition of unearned revenue     (128,728 )
Balance at December 31, 2017   $ 117,614  
         
Nine months ended September 30, 2018        
Balance at December 31, 2017   $ 117,614  
Deferral of unearned revenue     134,527  
Recognition of unearned revenue     (117,297 )
Balance at September 30, 2018   $ 134,844  
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Components of stock-based compensation

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

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2018     2017     2018     2017  
Time lapse restricted stock:                                
Pre-tax compensation expense   $ 3,660     $ 3,049     $ 10,030     $ 9,406  
Tax benefit     (947 )     (1,180 )     (2,455 )     (3,640 )
Restricted stock expense, net of tax   $ 2,713     $ 1,869     $ 7,575     $ 5,766  
Unvested restricted stock activity

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2018:

 

    Number of
Shares
    Average Grant-
Date Fair Value
 
Unvested Restricted Stock at December 31, 2017     2,017     $ 24.49  
Forfeited     (19 )     26.83  
Vested     (603 )     19.40  
Granted     428       48.36  
Unvested Restricted Stock at September 30, 2018     1,823     $ 31.63  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
PENSION AND POST RETIREMENT BENEFIT PLANS (Tables)
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Components of net periodic benefit

Components of Net Pension Benefit Gain

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2018     2017     2018     2017  
Interest and service cost   $ 1,995     $ 2,138     $ 5,985     $ 6,414  
Expected return on plan assets     (3,443 )     (3,342 )     (10,329 )     (10,026 )
Amortization of net loss     826       830       2,478       2,490  
Net periodic benefit   $ (622 )   $ (374 )   $ (1,866 )   $ (1,122 )
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
BUSINESS COMBINATIONS (Tables)
9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Assets acquired and liabilities assumed

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

 

    September 30,
2018
 
Accounts receivable   $ 3,422  
Materials & supplies     555  
Equipment and property     6,790  
Goodwill     21,055  
Customer contracts and other intangible assets     66,738  
Current liabilities     (19,011 )
Other assets and liabilities, net     (2,535 )
Total consideration paid   $ 77,014  
Less:  Contingent consideration liability     (5,229 )
Total cash purchase price   $ 71,785  
Components of intangible assets

Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives. The following table sets forth the components of intangible assets as of September 30, 2018 (in thousands):

 

Intangible Asset   Carrying Value     Useful Life in Years  
Customer contracts   $ 185,477       3-12  
Trademarks and tradenames     53,850       0 - 20  
Non-compete agreements     4,658       3-20  
Patents     2,137       3-15  
Other assets     2,565       10  
Internet domains     2,227       n/a  
Total customer contracts and other intangible assets   $ 250,914          
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative instruments

As of September 30, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):

 

Non-Designated Derivative Summary
    Number of Instruments     Sell Notional     Buy Notional  
FX Forward Contracts                        
Sell AUD/Buy USD Fwd Contract     8     $ 1,050     $ 780  
Sell CAD/Buy USD Fwd Contract     10     $ 6,200     $ 4,786  
Total     18             $ 5,566  
Fair value of derivative instruments and classification on the balance sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of September 30, 2018 and December 31, 2017 (in thousands):

 

    Tabular Disclosure of Fair Values of Derivative Instruments  
    Derivatives Asset     Derivative Liabilities  
          Fair Value as of:        
Derivatives Not Designated as Hedging Instruments    September 30,
2018
    December 31,
2017
    September 30,
2018
    December 31,
2017
 
FX Forward Contracts                        
Balance Sheet Location   Other Assets     Other Assets     Other Current
Liabilities
    Other Current
Liabilities
 
Sell AUD/Buy USD Fwd Contract   $ 22     $     $ 2     $ (9)  
Sell CAD/Buy USD Fwd Contract     10             39       (61)  
Total   $ 32     $     $ 41     $ (70)  
Effects of derivative instruments on income statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement as of September 30, 2018 and September 30, 2017 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated

as Hedging Instruments for the Three and Nine Months Ended September 30, 2018 and 2017 

 

Derivatives Not Designated as
Hedging Instruments
  Location of Gain or (Loss)
Recognized in Income
  Amount of Gain or (Loss)
Recognized in Income
Three Months Ended
September 30,
    Amount of Gain or
(Loss) Recognized in
Income Nine Months
Ended September 30,
 
        2018     2017     2018     2017  
Sell AUD/Buy USD Fwd Contract   Other inc/(exp)   $ 9     $ (11 )   $ 47     $ (29 )
Sell CAD/Buy USD Fwd Contract   Other inc/(exp)     (81 )     (224 )     178       (319 )
Total       $ (72 )   $ (235 )   $ 225     $ (348 )
Derivative instruments classification within fair value hierarchy

The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at September 30, 2018 (in thousands):

 

Recurring Fair Value Measurements
    Quoted Prices in Active                                      
    Markets for Identical     Significant Other     Significant Unobservable              
    Assets and Liabilities     Observable Inputs     Inputs        
    at September 30,     at September 30,     at September 30,     Total Fair Value  
    (Level 1)     (Level 2)     (Level 3)     at September 30,  
    2018     2017     2018     2017     2018     2017     2018     2017  
Assets                                                                
Derivative Financial Instruments   $     $     $ 32     $     $     $     $ 32     $  
Liabilities                                                                
Derivative Financial Instruments   $     $     $ (41 )   $ (153 )   $     $     $ (41 )   $ (153 )
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PREPARATION AND OTHER (Details)
9 Months Ended
Sep. 30, 2018
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Disaggregation of Revenue [Line Items]          
Deferred revenue $ 123,916   $ 123,916   $ 109,029
Revenue 487,739 $ 450,442 1,376,942 $ 1,259,244  
Long-term accounts receivable, net 26,900   $ 26,900   20,400
Minimum [Member]          
Disaggregation of Revenue [Line Items]          
Contract with customer, payment term     30 days    
Maximum [Member]          
Disaggregation of Revenue [Line Items]          
Contract with customer, payment term     60 days    
Franchise [Member]          
Disaggregation of Revenue [Line Items]          
Deferred revenue 1,700   $ 1,700   $ 3,400
Revenue $ 2,000 $ 1,500 $ 7,000 $ 4,100  
Pest Control [Member]          
Disaggregation of Revenue [Line Items]          
Contract with customer, term     1 year    
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Accounts, Notes, Loans and Financing Receivable, Net [Roll Forward]    
Balance at December 31, 2017 $ 14,706  
Charged to costs and expenses 9,509 $ 7,222
Net (write-offs)/recoveries (8,028)  
Balance at September 30, 2018 $ 16,187  
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Disaggregation of Revenue [Line Items]        
Revenue $ 487,739 $ 450,442 $ 1,376,942 $ 1,259,244
UNITED STATES        
Disaggregation of Revenue [Line Items]        
Revenue 448,910 414,278 1,268,652 1,160,157
Non-US [Member]        
Disaggregation of Revenue [Line Items]        
Revenue $ 38,829 $ 36,164 $ 108,290 $ 99,087
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE (Details 2) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue $ 487,739 $ 450,442 $ 1,376,942 $ 1,259,244
Residential Contract Revenue [Member]        
Revenue 183,512 165,878 496,957 449,474
Commercial Contract Revenue [Member]        
Revenue 141,309 133,761 410,227 387,767
Termite Completions, Bait Monitoring, & Renewals [Member]        
Revenue 83,136 74,929 253,501 221,531
Other Revenues [Member]        
Revenue $ 80,782 $ 75,874 $ 216,257 $ 200,472
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE (Details) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Earnings per share - basic and diluted (in dollars per share) $ 0.31 $ 0.24 $ 0.83 $ 0.67
Common Stock [Member]        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Earnings per share - basic and diluted (in dollars per share) 0.31 0.24 0.83 0.67
Restricted Stock [Member]        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Earnings per share - basic and diluted (in dollars per share) $ 0.30 $ 0.23 $ 0.85 $ 0.65
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Line of Credit [Member]    
Short-term Debt [Line Items]    
Maximum borrowing capacity $ 175,000  
Outstanding borrowings 0 $ 0
Letter of Credit [Member]    
Short-term Debt [Line Items]    
Maximum borrowing capacity 75,000  
Swingline Credit Facility [Member]    
Short-term Debt [Line Items]    
Maximum borrowing capacity $ 25,000  
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
UNEARNED REVENUE (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Change in Contract with Customer, Liability [Roll Forward]          
Balance, beginning of period     $ 117,614 $ 106,323 $ 106,323
Deferral of unearned revenue     134,527   140,019
Recognition of unearned revenue $ 39,000 $ 36,300 117,297 $ 101,700 128,728
Balance, end of period 134,844   134,844   117,614
Long-term unearned revenue $ 10,900   $ 10,900   $ 8,600
Long-term unearned revenue, recognition period (or less)     5 years    
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Payment of dividends     $ 91,677 $ 75,182  
Dividends paid (in dollars per share) $ 0.14 $ 0.12 $ 0.42 $ 0.35  
Number of shares repurchased (in shares)     0 0  
Repurchase of common stock $ 200 $ 500 $ 9,533 $ 8,200 $ 8,246
Common stock reserved for issuance (in shares) 6,000,000   6,000,000    
Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation cost $ 43,200   $ 43,200   $ 32,900
Unrecognized compensation cost, period for recognition     4 years 1 month 6 days   3 years 10 months 24 days
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details) - Time Lapse Restricted Shares and Restricted Stock Units - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Pre-tax compensation expense $ 3,660 $ 3,049 $ 10,030 $ 9,406
Tax benefit (947) (1,180) (2,455) (3,640)
Restricted stock expense, net of tax $ 2,713 $ 1,869 $ 7,575 $ 5,766
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details 2) - Restricted Stock Units (RSUs) [Member]
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested Restricted Stock, Beginning Balance (in shares) | shares 2,017,000
Forfeited (in shares) | shares (19,000)
Vested (in shares) | shares (603,000)
Granted (in shares) | shares 428,000
Unvested Restricted Stock, Ending Balance (in shares) | shares 1,823,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]  
Unvested Restricted Stock, Beginning Balance (in dollars per share) | $ / shares $ 24.49
Forfeited (in dollars per share) | $ / shares 26.83
Vested (in dollars per share) | $ / shares 19.40
Granted (in dollars per share) | $ / shares 48.36
Unvested Restricted Stock, Ending Balance (in dollars per share) | $ / shares $ 31.63
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
PENSION AND POST RETIREMENT BENEFIT PLANS (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Interest and service cost $ 1,995 $ 2,138 $ 5,985 $ 6,414
Expected return on plan assets (3,443) (3,342) (10,329) (10,026)
Amortization of net loss 826 830 2,478 2,490
Net periodic benefit $ (622) $ (374) $ (1,866) $ (1,122)
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
PENSION AND POST RETIREMENT BENEFIT PLANS (Details Narrative) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Retirement Benefits [Abstract]      
Company contributions to defined benefit plan $ 0 $ 0 $ 0
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
BUSINESS COMBINATIONS (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Business Acquisition [Line Items]    
Goodwill $ 365,480 $ 346,514
Major Classes of Assets and Liabilities acquired [Member]    
Business Acquisition [Line Items]    
Accounts receivable 3,422  
Current assets 555  
Equipment and property 6,790  
Goodwill 21,055  
Customer contracts and other intangible assets 66,738  
Current liabilities (19,011)  
Other assets and liabilities, net (2,535)  
Total consideration paid 77,014  
Less: Contingent consideration liability (5,229)  
Total cash purchase price $ 71,785  
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
BUSINESS COMBINATIONS (Details 2) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 250,914  
Internet Domain Names [Member]    
Business Acquisition [Line Items]    
Carrying Value, indefinite-lived intangible assets 2,227  
Customer Contracts [Member]    
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 185,477 $ 152,900
Customer Contracts [Member] | Minimum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 3 years  
Customer Contracts [Member] | Maximum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 12 years  
Trademarks and Trade Names [Member]    
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 53,850 50,000
Trademarks and Trade Names [Member] | Minimum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 0 years  
Trademarks and Trade Names [Member] | Maximum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 20 years  
Noncompete Agreements [Member]    
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 4,658  
Noncompete Agreements [Member] | Minimum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 3 years  
Noncompete Agreements [Member] | Maximum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 20 years  
Patents [Member]    
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 2,137  
Patents [Member] | Minimum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 3 years  
Patents [Member] | Maximum [Member]    
Business Acquisition [Line Items]    
Useful Life in Years 15 years  
Other Assets    
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 2,565  
Useful Life in Years 10 years  
Other Intangible Assets [Member]    
Business Acquisition [Line Items]    
Carrying Value, finite-lived intangible assets $ 11,600 $ 11,600
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
BUSINESS COMBINATIONS (Details Narrative)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
acquisition
Dec. 31, 2017
USD ($)
acquisition
Business Acquisition [Line Items]    
Number of acquisitions | acquisition 32 23
Carrying amount of goodwill $ 365,480 $ 346,514
Carrying amount of goodwill in foreign countries 52,800 46,300
Finite-lived intangible assets, net 250,914  
Trademarks and Trade Names [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets, net 53,850 50,000
Trademarks and Trade Names [Member] | Non-US [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets, net 3,300 1,700
Other Intangible Assets [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets, net 11,600 11,600
Other Intangible Assets [Member] | Non-US [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets, net $ 1,900 $ 1,700
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details)
$ in Thousands
Sep. 30, 2018
USD ($)
derivative_instrument
Derivative [Line Items]  
Number of Instruments | derivative_instrument 18
Buy Notional $ 5,566
Sell CAD/Buy USD Fwd Contract [Member]  
Derivative [Line Items]  
Number of Instruments | derivative_instrument 8
Sell Notional $ 1,050
Buy Notional $ 780
Sell AUD/Buy USD Fwd Contract [Member]  
Derivative [Line Items]  
Number of Instruments | derivative_instrument 10
Sell Notional $ 6,200
Buy Notional $ 4,786
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Derivative [Line Items]    
Derivatives Asset $ 32
Derivative Liabilities 41 (70)
Sell AUD/Buy USD Fwd Contract [Member]    
Derivative [Line Items]    
Derivatives Asset 22
Derivative Liabilities 2 (9)
Sell CAD/Buy USD Fwd Contract [Member]    
Derivative [Line Items]    
Derivatives Asset 10
Derivative Liabilities $ 39 $ (61)
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income $ (72) $ (235) $ 225 $ (348)
Sell AUD/Buy USD Fwd Contract [Member] | Other Nonoperating Income (Expense) [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income 9 (11) 47 (29)
Sell CAD/Buy USD Fwd Contract [Member] | Other Nonoperating Income (Expense) [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income $ (81) $ (224) $ 178 $ (319)
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 4) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Assets      
Derivative Financial Instruments $ 32  
Liabilities      
Derivative Financial Instruments (41) $ 70  
Fair Value, Measurements, Recurring [Member]      
Assets      
Derivative Financial Instruments 32   $ 0
Liabilities      
Derivative Financial Instruments (41)   (153)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]      
Assets      
Derivative Financial Instruments 0   0
Liabilities      
Derivative Financial Instruments 0   0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]      
Assets      
Derivative Financial Instruments 32   0
Liabilities      
Derivative Financial Instruments (41)   (153)
Fair value of derivatives, net 9    
Obligation to return cash 9    
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]      
Assets      
Derivative Financial Instruments 0   0
Liabilities      
Derivative Financial Instruments $ 0   $ 0
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]
Oct. 23, 2018
$ / shares
Subsequent Event [Line Items]  
Quarterly dividend declared (in dollars per share) $ 0.14
Special Year end Dividend Declared (in dollars per share) $ 0.14
EXCEL 60 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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

@2.2B-F2J&:4X=T(^ M3,E0B%*7K0#8<);B#*Y "E8@!2J0.15(H89DL7.,-K?!"@ V/I0CU1FH.@-4 MYX[J#"AB/NG(3:ABBLI(^)__>PXJSJ>*,U<+A$%.D.#JHUXS<; C67I;?FJ4 M^9Y<68>I?X_-4'#L*S1;(\"^0;.';JB_TW=7C.]4',I&>L]<\6T M]/!.]_.H;S7#IF)[99:I7HMNMG<;Q=O^VA(,=Z?E/U!+ P04 " !;8%I- M%V- LLL" !M"@ &0 'AL+W=OYX[8]_LPOBK.%(JO;>JK,7I M#<%BUI #_47E<_/(U2KHH^R*BM:B8+7'Z7[NWZ/I!D7:P2!^%_0B!N^>EO+" MV*M>?-_-_5 SHB7=2AV"J,>9KFA9ZDB*Q]\NJ-_GU([#]VOTC1&OQ+P005>L M_%/LY''NY[ZWHWMR*N43NWRCG:#$]SKU/^B9E@JNF:@<6U8*\^UM3T*RJHNB MJ%3DK7T6M7E>NOA7-]@AZARBWD'EON6 .P?\[A#?=(@[A[AWB/!-AZ1S2+Z: M(>TE'6RQ3_3619#'C[.+Q=@,U1.]3-$U5?[?::-II?E,-$,IZ7D1Y M- O..E"'6;:8:(#)T1BR=B$68N,BH@SWF$"1[)E&$--EY 88IUBY"%O*^M,@ M#Y\'V;@0',)*,%AS;/SQJ.8?E"(& \0F0#P*$%M*6TQF,+7!3%":999:%Y4E M:"!X1"8!R20 F<3:02TF'Z0)[Y#%> 6"[ 9"H-CN(03""2PJ!46E@*C4HM)B MDF$6B\9TT!UJUB%=3&)C5F[F$F"L:7'!>5.M@T$BE-8 M=P[JS@'=N:4[=TJ;AN9CZ?H<-R(T 0E- $(3. *X6,V_/I_'GUP4B.7Q22T MCVKD5#_&3H_67X-M !A6.3^H'0+/[7L4 ;R=^P,"V>*>VX%'-?OVBI'NI7S/USML!J%U(UG3#7=!/F(O_4$L#!!0 ( M %M@6DT3QX)"70( #X' 9 >&PO=V]R:W-H965T;KX>5ZZF"2$5RH12P?%S(AE25$I)E_!XTW3&E(D[75_7/VKOTLL><;&CU MJSR(8N4FKG,@1WRNQ"OMOI#!3^0Z@_EOY$(J"5>5R!PYK;C^=?(S%[0>5&0I M-?[HGV6CG]V@?Z79"<% "$:"S/V($ Z$\$: #PEP(,#_S1 -A,C( 'KONIE; M+'"6,MHYK/\<6JR^.G\9R>/*55"?CGXG^\EE])(%"YB"BQ(:,.L>$TPPB7\/ MVT0X+R(,+HR%SD.]YH2&UFZ,6T$-V5Y'5561Q MA0Q7/2::9/FT@+'AR@+R_<0H>&M!!3 RVKBSH$($/;LO9/6%++Z,DM=HUKT@ M]D/#UQSD)\@\K3DHCF+3U1P4Q<@\+##Y\]>$G?0DYDY.SXU0G^\D.@[[YT - M#R.^]I<;WQ+?RLNAG^4W^?YF^8[9J6RXLZ="CBP]6(Z4"B)K]Y[D813R,ALW M%3D*M8SEFO4CO=\(V@ZW%1BOS.PO4$L#!!0 ( %M@6DW=WMNL9 ( ,T' M 9 >&PO=V]R:W-H965TV.*- .QN)G17LQ&ULZE3-C;WKRY;*W/1T1K6DAM011 MKP=]H76ME50V)JQ_GXJ?[))*^2.1-!7UC]J[K(<]18?-K\C^A^C'59[4^A%LQ7FFPI>J-5'CM,DI3P@,(8YXY8[3%!;PP1A](^#/!'S/@P4"4" P L%_ FB1 MY& 3&IMVB-)#L;<%"D%0"(#P A2N0!]0NLF)0$X$C=$Z*G,3?(($E>D 8(*5+$EZ14.H$&R"XE)&_!B%O M"?)7H"!Q_*W?!-<\ HH>+8M^-)K_)A\YT7+SW-EMVE!^,WU$6 6[MZ:)S5:G M7G7 YC;^9SXTNF^$WZI66&U2]=9I4M.KU,-8C?G0 M8(:)9-W8/-VI@^=_ 5!+ P04 " !;8%I-P3&.X7X" 5" &0 'AL M+W=O\/W8:U#5NGFF;'N:9^3" MZZK%>^JP2],@^F>-:]*OW,#],+Q6YY)+@Y=G'3KC[YC_Z/94K+R1Y5@UN&45 M:1V*3ROW)5CN$HE7@)\5[MED[D@E!T+>Y.++<>7Z,B%E76@Y((8WI/Y5'7FY(3NM3\E?2?\: GNQ:M78ZR]),KC9'<#@ $8'$?N1 M QP2&#, MBR6(.9NY'#9HY( M#MP?2L&@QS"G)I MN;R5$^O8PUZ ?!,-^SI8;@*+?2MZGFY1-WK=,+\A>JY:YAP(%R^Q>B]/A' L MDO>?Q6Z4HD>/BQJ?N)PF8DYUI](+3KJA"7OC/X'\+U!+ P04 " !;8%I- MB@X!;O(! #X! &0 'AL+W=O-XSX;1I<1J[W%ZFL3AJUK2PET@=.:?R[Q:8Z!/LXW/BM:EJ;1,DC3M:P4_0 MO[J]-!&95(J&0ZL:T2()98)?_$T66;P#O#70J]DE7 MT7^%L9Y/&(W%?X<3, .W3LP>N6#*?5%^5%KP4<58X?1C&)O6C?VH?Z8M$X*1 M$$P$L_DB(1D)T(3R[;@VEN-YD5-,TEJ)'T2P"B<,,0XF&\&2C6UP+W"] MQ>X>L;Z!9/>0T%LV$2[V(G3\<%[G:KTL$"T*1$X@NFKFYYMF#IB5P[0.X]U4 M^E]$]@@QV"2S_\]!5NYN*92+8ZMMBV;9Z?J^!/;\W.2W_F8WW,*+S/ F_*"R M:EJ%#D*;T^G.4"F$!F/0>S(7K3;/T!0P*+6=KLQ<#I=Q"+3HQG>&3(]=^@]0 M2P,$% @ 6V!:382@IE65 @ Z@@ !D !X;"]W;W)K&ULC991;YLP$,>_"N)]!=L82)1$2C)-F[1)5:=NST[B)*B F>TD MW;>?;2@E^-CV$FQS=[_[7WS8BYN0+^K,N0Y>J[)6R_"L=3./(K4_\XJI!]'P MVKPY"EDQ;:;R%*E&7/XJ#/RS /@P,_LDNIG\3M,^\$T3#HU'_E5UX:Q%J=QOL+\H+:HNBDFE8J_MLZC=\]:^H7GG!CO@S@'W#H;]-P?2.9!WA\2) M;S-S4C\RS58+*6Z!;/^MAME-@>;$%'-O%UWMW#NC5IG5ZXK@>!%=;:#.9M/: MX(%-CGJ3R(3O&1AB;+#GC^\)6]^"Q#"!@"J(\R=W*B923, B0N0# /,1E5H M33)G4K!+<[2@$2&I-2 M[\N4H2P?5R\:G!P5ER=WR*I@+RZU.^$'J_U!OL;NY'DW;V\!WY@\%;4*=D*; M\\N=,DC+.F3A[X&/^>%HVH%HLSIE!_5)F<^GI]H^15L[M' M&;<*3N)+KB[-X#YH4WG6^EO[\&ZW#N,V(E6HK6E-9/;RHAY54;26;!S?>Z/A MU6>K.+S_;?V-2]XF\YPUZE$77_.=.:[#91CLU#X[%^:COKQ5?4(R#/KLWZL7 M55CQ-A+K8ZN+QOT&VW-C=-E;L:&4V8_NFE?N>NG^D6FOAA5XK\"O"M;WOQ1$ MKR#^*)!+OHO,I?HZ,]EF5>M+4'=OZY2U1<'NA)W,;3OHYL[]9[-M[.C+1@B^ MBEY:0[W,0R?#!S+L*A%9ZU<7'+EXX#?J(P>/MQ(BQAX$3$(X?3'4YYX0"1H@ M9X#^F@4QFH5.9N%DJBX-&:>,L!\)_4C@QV,@@0:2Z9DNH($%B$".,NUDY#!3 MSA?8RQ)Z60(O"3:00@/I]#Q9C L[GO!.>Z'A2V5+28O%J$"1G.1I[*E2YF&- M@9 \\\H@2_>,SY@8# L3((KE>&*04.KQ@YEB "KR31C&A)9IC MM#BBQK.<<4P-7\S(%E/#T5XS+OE>:%CRE,BEQQ%FBP.VR&-"8!I$/#U=@6D0 M: \9OUPHY%F]!49&(!I\)CQ=V8RV3& :!&K,;K)%&XVGE 5&1@ :I*\%Q32( M&:V9P#0(U)R-2[D7^JL/9;XN0F!F!&!&^F+%-(@9'1IA&@AU:..7"X4\=4@8 M&0(T2,_63)@&FM%V$::!IK1=2$AZMDOR?,H &J1G&R-, \UHNPC30*CMNOFB M2L G5>+9+PDS0XB9FVD%0M+G!R-#"!G/(D,8&9J!C,3(R"D?-1)\K+ D'O=W M_Q7K HH&)PFEJ@_NT*4)MOICU8.>>NY.(/^+=J="'K#[D51,\:V-T MZ4X=]EH;9:.)7]F:.ZIL=WTHU-ZTMPM[7W>G,=V#T:?^I"FZ'G=M?@%02P,$ M% @ 6V!:38%("6ZN @ 2 H !D !X;"]W;W)K&ULE5;M;ILP%'T5Q ,4;&,^JB12DVG:I$VJ.FW[[29.@@J8V4[2O?UL M0QG!ERW] ]B<>WSNP=?O==6H97C4NKV/(K4]\IJI.]'RQKS9 M"UDS;8;R$*E6?=\LPMHIXQ;?:4C!S._,-KRK+9'3\ZDG#84T;.'Y^ M8__HDC?)/#/%-Z+Z6>[T<1GF8;#C>W:J]).X?.)]0C0,^NR_\#.O#-PJ,6ML M1:7<-=B>E!9USV*DU.RUNY>-NU^Z-S3KP^ W ?@(8#@?P:0/H!, J).F4OU M ]-LM9#B$LCN:[7,;@IT3XR96SOIO'/O3+;*S)Y7A&:+Z&R)>LRZP^ 1!ETC M-CX"9V3 1$;!( -#,M;8(R TGRP"80IX$0+F2AP!&1-@!!,D($'B")(Q01I/ MS.HPU&&:?I%)(CX$SYA%01D4D#'Y(NL.DXUEI#3))VHW "Q)*4I@.2DH)P7D M3%)>IU[*%.?Q5(V/2E(R0EV)R4 Q&2"&3,1DOO\T+N:2SL%UVT? M,_,LN]ZF&VC1]GU;-#2/JS]02P,$% @ 6V!:3>6OQ2\I @ +P< !D M !X;"]W;W)K&ULC57;CILP$/T5Q >L,>&6B" U M6ZU:J96BK=H^.V$(: UF;2=L_[ZV81$)1N(%7SASSEPTGK1C_$V4 -+YJ&DC M]FXI9;M#2)Q+J(EX8BTTZD_!>$VD.O(+$BT'DANCFB+?\R)4DZIQL]3<'7F6 MLJND50-'[HAK71/^[P"4=7L7NY\7K]6EE/H"96E++O +Y._VR-4)C2QY54,C M*M8X'(J]^P7O#CC0!@;QIX).3/:.#N7$V)L^?,_WKJ<] @IGJ2F(6F[P#)1J M)N7'^T#JCIK:<+K_9'\QP:M@3D3 ,Z-_JUR6>S=QG1P*#P#>Q M]$+&\Z]$DBSEK'-XG_R6Z!KCG:]R<]:7)A7FGW)>J-M;MHFB%-TTT8 Y]!C_ M#A./&*3X1Q'?*N(;@LT=06(GV%@)-H8@N"/8/GC98T*#:0P&+V@$5HU@KA%[ M#QH])IYHA.$D77@ROKQFV=Q#V5U1M -VU MP%*P]C[#ED:;56X 39,:J3&P(&1O-KRFV_"\W8(X>6PW-'GJ]"CY2?BE:H1S M8E*]FN9M*QB3H!B])Y6;4DVO\4"AD'H;JSWOG_#^(%D[C"]:8:Q(1I&Y6JU9JI6BK;9^=Y"2@-9C:3MC^?6U# M$ &GX@5?F!EF?+"=-HQ_B!Q .I\EK<3&S:6LUPB)0PXE$4^LADJ].3%>$JF& M_(Q$S8$<#:FDR/>\&)6DJ-PL-7,[GJ7L(FE1P8X[XE*6A/]]!LJ:C8O=V\1; M<Y5B44(F"50Z'T\;]@M=;[&N"0?PJH!&#OJ.C M[!G[T(-OQXWK:4= X2"U!%'-%;9 J592/OYTHF[_34T<]F_JKR:\"K,G K:, M_BZ.,M^X2]@"JZ=J&\<&!7FZ1PN0K*R4U%6 M2O+9MD5EVJ;3O]'L!+\C^#T!A_\E!!TA&!%0Z\Q$?2&29"EGC6XP_P/CWB.T4$7@]!"D#O0O?ZL(W M_&#(CY=V@< J$!B!\"Y&-(K18A*#J5K,.,=4)DKL-D*KC=!B(Q[9:#'1P$:( M1S:FD$7R8#TCJX_(XB.P"\16@7A^01*K0#*C(,DDIC\NR%3F44&65AO+&059 M3FV,7$P1BY7=QT"V+-O4V]^0?"#G8YGE*0##:-B;[S9IT*/BH+M MVQW[,\K2@>[VZVIL98I9Q..518.S4%]./P@_%Y5P]DRJ8]4ZF_=[!]02P,$% @ 6V!:36%(TQ=N M @ .@@ !D !X;"]W;W)K&ULC5;1DIHP%/T5 MAO==(("@@\RL:*>=:6>RV/!1,!)DQ8>T1MB M/]LMX2MG4-F7-6IHB1N+H,/2?O$6&\\5!(GX5:*.CN:6*&6'\;M8?-LO;5=D MA"J4,R$!^7!&&:HJH<3S^*-$[6%/01S/+^I?9/&\F!VD*,/5[W+/BJ4=V]8> M'>"I8J^X^XI40:%MJ>J_HS.J.%QDPO?(<47EKY6?*,.U4N&IU/"C'\M&CIW2 MO]#,!* (8"#PO>\1?$7PKX3@+B%0A.#1'4)%"+4=G+YV:>8:,I@F!'<6Z<]# M"\6Q\Q8A?UVY",JW(Y]Q/RF/GE,_BA+G+(049M5CP @3>[>0]11R13@\@2$+ M8,IB!29T<+M!-D7$&F3]7Y'-79&;-'VC6;[D^S=FQ6:!P"@02('@1F"NN=UC M(HEI).8ITMTP8( ?:GY,00!HF(U!R \^*2DTEA1.2XI=L\#,*#![W-3(*! ] M8&J/"4=U:HALBGCR]%,^Q03:M[(QR("YN9K86$UL\/.3;VEN%)@_[B?O\,:> MX#[@J +='!V]+60F$ "!WCRF*&^4]OU1^0',N&6CO,>+>6/?6 ,4,\>?>9 M'XB"7^3#HD(')J81GY/^-NL7#+?JIG:&OPOI/U!+ P04 " !;8%I-T7J_ MI,L" F#0 &0 'AL+W=OI[3)E?&'\71TJE]U$6E5CX1RGK61"([9&61#RQFE;JGSWC)9%JR ^!J#DE.U-4 M%@$.PTE0DKSREW,S]\*79%NRR\)%_G7C-#T>I)X+E MO"8'^I/*M_J%JU%P8]GE):U$SBJ/T_W"_XQF:YSJ H/XE=.+N#OWM)4-8^]Z M\&VW\$.MB!9T*S4%48/"SWQO1_?D5,A7=OE*K:'$]ZS[[_1,"P772M0:6U8(\^MM3T*RTK(H*27Y M:(YY98X7RW\M@PNP+<"W A2/%D2V('(MB&U!W"D(&BNF-VLBR7+.V<7CS?;6 M1%]%:!:K[F_UI&FV^4^U1ZC9\S+*\#PX:R*+>6XP^ [30:SZB"AL0]9]R-TZ M@=)X$XI!H=C41RVA$4P0@021(8A;!''':8-)#:9J,%VK?9HDA67$H(P8\)' M! E(D#CX:##)G8]/,>H827I>TQ#6,0%U3 =$Y@@!0E2]QW-0(+,H1-9KQ/= M'5UGO48,]&$*JIBZ;R@*X0R&#D8L:'1/UQ ()0--10-W! 2H&;C$$9Q5]$!8 M$9Q6Y!)7"TK K;,=&8.TAQBE^SB_V=W%-(6 M F<73QZX5N'LXM3%2SKR.+1>QB"-D.#N_5-_0?P@_)!7PMLPJ5YES0OGGC%) M%5WXI)IR5!\MMT%!]U*?INJ<-V_NS4"RVGZ5!+=/H^4_4$L#!!0 ( %M@ M6DUL]6"AK0$ ,$# 9 >&PO=V]R:W-H965T"@T'2]Q9*6[?]B#-4-(U?0\\B5/G0X!51<]/ M\!/\K_Y@T6,S2R,4:">,)A;:DGY9[_9YP$? ;P&#N[))Z.1HS'-POC=)4/BM?W._A![QUZ.W,&]D7]$X[N2;BEIH.5G MZ9_,\ VF?C:43,W_@ M(A(=*4*,VTL65U&?GC9I8L!3%7\==Z+@/X\EF.Z4M M)Z130CHGI'$X;!2*E7_EGE>%-0.QX^Q['JYXO4MQ-G4(QE'$,RS>8?1299_3 M@ET"T839CYCT!I/-&(;\LTBZ*))&@NR&(%\FR!8)LDB0WQ!L/E0Y8K81HR,F M6:W_H9(OJN0+*G&UL[7WI4R-'MN_G6W]%AA_W#D04 M:NT">\81:A V;S!@!)Z9<+QX44@IJ&FI2E-5:IJ)^\>_L^16JP3N6>)=?;%I MJ-Q.GCSK+T_^/DTSL8G"OVWD6;R)LC]\TSL=?2.^K)91^H=OGK-L_>V'#^GL M6:Z"M!6O901_6<3)*LC@G\G3AW2=R&">/DN9K98?NNWV\,,J"*-OOO]]&G[_ M^^S[\WBV6)3'__(?O^]Q^P#;<[%3_% M4?:<0INYG!?_.I7KENBU?=%M=TZ*?[R992W1&5;_T7U64T'9S!D$BQAJ+G\(OXH7XO?W2?!/(R>Q/1U M]1@OBW]-RK\R"[E_79;)*$&83H#&OQ%!DGMZ,?'G>YQKU-'1M73G5S'24;T MRH)L4^*>OY092O5P$2YE(LY@Y*W"59 \23&>S21\!=_,^?NZV<2K%;#P M-(MGGWPQ)3X6-YLLS8#987*U.Z (H3;B GY=FN[/O6VMB8R5;=7T)BN9/"&- M?DCBE^P9I[L.HM*:U=?35;!?VFW;Z[/)]?3 MR;F GZ8W5Y?GXWOXQ_0>_O?3Y/I^*FXNQ,7E]?CZ[')\)6YOII?WES?7XO A M"C;S$(A^!%+A87HN#@^.Q($((W'_'&]2H&EI6N=R!KS:H:,^*G'J=#JYGY:F M%Z3/)(QF^(/\VR;\'"R!K*6^\41*DES+U120S$2\$$"I^":*9%" W MQ#S>/&:+S5($LQE*T!0_.>CT_/9)FP8ZZ'3\DT[?A[[2M9QEX6>Y+.W"11AA MC_/\@.DSL/EQ)I/5VP;WAZ<=-;8_Z V:A_X)&#T)X>!2BW2S7B_#\OFYR9[A MX,S4 0S25%:0+,Z ,9N_F0#%UT8CK!/0*4GV2LLK?OI#',]?PF5)])UMTBQ> MX6QBE*JSFKU;!&>GMZ@U'S]MPFPY+F %11!9\J5MDTZ:-*_]V M=3G^>'D%YW-2.D=CO:)U\(K4J/A[LJ%II9L$"5+W E;=!LAGQ$W6U=4<,'J+;"#(\@GW@\1: F M9#2K^'AZ?W/VQQ]OKLXG=]/?BH7C W1-N.UW MHC<:X!!UPW0[)WZWT_6[0Q:-W<[(/SWM^IW1*#\Z_36V:GS+\<2S"3IJ%JQ# M('S%_F]6&V;HF)D2^#V1S\@/GR5(D+*RO9,9F-#0 )D<)E"SQ42.YW@YETGZ M.])D6=FL+#(#R_@=6KY;C=\&>!Z>91:"E;*[*C^+P32.4E@U_)3&RW!.-$/[ M3C*OWBP$2^$0;:>8C9 =M+:K1+>(Y[=KY:_2H:-&WMA?Z>A9CA>'0&YF[*.M MS13G-S2I.X/89!XOET&2VL.XI?5ND\RW>>L,G0/_[N:GR;LLU-[. M?FS)?KV;_#*Y?BAK7F/^H+H(9Q4"_F8*\QY?GXO)GV]Q<>4NXI2L%=T#VF&? MPXH)GDN057#@C'(.5JCG_E[I+$\#XF;0)!)]7?I\O@HCI8,/!!S K<, M&I+Q1$9(I2UX&<'YD#!K-G.JO^%M^CBYN+F;Z$V['_^YO/[;NYM?+J3.S']<0R#'HN/X^GE&1'__/+J 7EIMQ-R?OG+)7#B^53< MCB_/G2YW:_XG&3X]H\ ,/@/QP8F%$PH2.%P'Y"8K!><>BF/Q&*3AC+9I'BXW MF7NZWG=.@!BW=Y,?X;O+7R9B,KZ[OKS^8?JN99Z]B]YN+$/\^I-R6B_C5RE968O'S>MC,/M4CA54 M?];4<\U.EY3K#CM=VP:^:PQ U_3=V&8W^3J>_B@NKF[^]#Z9>@-*97P/(EF, MS^Y!W52Z]5:^B2Q&,S4&@QO4E?2E,V77R;3+=M#QW2#ZT-2!#,0*^P'461I1A'>T E5TD3H MLZ1LW-UNDMDS$(O:RLJX7,56S*2J"7=#&J4X6"SDC^LLO M,^(D@=D$,5-<%4?49XW\)QWRX7#N:I/9KE'KVO V2J!'^11&J#YQ:NOJZ'U3 M>XF!D;J6:/B2E (3\':,@@;,:[2#;^Y_G-R5^")Y DYE/\)W7'[M9]QB-"S* M^!>QZ_D[$8%Z$_ CF+;$F10]36R_U?QX;# MC>P,,T?W:\.]8+R1.1)_/S/1DYD;/:F:04M,U^#2+3 \LWSUJ;E*#=$L4F<: M>#2SU"QHVRC"6:>>,88U0$UY%+D,EKYX>0YGS\CGR\T8O!S(J)>(I\V;)VGO!H3HA7Y03TS:"J7 MBV/G,^CP)4X^R>2__M=)MS/Z+LVI#Y_D4Y3%B6M!P6#S,%5!<.SA<[S1K T"3QQ2(( M$[$NG YG#\T*[*[ QYNELR5Z._DNG8#W9JMP)/$"=/]<(2";9$ ME'F;-4FH5P'#/(&]-5-1'A_W7+Z8?P/;J866-ESYK78"K7)(Z0QL25"@9SH=3*2,EV_#:&0QIVA.9*&*@*$1(A.]^2#1 M20:8J8%]_10Q1^C?A2F9W?!K#) 27U $ BQECXP\G@G.#*8:HCB&'^:;&?)? MDIN,81J4Y$&DU >L+D#&6RPEME'Z Z>M=-B+%K?*!9#L;QIKQN.S%J>R"E+I$0Z)L61-MY2N4/WZ(%!!=<0+CW4( M[A^(8&"J&9]9%277UC'*>=++$N4,87Q0VL>/R_!)'9 :HA>3N2Q=$@FRCH^U MAR>5G!68^A+IB(,BYSCGU,XRW3RFH/>!)L!@B03!@M\#::P:0W;AL#A:E"UQ M38(59X%I<":$8G60QV@A.4NZL4O*B3Q+>4S)H2SR+$O \,I%(198Q+A:/*!/ M9L 2Y;7VAC];TE<3]UN8H7-P#%L>Z_/HJ='3_ ES^5>=L:9#I3P53&TQ_=GH MQRY3WS$H@*%,QA,&1\YO>;D9JKCU\I5/0\KB')V^-"5[W^RM$;G:35+NAI+M MBL_!: B)]6@F63#[M,1N=,(XC!8RS93=XJFTW'I-QL^S,GIFK[.E9$(@GV;: M6H*N@WE.D-#:J^F89VTZ%>HOR)H)JEYP#NOT&G>?6#GEK<'PFX6J.6P?Z!QF M9C.*%;$DO="*2A?!S+56JGD&G0RR%4(PI'+35-_C/"^0UD!U3![H^66OL';? M>Y2S !PU/0ATHYP=<-:)^*39GU6"<&U=9#B%Z28M-%)C4OS<' 0]PB2^"$1 HRO8[3-C&SR%>C#48ADTD%X7,5C$"(3'EFY*HQZ=8AN,&J&4Z+:_HUG/8Y**W$F-UAC%2E/=V#CE),:?&"U)AMX"F0E8]BE6S=08+2\G=S5OZ\G8I>\H MA'6HL"5^"M [(Y# !SAD(3B=,/0'V-:U(OTQGCK8U$@MES0[NW4\"]4SSQYS M)7Z9,ZQL6=D!?6%'1(%B!W65LO7M1!,0NH1Q.8SB]$2&8B1?"$@4 M;?"O]F1KMJT1=Q['KF..$&BK7^2M?IX:Y6J@=P3O*TO%:*26&&?JLYE<&R$( M9NV+F8%9BI7#J*P]T"*4*M(#PDQ#:&;&!9-EN51A$3=TY$A3+4EMO,$VTATY MG&:,($UP;QXF;%%K4>($@W)B1:U"Z>N:?H$:&IVGO])KU@X1;*7)1,"L/?P& MN6@)R@Y_Y_0JE]+A2]UOZ7BK? ;I:_2,,3M_O,3 QR-'$3\KE@=O $X@&89Z M4H0$4CZ.#BR0GLCI-&/ZH*TYE\"(RI6 MVS3-Y&BDS,@N)39] 2G+I"(\$Q(CQ\>D$M&P(.S!<;#$ $PJV2*CKFA . D< M%,DC$CV-!U7#J:%>6:\;)06G:T5>Z$I*8G#VTE..=1("TY+!FNHM\=$<23@> M%-LR'J'F"2]G+LSMYO$!MSO'X:SZ7?\M>^75[=6=M='1?-.Y#ZOU/2USU1+3 M'+\7U_9>CMVZ.._MC/@=SLY71Y8A2XFT:BE%:&: >/69$W$CO'1B8N@QPI=0 ME@2/<++)#G\&#WQ&@/=$ZMR@/K7HG2DGPT7+@*T7KE*T58VYCU3$@*D5*BF; M'(_2=.18;F(IGV OZ*LC=4#(/=(.(7I(L9HWR!:4-WC/([2WD]C\S+E.!8+ M3F FBR>YG.,W7/DF]R$!D*"MQDO/TNVXC&4 40AQ1AM*%A; M$*H3P,@Z(*'S-CA*$(DTTUS*/.#D"GX+*WC$"J+ "MSV M<2FMH%$GQ'@&M=SB>@4,T>:(412#UL)T"7$/?T=4\3C&!2K<-6*-3B:^T!L5 MT)*A\\0*00[/.7/C'3,C64\OW9DL91 2%EMFLA;X&VJ#:$WY*I+1>HAL!TW8G>I=DCBJIO*H<+1>N M@5.6Q!C/44-[/!70O^B?953G$=SJ4.BQ.)? ?$0>$AM,9@]ONJ"4=(GMF+.H:$LQ M;/3'*EPG'78%BFPP=*G\J&*822\=T_]>0[BZPG E#$5+V%M "<<^#V%"2TYW M'WN5ZQ15ZZ0FAA-W7*6!.A3697[O\:1*P0BC K6>7RBIA5]_H+G4=2G<+C'O MLU*WKK2W2D! 0FBMM-J_V==;L^X#WB>*31K$L(\-9@&ZF\4"R"/T-=% M+X\"U1L;-'WU#B\T<@,/-27Q"NT*R9/*;B@>C(HQ5=$N!)_BW,G+MPDJ-18% MXHS0:'DJWVC%2"XLK2L(10OD>HTIE!I&0K,H/I+9''ID-S\%+C M8:/+JD2,]_AJFQ5(3M'RE!@VJ(O9"T>H12.H.YNM0:F3%.6,:@WC$M'HXY$S M(OVBW^J46B,@PJL"1"".N'H6.$+^8EH+451LYB@ :BKN32ZC*I&#?#T/673H MF)?-?J#5SZ$5-Y%,N5WL)+&V)TG4I#*1:A.?V(OIDOPKC_(,G RPDM+'[+-- MQ7$3Z0AB'533J8$3FQ NO=+[\KSN7MG.6E0!7^?:Y9Q",^3MHG)9P9H': D\9 M:+D\V,N!>"'PTYSWM;J0QV3>,E//@ ^P_TE!+'871L\FF5"52,W;+?!T+$PMK6ZHZN;DP$@KGE8@XDQ5Z< MJ'O!<]%>CP6ZH,K!#V$]U^!?@^05#3H;7WE=(P,OD:V>GE4C5[XR$"?0.3!] MYTHE+'7BM]?&90[;8.6\,H:1HOJD95XH=FNUAU>M;Y2N21N5C6]VSASBN19" M"LIB)S^/R2BQ:\ D$R%;P8>S0&UDSCA207N=8:>4S3IF$QX'V>A8NGL]!/#"H$H^OJEA@P2@4 ML<: E,KQ50G,0X+H#<%3C"%_(QV>!1P'MM'&*]&$\_ZE['TP#U1]RR!Y#FIP+G5M+]"SI/*'VY7A)N7^HK_%<> *V8CQ&- MZCMC5GJAK-8*V !)9Q5G7I,:R8EB8F2I5H)!X;?-JT.9I ]95 MQ"DUXH; >%H>2!J4XS%#\6LH.=^8L'4Q34AYG'AQ3$$'IS61M; ;(47%!+[O3.)CDTC69>/-$TA398O7'(/1<0>.P3DL\'/ M\'[LZ49L \&*X!L5Y7+ ^KJT&=#VF7OG M%"B*K^=PK;([&3(E?IH P6@/8.GQ*IRY6'0,RE'E+ALY#--/[M43!X:A+GM4 MNO >19SPF)6.EPL"L(Q!?H8Y=T!9\$K8,RCRONH4I;H1O(W'H,IVW+KM%5!X MJJY0AJL[003C4).*,'47FL#NU'JG*C\$=.\AT)TF(L8.811VQ=<0*V-,NK-* M\]-*%?ZJ)6XB\;^#B 1[QY55[DYIM:!1,IM4FYFK>,Z&32+!_-7Q!;&2(![G M'J7)M T?I]+5HTJ?J5 16EU+F7$,!]:4G]*(X)'FXH;E>BV3+2NQ_%7-O8X. M@E"21(F9/.1'(Q_!T(.NE4C2-Z=T_)VOMRC[34DEFT:SMZM0M29:V( Z0I-, M>XFNWG5G,-!X!O3OHMA&S0P3>[L&SS1>$$G%B ?D$AA/;YP;0U+ZL#E^14+. MT\&O%XF9W5R[DJO)!]?BPS,.&>B4!5#$,S$ZD*S!$ZCI)U8?K\;\X8L6="?: M>+@^4$W?8FZ)J;']X*]/\IB]=0;9PZZ!'<@Q##Z;-O)['2NS$9,6D0N-,JDC M K-A[!UW"Z$CY(Z1%8%4>(A"4VLH+=PB #.70L.1U['1:!Y/DUZS[#(DAE(B MJD O$Y_T+6Z4"$1G+O@K(@]E_)0$ZV=D+,QFXISY4"&)G0A8@I&1&5+8WQ9" MN*=;5VX-&G&-G.+^QLMS2NY?'O$-!1S,3UZ>7@>BWS_Q3SMM_*G3][LC"A;X MW>&)/QQTZ>?.L.UW!B-/%S+ ;4"=TSOQ3[JGHC>$+_JBTS[QNZ=M<7KJMT]& M'A>ONM.L!;V?C/Q1[Q1_&K3]?I_[[HV&_JGZN3LX];O]?B$)]X62$$LW,YW? M ]=OU'Z^XZ>Y4,I_!;U=(+EQ[/7!@F6?]/Q!AP@P'/@G1/[^*1!E,*+-.?7[ MH[YWEKN(E.^CTP4/>AW%"49NG+3]T4E7C'#^?=$% M=Z0[0!+ -H^Z59QPLB,GE.YFZZHTIL).Z0M=8N06)DA571LT?OGCR@MM_98I MA^/9TCZN;:P8BN1Z%TZ+J73BV6E\+!7L,?5E0 9Y5&N"L [AXR;34!9U(8;S M*K"*D"PL71!HD;\EGQ=IK,Q=;M^)O:M8N'GJ/!W/K> %F]AN]3KTOVZ?_G?2 MH_\-Z4!L60BU;G-K;G8RX-:#BM(;>+]P O9";A+XB7)MJ]CV=(ZY)CV+>)9R'06+OZ2Q NP<10TD#![JU#%[239BQ M3 P90QDDCV&F;[&J:VS+I7RR25+/'4%GVRVF.*!R"?-@!8J5!PSPK M,#RHT(O"27"0>$81 #+.>%H<-0Q7DJY6P/\I'L3H,L*G<1E&11<9?0Z36-^L M P,L0\UI+]? ?U/EIS12V@P2J#0;"4\N5N'I2W$,=U.#((;?N%?S6+)K\RC! M;/[,]*/+@QKA0JOS^4J"G"OD/7KD3RI.+$.2E(R:94.&8@C:RG)\X,!!E2# M 28E52F*2K?)*Z=O_)JKS#0I!&.#,_F=>(Y?8#&)KY#UT#BEVKG$'0&&L1?! MYYC@P(BB9"CT FS %2T![[@SV3Q%-%]W"4V7X2>)MYL8NJ5,7S;?*-/!HZPH M5O8H2RGIO/OK6(/J?A1.@"Z'EPJ,C"_OQ"_C*_#%C+_ R M_B\4?K2BH.DVM-,@5]3B,H(&F_H+T<.6P.EYS=.KO,)G]SBT@WCJBJ.M$5-1 M\L-GU(R;)Z2 M27_;F5*(_-!JIPQ C23 M^ OG"!F)0Z40*/B;OY5/X(L S040"W1W'B+Z]:XI3"3P)@I7D*A6PD1;=^,N\54UQJY[Z S&MAT?ZG2 M12 .W+][2X[AV(Y I"Z"F:K410#.@Z[30*3H3=#@SI?&U62_.P=:?HR3A%R0 MM)33\XP_6./NV7L=*ZZ\AL(5S;_0^,(N9A8K,E'&/2(=DSTGG&Y"'*W*ZF*T M!R2.N8=I(J(Q7T(*\B/H+BAS7BH ?8WFU.1#H**_#4^=%,N=X@&:WOH][H]CP$]P;(R@=KIM_UVY]2[RX=X M2]\==KI@'A=SNI4IY,[('W;ZWO4.T8-=^VI>0J_O#[JC'98 O75/1[NDI:'+ M$[#TSXMX;0>'PDK3XQHDNT9)&$[1.RU">'K#5L^>#PW$V:@;SMU\IX%"[ MTQIY5> ?L3O\J KX8TI?+%58@+,O^IJ&DPKSW%2809W:2V NHARU['/ YLNK MS#BEY]#T4 4GG;9NI]:VGKG.C!/@@R<1ZFS8B6,&,:: M^6: BL24M8$3A/.VSK<6P(.F0X6X'-?"ZO3'GD7Z9+F9S1W,38D0!-]KN\ B MY**3UK":^5H6?.#H72V\\K@L RR,Y)?,9-)R2"F*2:$J4*J"J3 MR5-E5,\M]&)+<-7C&+N[M00Y.3AUT)?(/ ?M5K]K'5Y3V#&4IB <-A-<%B\M&%[P(AN_E3 MU;:@3J\N**(=B$;YW$RY*G5Q<.J,K8YXMQ(CNGM\OR 8QBG'L1<;@LV J[)) M53U#1"YYG4%=(('-?7N';$MR5>40B4G&#,/DMYIPQRX0(]YI'__1)__]>!FL M4^GLHZ=?;2B$JF@3^)JSQ9:HY"S,+%XL0"NH6U[J?I'UP"TS<8:F:I&ZSJS' M)40O=04W<0N61UK,8:<;E=55T^42 )G[VH1XW-"K:CQ'/JSK.%[6Z K?KB.G!\KC*)HZ+J!5Q'LJ3(:A1T>5]1EA44_)<$JM3@@4+T*[[-CL#&74#H2 M5;%'6GN1V7A2WWJWB3P&F5)9+Q:,RYX_'+;I_^W^*=GI?IOBBJ=^OSWT[J'E MHXSD MRWP],^F*M@N?J=DS;^T/7[@P'^ )WTX3>YL"716(WC%G&&KKO^J-.C M(/;)$,<<^8,1!B\'_F@XW+8C#L80S]PF8EGHE0Z4ZRC6&3S?>M@.BXS3J5[T/792>CV6_U3#R3!0E(.Z;!S"A3J#ELG/>\7[O!PV.[! M[SJGK7[;H]'@EWWP9OHGK=ZP>> *F0A4I APK],:]G:PU2PJVRO::@?]7E%O M]+J.?88[2)F*3>08,SG.0NA;40FXN-@FN<_BA5 <8*_ZHTZNW-]!Z\\/O+.ZK+)SY.KB<7E_?B M]FI\78J7WAN=DGOS@'(E"YV#S_T1GW^ :7K4/_8H3^_T>(W MH)IM)C)=O59U+2@WQU?U8[(:YC#%B,"U/-G$;CS2*N5KCXI'B-VU/YV_3U8] MB#8?7QMB4R60'O0$MBX7P]E0&X6NH^%U\1N+V%*7A*B&L<:ZYZ>AT*=EQYPO MMI$L8XP]%V:*&8;/\2$:63$XSD !/2Y-_5Z%M5/U7IV6%#G(<%IYL=?I'L.Y MT^C1JJBYECTT7IC:>Q^> 82 +=#^3T6@DHC\^#"]O)Y,I_@FRL?+:RHE71*' M^K5-'-V6OVRH:EWU_>Y@LTZ[)?2\/'=>HL1'O6Z^N#Q[-=[;XE7LWH#RS76U M"T<6-*27J@021]2M$Z!AX,2@NI8HKIKJL$F30M1".?]^;&JB_:_'\0M=== I-[K[I_O2%Q=4\8/D5:4]N'CT7^/$(SR+-!4K41GI M&1>QPE177,X=FSO+Q>F=W?()?J:1S#YDR$D4_92H&@X%7_>XHZ*D1 M: W]TJCH=OPV?%Q^8=1Q+DMOA8HA]-([\<[*KTBB?0N6;P?4F/L&9W%/V $ MAV'0 X=!P5WR%.* DAB-H+N^=P4L_JT%(V2%C^V++X<#OXOZ5/=)#R3DRSA! MIQU_!%K;4($\VMRAM;80R0#YA<1T=5DH$UNT^3FMMNV-=IU?EY9157F4?%H0 MOWW2\WH)4N^@-QPX%W#9".\/W5^]P<0OQ$D,!9Q:L)P0\AR$O;VVY-+(IXC( MTC%4\@6T\E1258[E9Q)9.5KC3!>%-Z@\YPVJ=#NAJ+2BZL%@[2@M,>BV3G:@ MU$'?R7%X51Y=H12F ?NBLEZA;9C0'15/7<9%Y&N8J/,7+%^QHE3]/=F/MCI2 M(:5/D''=0S&:3GD,)8+(68IBSQD8[YGA_3%-I3BI/=$O9)I0F?D&QIR5Q(3' MN9^3$HMV!JZC^!M8M&(J&+#,[(O'IMP%O7>LMKU73",,VFY:ZS?-IYC*)^A( M V$/.AV;PU#DR?UFI]EX.U*G>J,:CDB_5[@_?= ];3@T#9GT'6=7OW?UD^RY MQY.K$HS^0>S5M)UV@EYA@ITBPWVE"3:J9GTI$6=H)^MII9N8:XMRAT)WH+S, MG9I-*O'^.E8>3"OA\()& %JH8JSYH&B9<+4IQJ+YO[)H"W:XA@FY%W'T3$%L+)< M.9N^/QR<0$_PQ2V(2/P51@"H\T'>U &C9C@ WX/#"&@%S&/,3.-?$&,3^XN?P'7YI=)#AV%8: ?)^<_-+\A96]XN:BLW&6O ML;TTM1,"]$U=5C].U&D)NRIO^ZK$'5[T"/OHWF4K1 # MKR>W"O'#NM0Z=(BE6A@W228BY>]1I6IKKOCXB3D_;L'-^UCE9UB98[]Y14Y/ M1Z3\=L3NW62?Z)1)B\WKF=7< :Y_H&$'!OB:W^ F%4O:&:;G#4M'Q MHM7NT#?UO=1Y=@LF$H$N#,I-%OPX*-JVYIS@E&A1*&:*C*E\[8?I^?'9^)R8 M9?QP?HQ/0A:X4CFH=A!7HNLBG["/!C-0G%O^-3M^O]$IQNL4V[5<4/)D6.^: M+S'JH,R.AMFAZK;%MNEX@ [(EAQK<';%Q)=R^% T.+ H+L:*5&7^,%$],$[; MS,+ &C1RVT;^^*T++IOZZL!5U0H-=?06JHPS7N*5SE5!G[+#0$*^ ..^PF/! MA\[GZ41GWF0Z/O.R+%-ZH.,X%+\:D*=4J, M."Z+DQS;*?E7%'8.9K+L]L_K)PG?JPO.(G_!.5<9@HN!4ZD2LW8R>2G=C8%J M@GX'-B^ N*EV19FMG? ;I7Y*4 S&VNC.U*+YKBD_.K8S/=Z,[7#"L%4YAR)% MGI06+,%=2HNLP3.JBE5;T4Z8',UR1K&;77:7S( ^?4>XDF-ASE2$?D%6;B6' MY+-6%(Y:<^4(>Z_%46-@1J,=>VY'7.7YU,MVNC3;%ZZG6LE,''S:OY MAW?Q9_V2L[V2[='W('\_X*[)\%7XQL#Q! ,#II\]<@M:N_IAN50[_; MIIN5_NADJ SE#F?:!@H-P [(HP32BUS*,L]Y51= MAH L"TO.$E^%25,S,5) M'=BJ*N%1Z]Q4^O EE^<^> 1)E;BV-:I^J^VJ3U7)K*_Y'QX92.NGG,3 M@Z;[;:XI;+(XSS&G-M3SS.&N,.>ZUO^IFF\TR'E*!+S2<4/VI,;L\%3\0X>< M<__:PH3@-^$52>*![G?X3\R!GAYMYT;=I'HR7Q\W8> MTDKEWCR/6*ZN>>>0A_V.PJ<,>O3##A]5V&L*8MILBO*E8)DYJ4-])92KF' U3>9) MXVM1PC=5026NFI%@[>]7?:4-@SNZ[&G93D"OJYS#0<,0QN;:+*_TOB8F=JDV MDEM ,E=@NR4N%R63]#'!&[KQ4@3,:F_U&\LK= MV(;%%[N.:\9V$[_!PI -)R=:1=42EF3Z\'$Z^?D!46MX2ZU\#75JJ^Q./LOF ME]%+WU;'&[LM88?U>%A$2-S,LAB)U>U5HB0B?MD7G[^;4UTJA2WX&*.Y@SJ5 MO#E\YH0N::ZI!!8Z)'0UZQCDU#&^)\0(BW2]#&L-! U])FPD^^[\O;XN%) B MYP(?"(2FRI21=!\-8F1V%=Y?4E2#IE)=8.!9+N>ZHE6^O]3, %]()0P4IQO, M;:".X;1,+57=5J&";5Q<61&.JQPZ"7/LZ!IH1BQ[JA.F%TDPRZW)7JK!U*F) MV&::2IZ>(^$*,K5,/0UU+Z4%VZ4OIN2^)^BV/&9ZZQUHN.4/NI20*!Z_U>Z\ M59F__V*KN#F45NY\W[GXLEYN4AU%4B7&CB75EM#]E-M@L-K35Y1M-3]M4+UC M)TK;\-;GML7AK7I+]:BN#MG^=>O]Z];[UZWWKUOO7[?>OVZ]?]UZ_[KU_G7K M_>O6^]>M]Z];[U^WWK]NO7_=>O^Z]?YUZ_WKUOO7K[5^WWK]NO7_=>O^Z M]?YUZ_WKUOO7KOV[]]M>M [?$1,,3UXS\=U^W]A$S M6:KF^LY7LL6[7LGVOLHKV?CM;WF9VOL-KV17W01^XUR\][Z2+;[B*]GH"^U? MR=Z_DKU_)7O_2O;^E>S]*]G_\E>RA?-*ME>#'/O'OI)M7@KUDB*FYFN^DEV& M5&Y_-%LT/YK]GB[W[W#OW^&.]^]P[]_AWK_#7?T.]S:,_#WY7A4(><2O\_T&F3IWK/ST-OOA'KBK99O<@]L MU#U?M!,+W9=U?^,#2I78POT#2E_Q :7R6['J0:'2$TG**2L^'OBNC=Z_R]3X M+M.[GQC:\0Q'%>_"-+=PGM41^V=U?L.S.CL]C5*[C>/=7K/8^8@V/*(AZA_1 M\&J&=>3N5WA$0Z.)&Q[1\/3ES_TC&D56^/=X1*-9J)26O9L9NF/-\ZHZX_^\ MFN?>K'FI^YKG_S8USVNE[4UEV4ZW[MYN<=2Z*E2Y*'6I:JCWCZT:*K94#?7^ MQU0-+6[[14U=L'PIT&B^2_7/G37QOFSIOFQI]F]9MK04)*1$6]IP-JC60;X0 M:;&3)I;?UT+=UT+]I]9";7BAQ.6KZAJH5?5/W\+M^UJK^UJK_Q_46BW%-<;3 MRZFXN1"W=Y/;\1W%- *GZ,G(4IU<_?4* MA?4E5BJH> $I?]NX^/>KK3UZB$SI;-3CYUIF$/9SJC% MS;R9>@_7E_>3?N(!E$Y[C.T47PT==6%A/N7F'\)Y@%8$/-& 3@IY3B_'EG?AE? 7\ GKIXO)Z?'UV.;[*18C>SKZT3!#\9USC MNV[PZ3,H*A;JY_(Q:R2/%K&/<9)PA'$6K(-9.?>6BU"9K\M39%SF#I/$YA0( M51]>!#,.^M:U*(,/WDS 3C?GTU2C%K"'O.P_,[+_RH2F=Y*I?AXIS-F&:A5= MG:BOP%XVY>MKIZ%*,U=/P-H V_JK_]+/P:X5)N9074#P5WW8R+54_P)1'%>$XG")Q+N(2JB&=+M*M28@2,E L+"/A@VL MQ7B\[<22A?0^OLCY9O:05QL2O_E$^U0Y!J2ZZZ_>6'#RS5J94M>Q EO C^8\ MJIULU@BU* VPSXR.T&:P<\S$?]=83PYD9(>O-91DAT\UPF27;QM6-6%3X2U+ M^N?MX]A6^+-9@Z;7.]Z\?66!#LNNMX7SN_G&QL[FOK&EN]=O;/JVK7]CYV] M(;W9" 1[BZ[M:FS1+2.- **2LU^# M%*IRM+=AK-Y.T?<$J7(O!""TFJL'8B5/)KJ&,.&J=\0GO7F#/^IW0L86"[3% M"4(0TID%(=4$A T6JDYK5>![2A12&;CJ':_&^93[> MVH6X&#H*GVO-O0/N4 MS(H:S$_9/=P-^5/3?QG_\S8>>DO,)@]]\3$!B)&L)15"W$ID@S\Y)_P)G*55 M0PBE.%88T7EYPWB&)4R*N'ZP^D]!)F\+[U9!@&I,YS<.O"78"[Y[9:\%_PBT2R5&R6\(6KD>D1)@#=BU;.;.6">-O M_]QZ,\Y'*9"VH8V16O;1^2<%17W#IW136K]5KR\DELSC1F%8K9)V.H=;@O[; M-GM[#V^$!QICY^W,8-/O_]=""W&! E:%G#7ES5VV+OG&CO/1-U=]MGY(W"XS0QB\7J/&D0 MSY(:.<&Z4..TWK=[P'I\%.&TH4W,A9H5^NEPPH&JIFC2+ESW&P=YYT;UWY#\ MK514VX 7Y2Q2+:]9?(J?@][XPJ)S:E->3EO&R6#-',*XN!3^QPS1_:I#5#W4 M6ZEC[ -Y7.Z'?'KT4G:?>>]KS;ST6&W.&PO+*<.?WUTXM?DHRQD:TC_1+=/2<]]]Q9 MY!0W>LO@H0+0J.-,- FNM*[?!T&35_VME?KZ%?+K[,UL%CZ> M7Q_B9RYPCI'G^)0G.%J^Q<&?DUZ$O^8UL0/J2TL=]#6D<2'%5,H">\#D)AS0 MAK $WQ!&UXK:4P7AE&T]/+= )IE42)L>&FV119HG'XZ\9]O;\W JI'*Y?0;_ MN^ZW'P0&SPJDC.WUV@)I7!.M08E;X[C-#OPIA'I[M:V-PE*1;33W#?!;W6*2 MK*7*08UI(CQ :U MV./N"N3WV$\28F15#*:INC>GKQ8ZR;MLGGN7-CR*%]5T(_7'UI0CG&_O#MPK M*&CG_*X8!1AV4M=L^X'14G#PQ?PV871DPC0F0QY4246?#)^]*ID!0&&T :5I MMHM\5Z1>0:>'Z]05QVJ>OT#-_[K/)0A0A.V*-G?_E+O\GQ4OWOV]9/>OV-M1-&ZI4Q3T:NM:)Z#UV/?%0F^ MLT\:MC=A>D/4$L#!!0 ( %M@6DTDJL'L 0 ,\@ / >&PO=V]R M:V)O;VLN>&ULQ9I=DYLV%$#_BH:7-B^Q :V3[,29P4:[9NH%%V'/Y"G#VG*L M"1\>T&;;_/I>X;H177JG+UJ>0(#A<"7=(PE_?*Z;;X]U_8W\4195.W=.2IUO M)Y-V?Q)EWKZMSZ*",\>Z*7,%Q>;KI#TW(C^T)R%464R\Z70V*7-9.9\^7N^U M:29FH59BKV1=P4%]8"?%<_OSO"Z2'"[X+K+\<>Y,'9(_J?I.%DHT8:[$?5,_ MG67U=>ZX#CG*IE5A*[:E^7M6-_%%7*B_XOJF+HON5/M'] M")[0_G-D)QHE][T+5?Z8YL Z=V93N.%WVRF(V$]8TMQ*.-%$!U>#VX-<)G'(8LY" GL\64=AD$&! M9[!Y8+$!Z2&0WHB07SP#TD<@_3$A?0.2(I!T3$AJ0-X@D#?6(5^VQ(R3Y Y* MR=* G"&0LS$C>6- OD,@W]F%7 0\ZN*V2=DF2(,L2F(2Q"%)LA5+#<;W".-[ MNXPI6T+MDF"Y3+9Q%L7W )O$L+_LJMV _(! ?K -N6/QEIDY>XHE[:E='!:D M,42*DPU+"5\%:8\,U8E]G^@Z9/$R8MR$PO3A6O;'71"E9!>LMTSWA;LH#@ O M6),HYEFZ?3 Q,8&XE@VRC76]0A(9:&V8,US+TM!)][=5L@Y9RG\A[/=ME'TV MV3!5N)9=L8$Q+)&7 MSAU$Q 3BO;) !@$QDW@CF&00$E.*-Z92^MT94XHWAE(&@XFYQ1O3+?U@8F[Q M++L%GR@1$Q,SC3>J:"8I@DI MIAAJ63'_,4@;:)L4$PZU+!P8J?H-Q;+_L''O+TNA/F' M6O8/CMGK0IB$J&4)X9CF8))B$J*C3G1F)B9F(?K:BVC#R0@S$.T,-+E^0#^( MHZS$(8;;MW!\GQ?[34/TYK+N3V_TXMSQJ2B6<"RIUG7>??+6][C^E^#37U!+ M P04 " !;8%I-G.$P>-0! ('@ &@ 'AL+U]R96QS+W=OZ_=IO0ELNWRVX3\Z(( MAUWX:+JW5,684SA=Y*I?T/_DV,;_K&_6Z^TR/C;+]WVL\R\5WPN*\'N0C@Y.-!3@^:C0?-Z$'S\: Y/>AZ/.B:'G0S'G1##[H=#[JE!\D4R#CE M)R&L^5H+X%KX7@L 6_AB"R!;^&8+0%OX:@M@6_AN"X!;^'(+H%OX=@O 6_AZ M*]!;^7HKT%LO\*R-'K;Y>BO06_EZ*]!;^7HKT%OY>BO06_EZ*]!;^7HKT%OY M>BO06_EZ&]#;^'H;T-OX>AO0VRYP5H(.2_AZ&]#;^'H;T-OX>AO0V_AZ&]#; M^'H;T-OX>AO0V_AZ.]#;^7H[T-OY>CO0V_EZ.]#;+W#6C0Z[^7H[T-OY>CO0 MV_EZ.]#;^7H[T-OY>CO0V_EZSP9ZIZKLXNHE=]MZD\Y=\F/XGS4#N%,^[N+Y M,TY3_]P_4#KW6V(X?9[][^(T]2LB_'CQ^_ )4$L#!!0 ( %M@6DUBCXVU MQ $ /\= 3 6T-O;G1E;G1?5'EP97-=+GAM;,W9RV[",! %T%]!V5;$ M^%'Z$+!INVV1VA]PDX%$)+%E&PI_7R= I2(J40'2W1"2<69N@G4VC#XVEGQO M75>-'R=%"/:1,9\55&N?&DM-K,R,JW6(IV[.K,X6>DY,# 9#EIDF4!/ZH>V1 M3$;/--/+*O2>MM?;UN-$6UN5F0ZE:=BJR0^:]G<-4T=5M\87I?4W<4'2>UG' M+CY>&R>QZA-VPH3#&]OS>-_;BIPK<_I7-#.;E1GE)EO6\9;46T:?:A5==Q\9L7;%?"]+KY0B;BHX'Z"J7G!SBMJ!CH[K"]I.? M-7"_&S+CJ&]=K+I0'GF\&&D:JYZU"R_YB-1NG9SRDX;'UM?[8;^,6W3?C[WP MGZ)GW>&\MWZY' (DAP3)H4!RW(+D&(+DN /)<0^2XP$D!Q^@!$$1E:.0RE%, MY2BH&PO=&AE;64O M=&AE;64Q+GAM;%!+ 0(4 Q0 ( %I@6DV[Q8]:E@( *P) 8 M " ?<( !X;"]W;W)K&PO=V]R:W-H M965T&UL4$L! A0#% @ 6F!:3?^[E;9= @ 0 @ !@ M ( !F1 'AL+W=O&PO=V]R:W-H965T&UL M4$L! A0#% @ 6F!:31Q8G<](! 714 !@ ( !PAD M 'AL+W=O !X;"]W;W)K&PO=V]R:W-H965T&UL4$L! A0#% @ 6F!: M39T_$,VV 0 T@, !@ ( !'B0 'AL+W=O&UL4$L! A0#% M @ 6F!:365]ZDJU 0 T@, !D ( !^"< 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ 6F!:34U%\F>V M 0 T@, !D ( !ORT 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ 6F!:37\D36"V 0 T@, !D M ( !AC, 'AL+W=O&PO=V]R M:W-H965T&UL M4$L! A0#% @ 6F!:35D+,;3' 0 -P0 !D ( !33D M 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ M6F!:38X(YFNV 0 T@, !D ( !(C\ 'AL+W=O&PO=V]R:W-H965TI1X0$ $% 9 " >1( !X;"]W;W)K&UL4$L! A0#% @ 6F!:381ACRNW 0 T@, !D M ( !_$H 'AL+W=O&PO=V]R:W-H M965T&UL4$L! M A0#% @ 6F!:35P6K4^) @ 7@@ !D ( !<%( 'AL M+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ 6V!: M38MJU&8( @ 308 !D ( !SEH 'AL+W=O&PO=V]R:W-H965TQ? !X;"]W;W)K M&UL4$L! A0#% @ 6V!:31/'@D)= @ /@< M !D ( ![F( 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ 6V!:38H. 6[R 0 ^ 0 !D M ( !TFH 'AL+W=O&PO=V]R:W-H965T M&UL4$L! A0# M% @ 6V!:38%("6ZN @ 2 H !D ( !IG, 'AL+W=O M&PO=V]R:W-H965TMX M !X;"]W;W)K&UL4$L! A0#% @ 6V!:36%( MTQ=N @ .@@ !D ( !4WL 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ 6V!:3:R$*M%&. =A$! !0 M ( !WH( 'AL+W-H87)E9%-T&UL4$L! A0#% M @ 6V!:36Y8M7\S @ (0H T ( !5KL 'AL+W-T>6QE M&PO=V]R:V)O;VLN>&UL4$L! A0#% @ 6V!:39SA,'C4 0 M"!X !H ( !X<$ 'AL+U]R96QS+W=O XML 61 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 62 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 64 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 129 180 1 false 37 0 false 6 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://rollins.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) Sheet http://rollins.com/role/CondensedConsolidatedStatementsOfFinancialPosition CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) Sheet http://rollins.com/role/CondensedConsolidatedStatementsOfFinancialPositionParenthetical CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Sheet http://rollins.com/role/CondensedConsolidatedStatementsOfIncome CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) Sheet http://rollins.com/role/CondensedConsolidatedStatementsOfComprehensiveEarnings CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Sheet http://rollins.com/role/ConsolidatedStatementsOfStockholdersEquity CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statements 6 false false R7.htm 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Sheet http://rollins.com/role/CondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Statements 7 false false R8.htm 00000008 - Disclosure - BASIS OF PREPARATION AND OTHER Sheet http://rollins.com/role/BasisOfPreparationAndOther BASIS OF PREPARATION AND OTHER Notes 8 false false R9.htm 00000009 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS Sheet http://rollins.com/role/RecentAccountingPronouncements RECENT ACCOUNTING PRONOUNCEMENTS Notes 9 false false R10.htm 00000010 - Disclosure - REVENUE Sheet http://rollins.com/role/Revenue REVENUE Notes 10 false false R11.htm 00000011 - Disclosure - EARNINGS PER SHARE Sheet http://rollins.com/role/EarningsPerShare EARNINGS PER SHARE Notes 11 false false R12.htm 00000012 - Disclosure - CONTINGENCIES Sheet http://rollins.com/role/Contingencies CONTINGENCIES Notes 12 false false R13.htm 00000013 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS Sheet http://rollins.com/role/FairValueOfFinancialInstruments FAIR VALUE OF FINANCIAL INSTRUMENTS Notes 13 false false R14.htm 00000014 - Disclosure - UNEARNED REVENUE Sheet http://rollins.com/role/UnearnedRevenue UNEARNED REVENUE Notes 14 false false R15.htm 00000015 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://rollins.com/role/StockholdersEquity STOCKHOLDERS' EQUITY Notes 15 false false R16.htm 00000016 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS Sheet http://rollins.com/role/PensionAndPostRetirementBenefitPlans PENSION AND POST RETIREMENT BENEFIT PLANS Notes 16 false false R17.htm 00000017 - Disclosure - BUSINESS COMBINATIONS Sheet http://rollins.com/role/BusinessCombinations BUSINESS COMBINATIONS Notes 17 false false R18.htm 00000018 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Sheet http://rollins.com/role/DerivativeInstrumentsAndHedgingActivities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Notes 18 false false R19.htm 00000019 - Disclosure - SUBSEQUENT EVENTS Sheet http://rollins.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 19 false false R20.htm 00000020 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Policies) Sheet http://rollins.com/role/RecentAccountingPronouncementsPolicies RECENT ACCOUNTING PRONOUNCEMENTS (Policies) Policies 20 false false R21.htm 00000021 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Tables) Sheet http://rollins.com/role/RecentAccountingPronouncementsTables RECENT ACCOUNTING PRONOUNCEMENTS (Tables) Tables http://rollins.com/role/RecentAccountingPronouncements 21 false false R22.htm 00000022 - Disclosure - REVENUE (Tables) Sheet http://rollins.com/role/RevenueTables REVENUE (Tables) Tables http://rollins.com/role/Revenue 22 false false R23.htm 00000023 - Disclosure - EARNINGS PER SHARE (Tables) Sheet http://rollins.com/role/EarningsPerShareTables EARNINGS PER SHARE (Tables) Tables http://rollins.com/role/EarningsPerShare 23 false false R24.htm 00000024 - Disclosure - UNEARNED REVENUE (Tables) Sheet http://rollins.com/role/UnearnedRevenueTables UNEARNED REVENUE (Tables) Tables http://rollins.com/role/UnearnedRevenue 24 false false R25.htm 00000025 - Disclosure - STOCKHOLDERS' EQUITY (Tables) Sheet http://rollins.com/role/StockholdersEquityTables STOCKHOLDERS' EQUITY (Tables) Tables http://rollins.com/role/StockholdersEquity 25 false false R26.htm 00000026 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS (Tables) Sheet http://rollins.com/role/PensionAndPostRetirementBenefitPlansTables PENSION AND POST RETIREMENT BENEFIT PLANS (Tables) Tables http://rollins.com/role/PensionAndPostRetirementBenefitPlans 26 false false R27.htm 00000027 - Disclosure - BUSINESS COMBINATIONS (Tables) Sheet http://rollins.com/role/BusinessCombinationsTables BUSINESS COMBINATIONS (Tables) Tables http://rollins.com/role/BusinessCombinations 27 false false R28.htm 00000028 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) Sheet http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesTables DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) Tables http://rollins.com/role/DerivativeInstrumentsAndHedgingActivities 28 false false R29.htm 00000029 - Disclosure - BASIS OF PREPARATION AND OTHER (Details) Sheet http://rollins.com/role/BasisOfPreparationAndOtherDetails BASIS OF PREPARATION AND OTHER (Details) Details http://rollins.com/role/BasisOfPreparationAndOther 29 false false R30.htm 00000030 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Details Narrative) Sheet http://rollins.com/role/RecentAccountingPronouncementsDetailsNarrative RECENT ACCOUNTING PRONOUNCEMENTS (Details Narrative) Details http://rollins.com/role/RecentAccountingPronouncementsTables 30 false false R31.htm 00000031 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Details) Sheet http://rollins.com/role/RecentAccountingPronouncementsDetails RECENT ACCOUNTING PRONOUNCEMENTS (Details) Details http://rollins.com/role/RecentAccountingPronouncementsTables 31 false false R32.htm 00000032 - Disclosure - REVENUE (Details) Sheet http://rollins.com/role/RevenueDetails REVENUE (Details) Details http://rollins.com/role/RevenueTables 32 false false R33.htm 00000033 - Disclosure - REVENUE (Details 2) Sheet http://rollins.com/role/RevenueDetails2 REVENUE (Details 2) Details http://rollins.com/role/RevenueTables 33 false false R34.htm 00000034 - Disclosure - EARNINGS PER SHARE (Details) Sheet http://rollins.com/role/EarningsPerShareDetails EARNINGS PER SHARE (Details) Details http://rollins.com/role/EarningsPerShareTables 34 false false R35.htm 00000035 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) Sheet http://rollins.com/role/FairValueOfFinancialInstrumentsDetails FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) Details http://rollins.com/role/FairValueOfFinancialInstruments 35 false false R36.htm 00000036 - Disclosure - UNEARNED REVENUE (Details) Sheet http://rollins.com/role/UnearnedRevenueDetails UNEARNED REVENUE (Details) Details http://rollins.com/role/UnearnedRevenueTables 36 false false R37.htm 00000037 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) Sheet http://rollins.com/role/StockholdersEquityDetailsNarrative STOCKHOLDERS' EQUITY (Details Narrative) Details http://rollins.com/role/StockholdersEquityTables 37 false false R38.htm 00000038 - Disclosure - STOCKHOLDERS' EQUITY (Details) Sheet http://rollins.com/role/StockholdersEquityDetails STOCKHOLDERS' EQUITY (Details) Details http://rollins.com/role/StockholdersEquityTables 38 false false R39.htm 00000039 - Disclosure - STOCKHOLDERS' EQUITY (Details 2) Sheet http://rollins.com/role/StockholdersEquityDetails2 STOCKHOLDERS' EQUITY (Details 2) Details http://rollins.com/role/StockholdersEquityTables 39 false false R40.htm 00000040 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS (Details) Sheet http://rollins.com/role/PensionAndPostRetirementBenefitPlansDetails PENSION AND POST RETIREMENT BENEFIT PLANS (Details) Details http://rollins.com/role/PensionAndPostRetirementBenefitPlansTables 40 false false R41.htm 00000041 - Disclosure - PENSION AND POST RETIREMENT BENEFIT PLANS (Details Narrative) Sheet http://rollins.com/role/PensionAndPostRetirementBenefitPlansDetailsNarrative PENSION AND POST RETIREMENT BENEFIT PLANS (Details Narrative) Details http://rollins.com/role/PensionAndPostRetirementBenefitPlansTables 41 false false R42.htm 00000042 - Disclosure - BUSINESS COMBINATIONS (Details) Sheet http://rollins.com/role/BusinessCombinationsDetails BUSINESS COMBINATIONS (Details) Details http://rollins.com/role/BusinessCombinationsTables 42 false false R43.htm 00000043 - Disclosure - BUSINESS COMBINATIONS (Details 2) Sheet http://rollins.com/role/BusinessCombinationsIntangibleAssetsAcquiredDetails BUSINESS COMBINATIONS (Details 2) Details http://rollins.com/role/BusinessCombinationsTables 43 false false R44.htm 00000044 - Disclosure - BUSINESS COMBINATIONS (Details Narrative) Sheet http://rollins.com/role/BusinessCombinationsDetailsNarrative BUSINESS COMBINATIONS (Details Narrative) Details http://rollins.com/role/BusinessCombinationsTables 44 false false R45.htm 00000045 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) Sheet http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesDetails DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) Details http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesTables 45 false false R46.htm 00000046 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) Sheet http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesDetails2 DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) Details http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesTables 46 false false R47.htm 00000047 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) Sheet http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesDetails3 DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 3) Details http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesTables 47 false false R48.htm 00000048 - Disclosure - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 4) Sheet http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesDerivativeInstrumentsClassificationWithinFairValueHierarchyDetails DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 4) Details http://rollins.com/role/DerivativeInstrumentsAndHedgingActivitiesTables 48 false false R49.htm 00000049 - Disclosure - SUBSEQUENT EVENTS (Details) Sheet http://rollins.com/role/SubsequentEventsDetails SUBSEQUENT EVENTS (Details) Details http://rollins.com/role/SubsequentEvents 49 false false All Reports Book All Reports rol-20180930.xml rol-20180930.xsd rol-20180930_cal.xml rol-20180930_def.xml rol-20180930_lab.xml rol-20180930_pre.xml http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/country/2017-01-31 http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/srt/2018-01-31 true true ZIP 66 0001171200-18-000227-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001171200-18-000227-xbrl.zip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