Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Quarterly Report | true | ||
Entity Registrant Name | HURON CONSULTING GROUP INC. | ||
Trading Symbol | HURN | ||
Entity Central Index Key | 0001289848 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 000-50976 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 22,509,235 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,128,100,000 | ||
Entity Tax Identification Number | 01-0666114 | ||
Security Exchange Name | NASDAQ | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 550 West Van Buren Street | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60607 | ||
City Area Code | (312) | ||
Local Phone Number | 583-8700 | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 11,604 | $ 33,107 | $ 16,909 | $ 17,027 |
Receivables from clients, net | 116,571 | 109,677 | ||
Costs in Excess of Billings, Current | 79,937 | 69,613 | ||
Income tax receivable | 2,376 | 6,612 | ||
Prepaid Expense and Other Assets, Current | 14,248 | 13,922 | ||
Total current assets | 224,736 | 232,931 | ||
Property and equipment, net | 38,413 | 40,374 | ||
Deferred Tax Assets, Net, Noncurrent | 1,145 | 2,153 | ||
Long-term investments | 54,541 | 50,429 | ||
Operating Lease, Right-of-Use Asset | 54,954 | 0 | ||
Other non-current assets | 52,177 | 30,525 | ||
Intangible assets, net | 31,625 | 47,857 | ||
Goodwill | 646,680 | 645,263 | 645,750 | |
Total assets | 1,104,271 | 1,049,532 | 1,036,928 | |
Current liabilities: | ||||
Accounts payable | 7,944 | 10,020 | ||
Accrued expenses and other current liabilities | 18,554 | 17,207 | ||
Accrued payroll and related benefits | 141,605 | 109,825 | ||
Business Combination, Contingent Consideration, Liability, Current | 0 | 9,991 | ||
Long-term Debt, Current Maturities | 529 | 243,132 | ||
Operating Lease, Liability, Current | 7,469 | 0 | ||
Deferred revenues | 28,443 | 28,130 | ||
Total current liabilities | 204,544 | 418,305 | ||
Non-current liabilities: | ||||
Deferred compensation and other liabilities | 28,635 | 20,875 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 1,450 | ||
Long-term debt, net of current portion | 208,324 | 53,853 | ||
Operating Lease, Liability, Noncurrent | 69,233 | 0 | ||
Deferred lease incentives | 0 | 13,693 | ||
Deferred income taxes, net | 8,070 | 732 | ||
Total non-current liabilities | 314,262 | 90,603 | ||
Commitments and contingencies | ||||
Stockholders’ equity | ||||
Common Stock, Value, Issued | 247 | 244 | ||
Treasury Stock, Value | 128,348 | 124,794 | ||
Additional paid-in capital | 460,781 | 452,573 | ||
Retained earnings | 237,849 | 196,106 | ||
Accumulated other comprehensive income | 14,936 | 16,495 | 10,370 | 3,615 |
Total stockholders’ equity | 585,465 | 540,624 | $ 503,316 | $ 648,033 |
Total liabilities and stockholders’ equity | $ 1,104,271 | $ 1,049,532 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 25,144,764 | 25,114,739 |
Treasury stock, shares | 2,425,430 | 2,568,288 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Other Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues and reimbursable expenses: | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 876,757 | $ 795,125 | $ 732,570 |
Reimbursable Revenues | 88,717 | 82,874 | 75,175 |
Total revenues and reimbursable expenses | 965,474 | 877,999 | 807,745 |
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses): | |||
Direct costs | 575,602 | 521,537 | 454,806 |
Amortization of intangible assets and software development costs | 5,375 | 4,247 | 10,932 |
Reimbursable expenses | 88,696 | 82,923 | 75,436 |
Total direct costs and reimbursable expenses | 669,673 | 608,707 | 541,174 |
Operating expenses and other operating gains: | |||
Selling, general and administrative expenses | 203,071 | 180,983 | 175,364 |
Restructuring charges (1) | 1,855 | 3,657 | 6,246 |
Litigation and other losses (gains), net | (1,196) | (2,019) | 1,111 |
Depreciation and amortization | 28,365 | 34,575 | 38,213 |
Goodwill, Impairment Loss | 0 | 0 | 253,093 |
Total operating expenses and other losses (gains), net | 232,095 | 217,196 | 474,027 |
Operating income (loss) | 63,706 | 52,096 | (207,456) |
Other income (expense), net | |||
Interest Expense Net Of Interest Income | (15,648) | (19,013) | (18,613) |
Other Nonoperating Income (Expense) | 4,433 | (7,862) | 3,565 |
Nonoperating Income (Expense) | (11,215) | (26,875) | (15,048) |
Income (loss) from continuing operations before taxes | 52,491 | 25,221 | (222,504) |
Income tax expense (benefit) | 10,512 | 11,277 | (51,999) |
Net income (loss) from continuing operations | 41,979 | 13,944 | (170,505) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (236) | (298) | 388 |
Net income (loss) | $ 41,743 | $ 13,646 | $ (170,117) |
Net earnings per basic share: | |||
Net income from continuing operations, per basic share (in USD per share) | $ 1.91 | $ 0.64 | $ (7.95) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | (0.01) | (0.01) | 0.02 |
Net income, per basic share (in USD per share) | 1.90 | 0.63 | (7.93) |
Net earnings per diluted share: | |||
Net income from continuing operations, per diluted share (in USD per share) | 1.87 | 0.63 | (7.95) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | (0.02) | (0.01) | 0.02 |
Net income, per diluted share (in USD per share) | $ 1.85 | $ 0.62 | $ (7.93) |
Weighted average shares used in calculating earnings per share: | |||
Basic (shares) | 21,993 | 21,706 | 21,439 |
Diluted (shares) | 22,507 | 22,058 | 21,439 |
Comprehensive income (loss): | |||
Net income (loss) | $ 41,743 | $ 13,646 | $ (170,117) |
Foreign currency translation adjustments, net of tax | 99 | (1,814) | 1,602 |
Unrealized gain (loss) on investment, net of tax | (702) | 7,772 | 4,724 |
Unrealized gain (loss) on cash flow hedging instruments, net of tax | (956) | 167 | 429 |
Other comprehensive income | (1,559) | 6,125 | 6,755 |
Comprehensive income (loss) | $ 40,184 | $ 19,771 | $ (163,362) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2016 | $ 648,033 | $ 235 | $ (113,195) | $ 405,895 | $ 351,483 | $ 3,615 |
Beginning balance, shares at Dec. 31, 2016 | (23,478,016) | (2,420,913) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (163,362) | (170,117) | 6,755 | |||
Share-based compensation | 14,419 | 14,419 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 4 | $ (3,953) | 3,949 | ||
Restricted stock awards, net of cancellations, shares | (399,248) | (58,211) | ||||
Stock Issued During Period, Value, Acquisitions | 9,560 | $ 2 | 9,558 | |||
Stock Issued During Period, Shares, Acquisitions | 221,558 | |||||
Shares redeemed for employee tax withholdings | (4,846) | $ (4,846) | ||||
Shares redeemed for employee tax withholdings, shares | (112,011) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-09 [Member] | 0 | 435 | (435) | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2018-02 [Member] | (488) | (488) | ||||
Ending balance at Dec. 31, 2017 | 503,316 | $ 241 | $ (121,994) | 434,256 | 180,443 | 10,370 |
Ending balance, shares at Dec. 31, 2017 | (24,098,822) | (2,591,135) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 19,771 | 13,646 | 6,125 | |||
Share-based compensation | 17,770 | 17,770 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 3 | $ 387 | (390) | ||
Restricted stock awards, net of cancellations, shares | (279,430) | 5,986 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 937 | $ 0 | 937 | |||
Exercise of stock options, shares | 40,000 | |||||
Shares redeemed for employee tax withholdings | (3,187) | $ (3,187) | ||||
Shares redeemed for employee tax withholdings, shares | (86,813) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member] | 2,017 | 2,017 | ||||
Ending balance at Dec. 31, 2018 | 540,624 | $ 244 | $ (124,794) | 452,573 | 196,106 | 16,495 |
Ending balance, shares at Dec. 31, 2018 | (24,418,252) | (2,671,962) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 40,184 | 41,743 | (1,559) | |||
Share-based compensation | 22,854 | 22,854 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 4 | $ 1,828 | (1,832) | ||
Restricted stock awards, net of cancellations, shares | (347,589) | 20,171 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 1,244 | $ 1 | 1,243 | |||
Exercise of stock options, shares | 48,000 | 47,904 | ||||
Shares redeemed for employee tax withholdings | $ (5,382) | $ (5,382) | ||||
Shares redeemed for employee tax withholdings, shares | (111,511) | |||||
Adjustments to Additional Paid in Capital, Other | 160 | 160 | ||||
Share repurchases | (14,219) | $ (2) | (14,217) | |||
Share repurchases, shares | (210,437) | |||||
Ending balance at Dec. 31, 2019 | $ 585,465 | $ 247 | $ (128,348) | $ 460,781 | $ 237,849 | $ 14,936 |
Ending balance, shares at Dec. 31, 2019 | (24,603,308) | (2,763,302) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 41,743 | $ 13,646 | $ (170,117) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 34,405 | 39,311 | 50,089 |
Noncash Operating Lease Expense | 8,397 | 0 | 0 |
Share-based compensation | 24,213 | 18,818 | 14,838 |
Amortization of debt discount and issuance costs | 8,264 | 10,313 | 10,203 |
Goodwill, Impairment Loss | 0 | 0 | 253,093 |
Accounts Receivable, Credit Loss Expense (Reversal) | 250 | 657 | 3,217 |
Deferred income taxes | 8,795 | 10,717 | (53,753) |
Loss (gain) on sale of businesses | 0 | 5,807 | (931) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,506 | (381) | (1,111) |
Other Noncash Expense | 16 | 0 | 0 |
Changes in operating assets and liabilities, net of acquisitions and divestiture: | |||
(Increase) decrease in receivables from clients | (10,123) | (10,509) | 1,650 |
(Increase) decrease in unbilled services | (10,269) | (11,094) | (4,332) |
(Increase) decrease in current income tax receivable / payable, net | 4,442 | (2,607) | 210 |
(Increase) decrease in other assets | (144) | (1,361) | (366) |
Increase (decrease) in accounts payable and accrued liabilities | (6,884) | (8,212) | 3,732 |
Increase (decrease) in accrued payroll and related benefits | 30,339 | 35,481 | (10,966) |
Increase (decrease) in deferred revenues | 282 | 310 | 2,117 |
Net cash provided by operating activities | 132,220 | 101,658 | 99,795 |
Cash flows from investing activities: | |||
Purchases of property and equipment, net | (13,240) | (8,936) | (24,402) |
Investment in life insurance policies | (4,703) | (2,037) | (1,826) |
Proceeds from Life Insurance Policy | 0 | 0 | 2,889 |
Purchases of businesses, net of cash acquired | (2,500) | (215) | (106,915) |
Payments to Acquire Investments | (5,000) | 0 | 0 |
Capitalization of internally developed software | (10,312) | (6,069) | (1,370) |
Proceeds from note receivable | 0 | 1,040 | 1,177 |
Proceeds from Sale of Property, Plant, and Equipment | 753 | 0 | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | (2,345) | 1,499 |
Net cash used in investing activities | (35,002) | (18,562) | (128,948) |
Cash flows from financing activities: | |||
Proceeds from exercises of stock options | 1,244 | 937 | 0 |
Shares redeemed for employee tax withholdings | (5,382) | (3,187) | (4,846) |
Share repurchases | (12,985) | 0 | 0 |
Proceeds from bank borrowings | 347,000 | 204,300 | 277,500 |
Repayments of bank borrowings | (192,515) | (259,801) | (240,745) |
Repayments of Convertible Debt | (250,000) | 0 | 0 |
Payments for debt issuance costs | (1,524) | (1,385) | (408) |
Payment for Contingent Consideration Liability, Financing Activities | 4,674 | 7,554 | 2,680 |
Net cash provided by (used in) financing activities | (118,836) | (66,690) | 28,821 |
Effect of exchange rate changes on cash | 115 | (208) | 214 |
Net increase (decrease) in cash and cash equivalents | (21,503) | 16,198 | (118) |
Cash and cash equivalents at beginning of the period | 33,107 | 16,909 | 17,027 |
Cash and cash equivalents at end of the period | 11,604 | 33,107 | 16,909 |
Non-cash investing and financing activities: | |||
Property and equipment expenditures and capitalized software included in accounts payable and accrued expenses | 2,600 | 2,358 | 1,567 |
Notes Assumed | 0 | 0 | 5,113 |
Contingent consideration related to business acquisitions | 0 | 212 | 15,489 |
Share Repurchases Initiated but not yet Settled | 1,234 | 0 | 0 |
Common stock issued related to business acquisition | 0 | 0 | 9,560 |
Cash paid during the year for: | |||
Interest | 7,971 | 8,887 | 9,068 |
Income taxes | $ 1,429 | $ 3,349 | $ 5,399 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Huron is a global consultancy that collaborates with clients to drive strategic growth, ignite innovation and navigate constant change. Through a combination of strategy, expertise and creativity, we help clients accelerate operational, digital and cultural transformation, enabling the change they need to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements reflect the financial position at December 31, 2019 and 2018 , and the results of operations and cash flows for the years ended December 31, 2019 , 2018 , and 2017 . The consolidated financial statements include the accounts of Huron Consulting Group Inc. and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. On January 1, 2019, we adopted Accounting Standard Update ("ASU") 2016-02, Leases . For additional information on the adoption of ASU 2016-02, refer to our leases policy and new accounting pronouncements below. On January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers , a new Topic, ASC 606, which superseded ASC 605, Revenue Recognition . The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted ASC 606 on a modified retrospective basis to all open contracts, as modified, as of that date. Adoption of the new standard resulted in changes to our accounting policy for revenue recognition, most notably for performance-based billing arrangements, and sales commissions. Adopting ASC 606 on a modified retrospective basis had no impact on our consolidated financial statements in the prior periods presented. Upon adoption, we recorded a $2.0 million cumulative-effect adjustment to record a net increase to retained earnings for the portion of performance-based billing arrangements that have been earned as of the adoption date but for which we had not recognized as revenue under previous revenue recognition guidance, the capitalization of sales commissions paid on open contracts as of the adoption date, and the related tax effects. Refer to our revenue recognition and capitalized sales commissions policies below for additional information. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results may differ from these estimates and assumptions. Revenue Recognition We generate substantially all of our revenues from providing professional services to our clients. We also generate revenues from software licenses; software support and maintenance and subscriptions to our cloud-based analytic tools and solutions; speaking engagements; conferences; and publications. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on our overall pricing objectives, taking into consideration market conditions and other factors. Revenue is recognized when control of the goods and services provided are transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We typically satisfy our performance obligations for professional services over time as the related services are provided. The performance obligations related to software support and maintenance and subscriptions to our cloud-based analytic tools and solutions are typically satisfied evenly over the course of the service period. Other performance obligations, such as certain software licenses, speaking engagements, conferences, and publications, are satisfied at a point in time. We generate our revenues under four types of billing arrangements: fixed-fee (including software license revenue); time-and-expense; performance-based; and software support, maintenance and subscriptions. In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenues under fixed-fee billing arrangements using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Contracts within our Culture and Organizational Excellence solution include fixed-fee partner contracts with multiple performance obligations, which primarily consist of coaching services, as well as speaking engagements, conferences, publications and software products (“Partner Contracts”). Revenues for coaching services and software products are generally recognized on a straight-line basis over the length of the contract. All other revenues under Partner Contracts, including speaking engagements, conferences and publications, are recognized at the time the goods or services are provided. Estimates of total engagement revenues and cost of services are monitored regularly during the term of the engagement. If our estimates indicate a potential loss, such loss is recognized in the period in which the loss first becomes probable and reasonably estimable. We also generate revenues from software licenses for our revenue cycle management software and research administration and compliance software. Licenses for our revenue cycle management software are sold only as a component of our consulting projects, and the services we provide are essential to the functionality of the software. Therefore, revenues from these software licenses are recognized over the term of the related consulting services contract. License revenue from our research administration and compliance software is generally recognized in the month in which the software is delivered. Time-and-expense billing arrangements require the client to pay based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include certain speaking engagements, conferences, and publications purchased by our clients outside of Partner Contracts within our Culture and Organizational Excellence solution. We recognize revenues under time-and-expense arrangements as the related services or publications are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount that we have a right to invoice based on the number of hours worked and the agreed upon hourly rates or the value of the speaking engagements, conferences or publications purchased by our clients. In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recommendations for improving operational and cost effectiveness in the areas we review. Second, we have performance-based engagements in which we earn a success fee when and if certain predefined outcomes occur. We recognize revenue under performance-based billing arrangements using the following steps: 1) estimate variable consideration using a probability-weighted assessment of the fees to be earned, 2) apply a constraint to the estimated variable consideration to limit the amount that could be reversed when the uncertainty is resolved (the “constraint”), and 3) recognize revenue of estimated variable consideration, net of the constraint, based on work completed to-date versus our estimates of the total services to be provided under the engagement. Clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. We also generate subscription revenue from our cloud-based analytic tools and solutions. Software support, maintenance and subscription revenues are recognized ratably over the support or subscription period. These fees are generally billed in advance and included in deferred revenues until recognized. Provisions are recorded for the estimated realization adjustments on all engagements, including engagements for which fees are subject to review by the bankruptcy courts. Expense reimbursements that are billable to clients are included in total revenues and reimbursable expenses. Under fixed-fee billing arrangements, we estimate the total amount of reimbursable expenses to be incurred over the course of the engagement and recognize the estimated amount as revenue using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Under time-and-expense billing arrangements we recognize reimbursable expenses as revenue as the related services are provided, using the right to invoice practical expedient. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. Subcontractors that are billed to clients at cost are also included in reimbursable expenses. When billings do not specifically identify reimbursable expenses, we allocate the portion of the billings equivalent to these expenses to reimbursable expenses. The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Revenues recognized for services performed but not yet billed to clients are recorded as unbilled services. Revenues recognized, but for which we are not yet entitled to bill because certain events, such as the completion of the measurement period or client approval, must occur, are recorded as contract assets and included within unbilled services. Client prepayments and retainers are classified as deferred revenues and recognized over future periods as earned in accordance with the applicable engagement agreement. Capitalized Sales Commissions Sales commissions earned by our sales professionals are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions with an expected amortization period greater than one year are deferred and amortized on a straight-line basis over the period of the associated contract. We elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization period is one year or less. Amortization expense is recorded to direct costs. During the years ended December 31, 2019 and 2018 , we amortized $0.3 million and $0.2 million , respectively, of capitalized sales commissions. Unamortized sales commissions were $0.8 million and $0.4 million as of December 31, 2019 and 2018 , respectively. Allowances for Doubtful Accounts and Unbilled Services We maintain allowances for doubtful accounts and for services performed but not yet billed based on several factors, including the estimated cash realization from amounts due from clients, an assessment of a client’s ability to make required payments, and the historical percentages of fee adjustments and write-offs by age of receivables and unbilled services. The allowances are assessed by management on a regular basis. These estimates may differ from actual results. If the financial condition of a client deteriorates in the future, impacting the client’s ability to make payments, an increase to our allowance might be required or our allowance may not be sufficient to cover actual write-offs. We record the provision for doubtful accounts and unbilled services as a reduction in revenue to the extent the provision relates to fee adjustments and other discretionary pricing adjustments. To the extent the provision relates to a client’s inability to make required payments on accounts receivables, we record the provision to selling, general and administrative expenses. Direct Costs and Reimbursable Expenses Direct costs and reimbursable expenses consist primarily of revenue-generating employee compensation and their related benefits and share-based compensation costs; as well as commissions, the cost of outside consultants or subcontractors assigned to revenue-generating activities, technology costs, other third-party costs directly attributable to our revenue-generating activities, and direct expenses to be reimbursed by clients. Direct costs and reimbursable expenses incurred on engagements are expensed in the period incurred. Cash and Cash Equivalents We consider all highly liquid investments, including overnight investments and commercial paper, with original maturities of three months or less to be cash equivalents. Concentrations of Credit Risk To the extent receivables from clients become delinquent, collection activities commence. No single client balance is considered large enough to pose a material credit risk. The allowances for doubtful accounts and unbilled services are based upon the expected ability to collect accounts receivable and bill and collect unbilled services. Management does not anticipate incurring losses on accounts receivable in excess of established allowances. See Note 19 “Segment Information” for concentration of accounts receivable and unbilled services. We hold our cash in accounts at multiple third-party financial institutions. These deposits, at times, may exceed federally insured limits. We review the credit ratings of these financial institutions, regularly monitor the cash balances in these accounts, and adjust the balances as appropriate. However, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. Long-term Investments Our long-term investments consist of our convertible debt investment in Shorelight Holdings, LLC ("Shorelight") and preferred stock investment in Medically Home Group, Inc. ("Medically Home"). We classified the convertible debt investment in Shorelight as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. The investment is carried at fair value with unrealized holding gains and losses reported in other comprehensive income. If the investment is in an unrealized loss position, we assess whether the investment is other-than-temporarily impaired. We consider impairments to be other-than-temporary if they are related to significant credit deterioration or if it is likely we will sell the security before the recovery of its cost basis. We have not identified any other-than-temporary impairments for our convertible debt investment. In the event there are realized gains and losses or declines in value judged to be other-than-temporary, we will record the amount in earnings. We classified the preferred stock investment in Medically Home as an equity security without a readily determinable value at the time of purchase and reevaluate such classification as of each balance sheet date. We elected the measurement alternative to value this equity security without a readily determinable fair value. Under the measurement alternative, the investment is recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in Medically Home. Any unrealized holding gains and losses resulting from observable price changes are recorded in our consolidated statement of operations. Following our purchase, there has been no impairment, nor any observable price changes to our investment. See Note 13 “Fair Value of Financial Instruments” for further information on our long-term investments. Fair Value of Financial Instruments See Note 13 “Fair Value of Financial Instruments” for the accounting policies used to measure the fair value of our financial assets and liabilities that are measured at fair value on a recurring basis. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Software, computers, and related equipment are depreciated over an estimated useful life of two to four years . Furniture and fixtures are depreciated over five years . Aircraft are depreciated over ten years . Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the initial term of the lease. Leases We determine if an arrangement contains a lease and the classification of such lease at inception. As of December 31, 2019, all of our material leases are classified as operating leases; we have not entered into any material finance leases. For all operating leases with an initial term greater than 12 months, we recognize an operating lease right-of-use ("ROU") asset and operating lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date and provided by the administrative agent for our senior secured credit facility in determining the present value of lease payments. Operating lease ROU assets exclude lease incentives. We elected the practical expedient to combine lease and nonlease components. Certain lease agreements contain variable lease payments that do not depend on an index or rate. These variable lease payments are not included in the calculation of the operating lease ROU asset and operating lease liability; instead, they are expensed as incurred. Our leases may contain options to extend or terminate the lease, and we include these terms in our calculation of the operating lease ROU asset and operating lease liability when it is reasonably certain that we will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term and recorded within selling, general and administrative expenses on our consolidated statement of operations. In accordance with our accounting policy for impairment of long-lived assets, operating lease ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 5 "Leases" for additional information on our leases, including the lease impairment charges recorded in 2019. Software Development Costs We incur internal and external software development costs related to our cloud computing applications and software for internal use. We capitalize these software development costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use these costs are amortized on a straight-line basis over the technology's estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life. Development costs related to software products that will be sold, leased, or otherwise marketed are expensed until technological feasibility has been established. Thereafter and until the software is available for general release to customers, these software development costs are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. These capitalized development costs are amortized in proportion to current and future revenue for each product with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the product. We did not capitalize any development costs for this type of software during 2019 or 2018. We classify capitalized software development costs, which primarily relate to cloud computing applications and software for internal use, as other non-current assets on our consolidated balance sheet. As of December 31, 2019 , gross capitalized software development costs and related accumulated amortization was $21.5 million and $5.9 million , respectively. As of December 31, 2018 , gross capitalized software development costs and related accumulated amortization was $10.2 million and $2.9 million , respectively. During the years ended December 31, 2019 , 2018 , and 2017 , we amortized $3.0 million , $1.4 million , and $0.8 million , respectively, of capitalized software development costs. Intangible Assets Other Than Goodwill Identifiable intangible assets are amortized over their expected useful lives using a method that reflects the economic benefit expected to be derived from the assets or on a straight-line basis. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. Impairment of Long-Lived Assets Long-lived assets, including property and equipment, right-of-use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a significant decline in forecasted operating results over an extended period of time. We evaluate the recoverability of long-lived assets based on forecasted undiscounted cash flows. See Note 5 "Leases" for information on our right-of-use asset impairment charges recorded in 2019. No material impairment charges for other long-lived assets were recorded in 2019, 2018 , or 2017 . Goodwill For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. We have six reporting units: Healthcare, Education, Business Advisory, Enterprise Solutions and Analytics, Strategy and Innovation, and Life Sciences. The Business Advisory, Enterprise Solutions and Analytics, Strategy and Innovation, and Life Sciences reporting units make up our Business Advisory operating segment. Pursuant to our policy, we performed the annual goodwill impairment test as of November 30, 2019 and determined that no impairment of goodwill existed as of that date. Further, we evaluated whether any events have occurred, or any circumstances have changed since November 30, 2019 that would indicate goodwill may have become impaired since our annual impairment test. Based on our evaluation as of December 31, 2019, we determined that no indications of impairment have arisen since our annual goodwill impairment test. Business Combinations We use the acquisition method of accounting for business combinations . Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. Goodwill is recognized for the excess of purchase price over the net fair value of tangible and intangible assets acquired and liabilities assumed. Contingent consideration, which is primarily based on the business achieving certain performance targets, is recognized at its fair value on the acquisition date, and changes in fair value are recognized in earnings until settled. Refer to Note 13 “Fair Value of Financial Instruments” for further information regarding our contingent acquisition liability balances. Income Taxes Current tax liabilities and assets are recognized for the estimated taxes payable or refundable, respectively, on the tax returns for the current year. We have elected to recognize the tax expense related to Global Intangible Low-Taxed Income ("GILTI") as a period expense in the period the tax is incurred. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets will not likely be recovered from future taxable income, a valuation allowance is established against such deferred tax assets. Refer to Note 17 "Income Taxes" for further information regarding incomes taxes. Share-Based Compensation Share-based compensation cost is measured based on the grant date fair value of the respective awards. We generally recognize share-based compensation ratably using the straight-line attribution method; however, for those awards with performance criteria and graded vesting features, we use the graded vesting attribution method. It is our policy to account for forfeitures as they occur. Sponsorship and Advertising Costs Sponsorship and advertising costs are expensed as incurred. Such expenses for the years ended December 31, 2019 , 2018 , and 2017 totaled $8.4 million , $7.9 million , and $6.6 million , respectively, and are a component of selling, general and administrative expenses on our consolidated statement of operations. Convertible Senior Notes In September 2014, we issued $250 million principal amount of 1.25% convertible senior notes due 2019 (the “Convertible Notes”) in a private offering. The Convertible Notes matured on October 1, 2019, and the outstanding principal and accrued interest were paid in full at that time. At issuance, we separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was determined by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying value of the equity component representing the conversion option, which was recognized as a debt discount, was determined by deducting the fair value of the liability component from the proceeds of the Convertible Notes. The debt discount was amortized to interest expense using the effective interest method over the term of the Convertible Notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. Refer to Note 7 “Financing Arrangements” for further information regarding the Convertible Notes. Debt Issuance Costs We amortize the costs we incur to obtain debt financing over the contractual life of the related debt using the effective interest method for non-revolving debt and the straight-line method for revolving debt. The amortization expense is included in interest expense, net of interest income in our statement of operations. Unamortized debt issuance costs attributable to our revolving credit facility are included as a component of other non-current assets. Unamortized debt issuance costs attributable to our Convertible Notes were recorded as a deduction from the carrying amount of the debt liability. Foreign Currency Assets and liabilities of foreign subsidiaries whose functional currency is not the United States Dollar (USD) are translated into the USD using the exchange rates in effect at period end. Revenue and expense items are translated using the average exchange rates for the period. Foreign currency translation adjustments are included in accumulated other comprehensive income, which is a component of stockholders’ equity. Foreign currency transaction gains and losses are included in other income, net on the consolidated statement of operations. We recognized $0.2 million of foreign currency transaction losses in 2019 , $0.5 million of foreign currency transaction losses in 2018 , and $0.4 million of foreign currency transaction gains in 2017 . Segment Reporting Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker manages the business under three operating segments, which are our reportable segments: Healthcare, Business Advisory, and Education. New Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases , as a new Topic, ASC 842, which superseded ASC Topic 840, Leases , and sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet a right-of-use asset and a lease liability, equal to the present value of the remaining lease payments, for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized using an effective interest rate method or on a straight-line basis over the term of the lease. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provides an optional transition method that allows entities to initially apply ASC 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the adoption date. We adopted ASC 842 effective January 1, 2019 on a modified retrospective basis for existing leases using the transition method allowed by ASU 2018-11, which had no impact on our consolidated financial statements in the prior periods presented. The new lease standard had a material impact on our consolidated balance sheet upon adoption but did not impact our consolidated statement of operations. The most significant impact to our consolidated balance sheet is the recognition of ROU assets and lease liabilities for operating leases. The impact of the new lease standard on our consolidated balance sheet upon adoption follows: As of December 31, 2018 ASC 842 Adjustment As of January 1, 2019 Assets Operating lease right-of-use assets $ — $ 56,463 $ 56,463 Liabilities Accrued expenses and other current liabilities $ 17,207 $ (2,557 ) $ 14,650 Current maturities of operating lease liabilities $ — $ 10,537 $ 10,537 Deferred compensation and other liabilities $ 20,875 $ (536 ) $ 20,339 Deferred lease incentives $ 13,693 $ (13,693 ) $ — Operating lease liabilities, net of current portion $ — $ 62,712 $ 62,712 In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Cos |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During the twelve months ended December 31, 2019 and 2018, we completed no acquisitions that were significant to our consolidated financial statements individually or in the aggregate. 2017 Pope Woodhead and Associates Limited On January 9, 2017, we completed our acquisition of Pope Woodhead and Associates Limited ("Pope Woodhead"), a U.K.-based consulting firm providing market access capabilities to assist clients in developing value propositions for innovative medicines and technologies. The acquisition expands our life sciences strategy expertise and strengthens our ability to lead clients through complex payer and regulatory environments. Pope Woodhead's results of operations have been included in our consolidated financial statements and the results of operations of our Business Advisory segment from the date of acquisition. ADI Strategies, Inc. On April 1, 2017, we completed our acquisition of the international assets of ADI Strategies, Inc. ("ADI Strategies") in Dubai and India. We acquired the U.S. assets of ADI Strategies in the second quarter of 2016. ADI Strategies is a leading enterprise performance management, risk management and business intelligence firm. The international results of operations of ADI Strategies have been included in our consolidated financial statements and results of operations of the Business Advisory segment from the date of acquisition. During the second quarter of 2018, we sold our Middle East practice, which primarily consisted of the international assets of the ADI Strategies acquisition, to a former employee who was the practice leader of that business at the time. The acquisitions of ADI Strategies and Pope Woodhead are not significant to our consolidated financial statements individually or in the aggregate as of and for the twelve months ended December 31, 2017. Innosight Holdings, LLC On March 1, 2017 , we acquired 100% of the membership interests of Innosight Holdings, LLC ("Innosight"). Innosight is a growth strategy firm focused on helping companies navigate disruptive change and manage strategic transformation. Together with Innosight, we use our strategic, operational, and technology capabilities to help clients across multiple industries develop pioneering solutions to address disruption and achieve sustained growth. The acquisition date fair value of the consideration transferred for Innosight was $113.6 million, which consisted of the following: Fair value of consideration transferred March 1, 2017 Cash $ 90,725 Common stock 9,560 Contingent consideration liability 12,050 Net working capital adjustment 1,272 Total consideration transferred $ 113,607 We funded the cash component of the purchase price with cash on hand and borrowings of $89.0 million under our senior secured credit facility. We issued 221,558 shares of our common stock as part of the consideration transferred, with an acquisition date fair value of $9.6 million based on our common stock's closing price of $43.15 on the date of acquisition. The contingent consideration liability of $12.1 million represents the acquisition date fair value of the contingent consideration arrangement, pursuant to which we may be required to pay additional consideration to the sellers if specific financial performance targets are met over a four-year term. The maximum amount of contingent consideration that may be paid is $35.0 million . See Note 13 "Fair Value of Financial Instruments" for additional information on the valuation of contingent consideration liabilities. The acquisition was accounted for using the acquisition method of accounting. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at fair value as of the acquisition date. The following table summarizes the allocation of the purchase price to the fair value of assets acquired and liabilities assumed as of the acquisition date. March 1, 2017 Assets acquired: Accounts receivable $ 7,752 Unbilled services 1,881 Prepaid expenses and other current assets 468 Property and equipment 419 Intangible assets 18,015 Liabilities assumed: Accounts payable 531 Accrued expenses and other current liabilities 894 Accrued payroll and related benefits 883 Deferred revenues 30 Total identifiable net assets 26,197 Goodwill 87,410 Total purchase price $ 113,607 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date. Fair Value Useful Life in Years Customer relationships $ 9,500 6 Trade name 6,000 6 Customer contracts 1,000 1 Non-compete agreements 1,300 5 Favorable lease contract 215 1 Total intangible assets subject to amortization $ 18,015 The weighted average amortization period for the identifiable intangible assets shown above is 5.6 years. Customer relationships and customer contracts represent the fair values of the underlying relationships and agreements with Innosight customers. The trade name represents the fair value of the brand and name recognition associated with the marketing of Innosight's service offerings. Non-compete agreements represent the value derived from preventing certain Innosight executives from entering into or starting a similar, competing business. The favorable lease contract represents the difference between the fair value and minimum lease obligations under the current outstanding lease. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed, and largely reflects the expanded market opportunities expected from combining the service offerings of Huron and Innosight, as well as the assembled workforce of Innosight. Goodwill recognized in conjunction with the acquisition of Innosight was recorded in the Business Advisory segment. Goodwill of $87.4 million is expected to be deductible for income tax purposes. Innosight’s results of operations have been included in our consolidated statements of operations and results of operations of our Business Advisory segment from the date of acquisition. For the year ended December 31, 2017, revenues from Innosight were $34.3 million and operating loss was $0.9 million , which included $3.4 million of amortization expense for intangible assets acquired. In connection with the acquisition of Innosight, we incurred $1.7 million of transaction and acquisition-related expenses in 2017. These costs are recorded in selling, general and administrative expenses. The following unaudited supplemental pro forma information summarizes the combined results of operations of Huron and Innosight as though the companies were combined on January 1, 2016. Year Ended Revenues $ 741,695 Net income (loss) from continuing operations $ (167,346 ) Net income (loss) from continuing operations per share - basic $ (7.79 ) Net income (loss) from continuing operations per share - diluted $ (7.79 ) The historical financial information has been adjusted to give effect to pro forma adjustments consisting of intangible asset amortization expense, acquisition-related costs, interest expense, and the related income tax effects. The unaudited pro forma information above includes adjustments to include additional expense of $0.6 million for the year ended December 31, 2017. Additionally, the historical financial information has been adjusted to give effect to the shares issued as consideration. All of these adjustments are based upon currently available information and certain assumptions. Therefore, the pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisition on January 1, 2016. The historical results included in the pro forma consolidated results do not purport to project future results of operations of the combined companies nor do they reflect the expected realization of any cost savings or revenue synergies associated with the acquisition. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2019 and 2018 . Healthcare Business Advisory Education Total Balance as of December 31, 2017: Goodwill $ 636,810 $ 302,187 $ 102,829 $ 1,041,826 Accumulated impairment losses (208,081 ) (187,995 ) — (396,076 ) Goodwill, net as of December 31, 2017 $ 428,729 $ 114,192 $ 102,829 $ 645,750 Goodwill recorded in connection with a business combination — 186 — 186 Foreign currency translation — (673 ) — (673 ) Balance as of December 31, 2018: Goodwill 636,810 301,700 102,829 1,041,339 Accumulated impairment losses (208,081 ) (187,995 ) — (396,076 ) Goodwill, net as of December 31, 2018 $ 428,729 $ 113,705 $ 102,829 $ 645,263 Goodwill recorded in connection with a business combination (1) — — 1,060 1,060 Foreign currency translation — 357 — 357 Balance as of December 31, 2019: Goodwill 636,810 302,057 103,889 1,042,756 Accumulated impairment losses (208,081 ) (187,995 ) — (396,076 ) Goodwill, net as of December 31, 2019: $ 428,729 $ 114,062 $ 103,889 $ 646,680 (1) On September 30, 2019, we completed the acquisition of a business in our Education segment. The results of operations of the acquired business is included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. This acquisition is not significant to our consolidated financial statements. 2019 Annual Goodwill Impairment Test Pursuant to our policy, we performed our annual goodwill impairment test as of November 30, 2019 on our five reporting units with goodwill balances: Healthcare, Education, Business Advisory, Strategy and Innovation, and Life Sciences. We performed a quantitative impairment test for Strategy and Innovation as the reporting unit is a relatively new business resulting from an acquisition in 2017 and also fell slightly short of internal financial expectations in 2019. We performed qualitative assessments over the Healthcare, Education, Business Advisory, and Life Sciences reporting units to determine if it was more likely than not the respective fair values of these reporting units were less than their carrying amounts, including goodwill. For the Strategy and Innovation reporting unit, we reviewed goodwill for impairment by comparing the fair value of the reporting unit to its carrying value, including goodwill. In estimating the fair value of the reporting unit, we relied on a combination of the income approach and the market approach utilizing the guideline company method, with a fifty-fifty weighting. Based on the results of the goodwill impairment test, we determined the fair value of Strategy and Innovation reporting unit exceeded its carrying value by 41% . As such, we concluded that there is no indication of goodwill impairment for the reporting unit. For our qualitative assessment of the Healthcare, Education, Business Advisory and Life Sciences reporting units, we considered the most recent quantitative analysis performed for these reporting units, which was as of November 30, 2017, including the key assumptions used within that analysis, the indicated fair values, and the amount by which those fair values exceeded their carrying amounts. One of the key assumptions used within the prior quantitative analysis was our internal financial projections; therefore, we considered the actual performance of each reporting unit during 2019 and 2018 compared to the internal financial projections used, as well as specific outlooks for each reporting unit based on our most recent internal financial projections. We also considered the market-based valuation multiples used in the market approach within our prior quantitative analysis, which were derived from guideline companies, and noted that the valuation multiples generally increased compared to November 30, 2017. We also reviewed the current carrying value of each reporting unit in comparison to the carrying values as of the prior quantitative analysis. In addition, we considered various factors, including macroeconomic conditions, relevant industry and market trends for each reporting unit, and other entity-specific events, that could indicate a potential change in the fair value of our reporting units or the composition of their carrying values. Based on our assessments, we determined that it was more likely than not that the fair values of the Healthcare, Education, Business Advisory and Life Sciences reporting units exceeded their respective carrying amounts. As such, the goodwill for these reporting units was not considered impaired as of November 30, 2019, and a quantitative goodwill impairment analysis was not necessary. Further, we evaluated whether any events occurred or any circumstances changed since November 30, 2019 that would indicate goodwill may have become impaired since our annual impairment test. Based on our evaluation as of December 31, 2019, we determined that no indications of impairment arose since our annual goodwill impairment test. The results of an impairment analysis are as of a point in time. There is no assurance that the actual future earnings or cash flows of our reporting units will be consistent with our projections. We will monitor any changes to our assumptions and will evaluate goodwill as deemed warranted during future periods. Any significant decline in our operations could result in non-cash goodwill impairment charges. 2017 Goodwill Impairment Charges Healthcare During the second quarter of 2017, we performed a goodwill impairment analysis for our Healthcare reporting unit as our Healthcare business was experiencing a prolonged period of declining revenues at the time, primarily driven by softness in our revenue cycle offering within our performance improvement solution. This softness was attributable to decreased demand for our services, the winding down of some of our larger projects, and a trend toward smaller projects, as well as fewer large integrated projects. Based on forecasts prepared in the second quarter of 2017 in connection with our quarterly forecasting cycle, we determined that the likely time frame to improve the financial results of this segment would take longer than originally anticipated. As such, we concluded, during the second quarter of 2017, that the fair value of the Healthcare reporting unit may no longer exceed its carrying value. In connection with the preparation of our financial statements for the quarter ended June 30, 2017, we performed an interim impairment test on the Healthcare reporting unit. Our goodwill impairment test was performed by comparing the fair value of the Healthcare reporting unit to its carrying value and recognizing an impairment charge for the amount by which the carrying value exceeded the fair value. To estimate the fair value of the Healthcare reporting unit, we relied on a combination of the income approach and the market approach, utilizing the guideline company method, with a fifty-fifty weighting. Based on the estimated fair value of the Healthcare reporting unit, we recorded a $208.1 million non-cash pretax goodwill impairment charge in 2017 to reduce the carrying value of goodwill in our Healthcare reporting unit. Enterprise Solutions and Analytics Our Enterprise Solutions and Analytics reporting unit was established with the acquisition of Blue Stone International, LLC in 2013. Since that time, we completed five additional business acquisitions within the reporting unit, most recently the acquisitions of the U.S. assets and international assets of ADI Strategies in May 2016 and April 2017, respectively. We record the assets acquired and liabilities assumed in business combinations, including identifiable intangible assets, at their estimated fair values as of the acquisition date, and goodwill is recorded as the excess of the fair value of consideration transferred, including any contingent consideration, over the fair value of the net assets acquired. Therefore, the initial accounting for an acquisition results in its fair value equaling its carrying value. Due to this reporting unit’s relatively low headroom, in the event that the financial performance of the reporting unit did not meet our expectations during 2017, we could be required to take a non-cash impairment charge as a result of any goodwill impairment test. During the first three quarters of 2017, the performance of Enterprise Solutions and Analytics continued to reasonably meet our expectations. However, both revenues and operating margin during the fourth quarter of 2017 fell short of our expectations resulting in a reduction in workforce within the reporting unit during that quarter. Further, in connection with our annual budget process for 2018, which coincided with our annual goodwill impairment test during the fourth quarter of 2017, we determined that the reporting unit's expected future revenue growth rates and operating margin would be lower than previously anticipated for this reporting unit. As a result, our goodwill impairment test indicated that the fair value of the Enterprise Solutions and Analytics reporting unit no longer exceeded its carrying value. Our goodwill impairment test was performed by comparing the fair value of the Enterprise Solutions and Analytics reporting unit to its carrying value and recognizing an impairment charge for the amount by which the carrying value exceeded the fair value. To estimate the fair value of the Enterprise Solutions and Analytics reporting unit, we relied on a combination of the income approach and the market approach, utilizing the guideline company method, with a fifty-fifty weighting. Based on the estimated fair value of the Enterprise Solutions and Analytics reporting unit, we recorded a $45.0 million non-cash pretax goodwill impairment charge to reduce the carrying value of this reporting unit's goodwill to zero. Intangible Assets Intangible assets as of December 31, 2019 and 2018 consisted of the following: As of December 31, 2019 2018 Useful Life in Years Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships 3 to 13 $ 87,577 $ 61,882 $ 98,235 $ 60,462 Trade names 5 to 6 28,930 25,894 28,930 23,181 Technology and software 3 to 5 5,694 4,321 5,694 2,842 Non-competition agreements 5 2,220 1,447 3,650 2,241 Customer contracts 2 800 52 — — Favorable lease contract 3 — — 720 646 Total $ 125,221 $ 93,596 $ 137,229 $ 89,372 Identifiable intangible assets with finite lives are amortized over their estimated useful lives. Customer relationships and customer contracts, as well as certain trade names and technology and software, are amortized on an accelerated basis to correspond to the cash flows expected to be derived from the assets. All other intangible assets with finite lives are amortized on a straight-line basis. Intangible assets amortization expense was $17.8 million , $24.0 million , and $35.0 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The table below sets forth the estimated annual amortization expense for each of the five succeeding years for the intangible assets recorded as of December 31, 2019 . Year Ending December 31, Estimated Amortization Expense 2020 $ 12,638 2021 $ 8,379 2022 $ 6,111 2023 $ 3,512 2024 $ 741 Actual future amortization expense could differ from these estimated amounts as a result of future acquisitions, dispositions, and other factors. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases We lease office space, data centers and certain equipment under operating leases expiring on various dates through 2029, with various renewal options that can extend the lease terms by one to ten years . Our operating leases include fixed payments plus, in some cases, scheduled base rent increases over the term of the lease. Certain leases require variable payments of real estate taxes, insurance and operating expenses. We exclude these variable payments from the measurements of our lease liabilities and expense them as incurred. We elected the practical expedient to combine lease and nonlease components. No lease agreements contain any residual value guarantees or material restrictive covenants. As of December 31, 2019, we have not entered into any material finance leases. We sublease certain office spaces to third parties resulting from restructuring activities in certain locations. Operating lease right-of-use ("ROU") assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. First, we test the asset group for recoverability by comparing the undiscounted cash flows of the asset group, which include expected future lease and nonlease payments under the lease agreement offset by expected sublease income, to the carrying amount of the asset group. If the first step of the long-lived asset impairment test concludes that the carrying amount of the asset group is not recoverable, we perform the second step of the long-lived asset impairment test by comparing the fair value of the asset group to its carrying amount and recognizing a lease impairment charge for the amount by which the carrying amount exceeds the fair value. To estimate the fair value of the asset group, we rely on a discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate. During 2019, we recorded $0.8 million of lease impairment charges for office spaces vacated during the year, of which $0.6 million was allocated to the operating lease ROU assets and $0.2 million was allocated to the leasehold improvements based on their relative carrying amounts. The $0.8 million lease impairment charge was recognized in restructuring charges on our consolidated statement of operations. See Note 11 "Restructuring Charges" for additional information on our restructuring activities. In the fourth quarter of 2019, we entered into an amendment to the office lease agreement for our principal executive offices in Chicago, Illinois, which resulted in a non-cash gain on lease modification of $0.8 million . Among other items, this amendment i) extends the term of the lease from September 30, 2024 to September 30, 2029; ii) provides a renewal option to extend the lease for an additional five year period to September 30, 2034; iii) terminates the lease with respect to certain leased spaces previously vacated; iv) provides abatement of certain future base rent payments and our pro rata share of operating expenses and taxes; and v) provides a one-time cash payment from the lessor as an incentive. Additional information on our operating leases as of December 31, 2019 follows. Balance Sheet December 31, 2019 Operating lease right-of-use assets $ 54,954 Current maturities of operating lease liabilities $ 7,469 Operating lease liabilities, net of current portion 69,233 Total lease liabilities $ 76,702 Lease Cost Year Ended Operating lease cost $ 11,883 Short-term leases (1) 322 Variable lease costs 3,656 Sublease income (2,638 ) Net lease cost (2)(3)(4) $ 13,223 (1) Includes variable lease costs related to short-term leases. (2) Net lease cost includes $0.4 million for the year ended December 31, 2019 , recorded as restructuring charges as they relate to vacated office spaces. See Note 11 "Restructuring Charges" for additional information on our vacated office spaces. (3) Net lease cost includes $0.3 million for the year ended December 31, 2019 , related to vacated office spaces directly related to discontinued operations. (4) Rent expense, including operating expenses, real estate taxes and insurance, recorded under ASC 840 for the years ended December 31, 2018 and 2017 was $15.1 million and $14.3 million , respectively. The table below summarizes the remaining expected lease payments under our operating leases as of December 31, 2019 . Future Lease Payments December 31, 2020 $ 9,772 2021 12,039 2022 11,502 2023 11,470 2024 10,893 Thereafter 35,211 Total operating lease payments $ 90,887 Less: imputed interest (14,185 ) Present value of operating lease liabilities $ 76,702 The table below summarizes the future minimum rental commitments, as defined by ASC 840, under our non-cancelable operating leases as of December 31, 2018. Lease Payments December 31, 2018 (1) 2019 $ 13,701 2020 12,724 2021 11,590 2022 10,766 2023 10,707 Thereafter 27,033 Total $ 86,521 (1) As of December 31, 2018, the expected total future minimum sublease income to be received was $10.2 million . Other Information Year Ended Cash paid for operating lease liabilities $ 13,902 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 12,842 Weighted average remaining lease term - operating leases 7.7 years Weighted average discount rate - operating leases 4.3 % |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Depreciation expense for property and equipment was $13.0 million , $13.4 million , and $13.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Property and equipment, net at December 31, 2019 and 2018 consisted of the following: As of December 31, 2019 2018 Computers, related equipment, and software $ 50,251 $ 53,116 Leasehold improvements 44,323 45,052 Furniture and fixtures 16,273 17,408 Aircraft 7,667 7,541 Assets under construction 250 250 Property and equipment 118,764 123,367 Accumulated depreciation and amortization (80,351 ) (82,993 ) Property and equipment, net $ 38,413 $ 40,374 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements A summary of the carrying amounts of our debt follows: As of December 31, 2019 2018 1.25% convertible senior notes due 2019 $ — $ 242,617 Senior secured credit facility 205,000 50,000 Promissory note due 2024 3,853 4,368 Total long-term debt $ 208,853 $ 296,985 Current maturities of long-term debt (529 ) (243,132 ) Long-term debt, net of current portion $ 208,324 $ 53,853 Below is a summary of the scheduled remaining principal payments of our debt as of December 31, 2019 . Principal Payments of Long-Term Debt 2020 $ 529 2021 $ 544 2022 $ 559 2023 $ 575 2024 $ 206,646 Convertible Notes In September 2014, the Company issued $250 million principal amount of 1.25% convertible senior notes due 2019 (the “Convertible Notes”) in a private offering. The Convertible Notes were governed by the terms of an indenture between the Company and U.S. Bank National Association, as Trustee (the “Indenture”). The Convertible Notes were senior unsecured obligations of the Company and paid interest semi-annually on April 1 and October 1 of each year at an annual rate of 1.25% . The Convertible Notes matured on October 1, 2019 . Upon maturity, we refinanced $217.0 million of the principal amount of the outstanding Convertible Notes with the borrowing capacity available under our revolving credit facility and funded the remaining $33.0 million principal payment with cash on hand. Prior to maturity, upon conversion, the Convertible Notes would have been settled, at our election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. On October 1, 2019, one holder of the Convertible Notes converted their holding, which we settled in cash and resulted in an immaterial gain on conversion. Upon issuance, we separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was determined by measuring the fair value of a similar liability that does not have an associated convertible feature, assuming our non- convertible debt borrowing rate. The carrying value of the equity component representing the conversion option, which was recognized as a debt discount, was determined by deducting the fair value of the liability component from the proceeds of the Convertible Notes. The debt discount was amortized to interest expense using an effective interest rate of 4.751% over the term of the Convertible Notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. The transaction costs related to the issuance of the Convertible Notes were separated into liability and equity components based on their relative values, as determined above. Transaction costs attributable to the liability component were recorded as a deduction to the carrying amount of the liability and amortized to interest expense over the term of the Convertible Notes; and transaction costs attributable to the equity component were netted with the equity component of the Convertible Notes in stockholders’ equity. Total debt issuance costs were approximately $7.3 million , of which $6.2 million was allocated to liability issuance costs and $1.1 million was allocated to equity issuance costs. As of December 31, 2018 , the Convertible Notes consisted of the following: As of December 31, 2018 Liability component: Proceeds $ 250,000 Less: debt discount, net of amortization (6,436 ) Less: debt issuance costs, net of amortization (947 ) Net carrying amount $ 242,617 Equity component (1) $ 39,287 (1) Included in additional paid-in capital on the consolidated balance sheet. The following table presents the amount of interest expense recognized related to the Convertible Notes for the periods presented. Year Ended December 31, 2019 2018 2017 Contractual interest coupon $ 2,344 $ 3,125 $ 3,125 Amortization of debt discount 6,436 8,232 7,851 Amortization of debt issuance costs 947 1,245 1,224 Total interest expense $ 9,727 $ 12,602 $ 12,200 In connection with the issuance of the Convertible Notes, we entered into convertible note hedge transactions and warrant transactions. The convertible note hedge transactions were intended to reduce the potential future economic dilution associated with the conversion of the Convertible Notes and, combined with the warrants, effectively raised the price at which economic dilution would occur from the initial conversion price of approximately $79.89 to approximately $97.12 per share. For purposes of the computation of diluted earnings per share in accordance with GAAP, dilution would occur when the average share price of our common stock for a given period exceeds the conversion price of the Convertible Notes, which initially is equal to approximately $79.89 per share. The convertible note hedge transactions and warrant transactions are discussed separately below. • Convertible Note Hedge Transactions . In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge transactions whereby the Company had call options to purchase a total of approximately 3.1 million shares of the Company’s common stock, which is the number of shares initially issuable upon conversion of the Convertible Notes in full, at a price of approximately $79.89 , which corresponded to the initial conversion price of the Convertible Notes, subject to customary anti-dilution adjustments substantially similar to those in the Convertible Notes. The convertible note hedge transactions were exercisable upon conversion of the Convertible Notes and expired in the third quarter of 2019. We paid an aggregate amount of $42.1 million for the convertible note hedge transactions, which was recorded as additional paid-in capital on the consolidated balance sheet. The convertible note hedge transactions were separate transactions and were not part of the terms of the Convertible Notes. • Warrants. In connection with the issuance of the Convertible Notes, the Company sold warrants whereby the holders of the warrants have the option to purchase a total of approximately 3.1 million shares of the Company’s common stock at a strike price of approximately $97.12 . The warrants will expire incrementally on 100 different dates from January 6, 2020 to May 28, 2020 and are exercisable at each such expiry date. If the average market value per share of our common stock for the reporting period exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share. We received aggregate proceeds of $23.6 million from the sale of the warrants, which was recorded as additional paid-in capital on the consolidated balance sheets. The warrants are separate transactions and are not part of the terms of the Convertible Notes or the convertible note hedge transactions. The Company recorded an initial deferred tax liability of $15.4 million in connection with the debt discount associated with the Convertible Notes and recorded an initial deferred tax asset of $16.5 million in connection with the convertible note hedge transactions. The deferred tax liability and deferred tax asset were included in deferred income taxes, net on the consolidated balance sheets. Senior Secured Credit Facility The Company has a $600 million senior secured revolving credit facility, subject to the terms of a Second Amended and Restated Credit Agreement dated as of March 31, 2015, as amended to date (as amended and modified the "Amended Credit Agreement"), that becomes due and payable in full upon maturity on September 27, 2024 . The Amended Credit Agreement provides the option to increase the revolving credit facility or establish term loan facilities in an aggregate amount of up to $150 million , subject to customary conditions and the approval of any lender whose commitment would be increased, resulting in a maximum available principal amount under the Amended Credit Agreement of $750 million . The initial borrowings under the Amended Credit Agreement were used to refinance borrowings outstanding under a prior credit agreement, and future borrowings under the Amended Credit Agreement may be used for working capital, capital expenditures, acquisitions of businesses, share repurchases, and general corporate purposes. Fees and interest on borrowings vary based on our Consolidated Leverage Ratio (as defined in the Amended Credit Agreement). At our option, borrowings under the Amended Credit Agreement will bear interest at one, two, three or six-month LIBOR or an alternate base rate, in each case plus the applicable margin. The applicable margin will fluctuate between 1.125% per annum and 1.875% per annum, in the case of LIBOR borrowings, or between 0.125% per annum and 0.875% per annum, in the case of base rate loans, based upon our Consolidated Leverage Ratio at such time. Amounts borrowed under the Amended Credit Agreement may be prepaid at any time without premium or penalty. We are required to prepay the amounts outstanding under the Amended Credit Agreement in certain circumstances. In addition, we have the right to permanently reduce or terminate the unused portion of the commitments provided under the Amended Credit Agreement at any time. The loans and obligations under the Amended Credit Agreement are secured pursuant to a Second Amended and Restated Security Agreement and a Second Amended and Restated Pledge Agreement (the “Pledge Agreement”) with Bank of America, N.A. as collateral agent, pursuant to which the Company and the subsidiary guarantors grant Bank of America, N.A., for the ratable benefit of the lenders under the Amended Credit Agreement, a first-priority lien, subject to permitted liens, on substantially all of the personal property assets of the Company and the subsidiary guarantors, and a pledge of 100% of the stock or other equity interests in all domestic subsidiaries and 65% of the stock or other equity interests in each “material first-tier foreign subsidiary” (as defined in the Pledge Agreement). The Amended Credit Agreement contains usual and customary representations and warranties; affirmative and negative covenants, which include limitations on liens, investments, additional indebtedness, and restricted payments; and two quarterly financial covenants as follows: (i) a maximum Consolidated Leverage Ratio (defined as the ratio of debt to consolidated EBITDA) of 3.75 to 1.00; however the maximum permitted Consolidated Leverage Ratio will increase to 4.00 to 1.00 upon the occurrence of certain transactions, and (ii) a minimum Consolidated Interest Coverage Ratio (defined as the ratio of consolidated EBITDA to interest) of 3.50 to 1.00. Consolidated EBITDA for purposes of the financial covenants is calculated on a continuing operations basis and includes adjustments to add back non-cash goodwill impairment charges, share-based compensation costs, certain non-cash restructuring charges, pro forma historical EBITDA for businesses acquired, and other specified items in accordance with the Amended Credit Agreement. At December 31, 2019 , we were in compliance with these financial covenants with a Consolidated Leverage Ratio of 1.64 to 1.00 and a Consolidated Interest Coverage Ratio of 15.29 to 1.00. Borrowings outstanding under the Amended Credit Agreement at December 31, 2019 totaled $205.0 million . These borrowings carried a weighted average interest rate of 3.0% , including the impact of the interest rate swap described in Note 12 “Derivative Instruments and Hedging Activity." Borrowings outstanding under the Amended Credit Agreement at December 31, 2018 were $50.0 million and carried a weighted average interest rate of 3.7% , including the impact of the interest rate swap described in Note 12 "Derivative Instruments and Hedging Activity." The borrowing capacity under the revolving credit facility is reduced by any outstanding borrowings under the revolving credit facility and outstanding letters of credit. At December 31, 2019 , we had outstanding letters of credit totaling $1.7 million , which are primarily used as security deposits for our office facilities. As of December 31, 2019 , the unused borrowing capacity under the revolving credit facility was $393.3 million . Promissory Note due 2024 In 2017, in conjunction with our purchase of an aircraft related to the acquisition of Innosight, we assumed, from the sellers of the aircraft, a promissory note with an outstanding principal balance of $5.1 million . The principal balance of the promissory note is subject to scheduled monthly principal payments until the maturity date of March 1, 2024 , at which time a final payment of $1.5 million , plus any accrued and unpaid interest, will be due. Under the terms of the promissory note, we will pay interest on the outstanding principal amount at a rate of one month LIBOR plus 1.97% per annum. The obligations under the promissory note are secured pursuant to a Loan and Aircraft Security Agreement with Banc of America Leasing & Capital, LLC, which grants the lender a first priority security interest in the aircraft. At December 31, 2019 , the outstanding principal amount of the promissory note was $3.9 million. As of December 31, 2019 , the aircraft had a carrying amount of $5.1 million . At December 31, 2018, the outstanding principal amount of the promissory note was $4.4 million, and the aircraft had a carrying amount of $5.8 million . |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Structure | Capital Structure Preferred Stock We are authorized to issue up to 50,000,000 shares of preferred stock. Our certificate of incorporation authorizes our board of directors, without any further stockholder action or approval, to issue these shares in one or more classes or series, to establish from time to time the number of shares to be included in each class or series, and to fix the rights, preferences and privileges of the shares of each wholly unissued class or series and any of its qualifications, limitations or restrictions. As of December 31, 2019 and 2018 , no such preferred stock has been approved or issued. Common Stock We are authorized to issue up to 500,000,000 shares of common stock, par value $.01 per share. The holders of common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders. Subject to the rights and preferences of the holders of any series of preferred stock that may at the time be outstanding, holders of common stock are entitled to such dividends as our board of directors may declare. In the event of any liquidation, dissolution or winding-up of our affairs, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any series of preferred stock that may at the time be outstanding, holders of common stock will be entitled to receive the distribution of any of our remaining assets. |
Revenues Revenue
Revenues Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues For the years ended December 31, 2019 , 2018 and 2017 we recognized revenues of $876.8 million , $795.1 million , and $732.6 million , respectively. Of the $876.8 million recognized in 2019 , we recognized revenues of $2.8 million from obligations satisfied, or partially satisfied, in prior periods due to the release of allowances on unbilled services as a result of securing contract amendments. During 2019, we recognized a $1.0 million decrease to revenues due to changes in the estimates of our variable consideration under performance-based billing arrangements. Of the $795.1 million recognized in 2018, we recognized revenues of $10.8 million from obligations satisfied, or partially satisfied, in prior periods, of which $7.2 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $3.6 million was primarily due to the release of allowances on unbilled services due to securing contract amendments. As of December 31, 2019 , we had $90.1 million of remaining performance obligations under engagements with original expected durations greater than one year. These remaining performance obligations exclude obligations under contracts with an original expected duration of one year or less, variable consideration which has been excluded from the total transaction price due to the constraint, and performance obligations under time-and-expense engagements which are recognized in the amount invoiced. Of the $90.1 million of performance obligations, we expect to recognize approximately $58.1 million as revenue in 2020, $20.9 million in 2021, and the remaining $11.1 million thereafter. Actual revenue recognition could differ from these amounts as a result of changes in the estimated timing of work to be performed, adjustments to estimated variable consideration in performance-based arrangements, or other factors. Contract Assets and Liabilities The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Unbilled services include revenues recognized for services performed but not yet billed to clients. Services performed that we are not yet entitled to bill because certain events must occur, such as the completion of the measurement period or client approval in performance-based engagements, are recorded as contract assets and included within unbilled services, net. The contract asset balance as of December 31, 2019 and 2018 was $12.6 million and $9.1 million , respectively. The $3.5 million increase primarily reflects timing differences between the completion of our performance obligations and the amounts billed or billable to clients in accordance with their contractual billing terms. Client prepayments and retainers are classified as deferred revenues and recognized over future periods in accordance with the applicable engagement agreement and our revenue recognition policy. Our deferred revenues balance as of December 31, 2019 and December 31, 2018 was $28.4 million and $28.1 million respectively. The $0.3 million increase primarily reflects timing differences between client payments in accordance with their contract terms and the completion of our performance obligations. For the year ended December 31, 2019 , $22.8 million of revenues recognized were included in the deferred revenue balance as of December 31, 2018 . For the year ended December 31, 2018 , $23.5 million of revenues recognized were included in the deferred revenue balance as of December 31, 2017. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. Earnings (loss) per share under the basic and diluted computations are as follows: Year Ended December 31, 2019 2018 2017 Net income (loss) from continuing operations $ 41,979 $ 13,944 $ (170,505 ) Income (loss) from discontinued operations, net of tax (236 ) (298 ) 388 Net income (loss) $ 41,743 $ 13,646 $ (170,117 ) Weighted average common shares outstanding—basic 21,993 21,706 21,439 Weighted average common stock equivalents 514 352 — Weighted average common shares outstanding—diluted 22,507 22,058 21,439 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ 1.91 $ 0.64 $ (7.95 ) Income (loss) from discontinued operations, net of tax (0.01 ) (0.01 ) 0.02 Net income (loss) $ 1.90 $ 0.63 $ (7.93 ) Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ 1.87 $ 0.63 $ (7.95 ) Income (loss) from discontinued operations, net of tax (0.02 ) (0.01 ) 0.02 Net income (loss) $ 1.85 $ 0.62 $ (7.93 ) The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above were as follows: As of December 31, 2019 2018 2017 Unvested restricted stock awards — — 636 Outstanding common stock options — — 194 Convertible senior notes — 3,129 3,129 Warrants related to the issuance of convertible senior notes 3,129 3,129 3,129 Total anti-dilutive securities 3,129 6,258 7,088 See Note 7 “Financing Arrangements” for further information on the convertible senior notes and warrants related to the issuance of convertible notes. We currently have a share repurchase program permitting us to repurchase up to $125 million of our common stock through October 31, 2020 (the "Share Repurchase Program"). The amount and timing of the repurchases will be determined by management and will depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements. In 2019, we repurchased and retired 210,437 shares for $14.2 million , of which $1.2 million settled in the first quarter of 2020. All of the 210,437 shares repurchased and retired in 2019 were included as a reduction to our basic weighted average shares outstanding for the year ended December 31, 2019 based on the trade date of the share repurchase. No shares were repurchased under this program in 2018 or 2017. As of December 31, 2019 , $20.9 million remains available for share repurchases. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges 2019 In 2019, we incurred $1.9 million of pretax restructuring expense. This expense primarily consisted of the following charges: Severance - We incurred $0.6 million of severance expense as a result of workforce reductions to better align resources with market demand and workforce reductions in our corporate operations. Office exit costs - We incurred $1.2 million of office exit costs. During 2019, we exited a portion of our Lake Oswego, Oregon office resulting in a $0.7 million lease impairment charge on the related operating lease right-of-use asset and leasehold improvements and $0.2 million of accelerated depreciation on furniture and fixtures in that office. The lease impairment charge was recognized in accordance with ASC 842, Leases , which we adopted on a modified retrospective basis on January 1, 2019. See Note 2 "Summary of Significant Accounting Policies" for additional information on our adoption of ASC 842. See Note 5 "Leases" for additional information on the long-lived asset impairment test. Additionally, during 2019, we exited the remaining portion of our Middleton, Wisconsin office and an office in Houston, Texas, resulting in restructuring charges of $0.4 million and $0.1 million , respectively, which primarily consisted of accelerated depreciation on furniture and fixtures in those offices. During the fourth quarter of 2019, we entered into an amendment to the lease of our principal executive offices in Chicago, Illinois. Among other items, the amendment terminated the lease with respect to certain leased space which we previously vacated and currently sublease to a third-party. As a result of the amendment, we recognized a restructuring gain of $0.4 million . See Note 5 "Leases" for additional information on the amendment. Of the $1.9 million pretax restructuring charge, $1.5 million related to our corporate operations, $0.3 million related to our Healthcare segment, and $0.1 million related to our Business Advisory segment. 2018 In 2018, we incurred $3.7 million of pretax restructuring expense. This expense primarily consisted of the following charges: Severance - We incurred $2.1 million of severance expense as a result of workforce reductions to better align resources with market demand. Office exit costs - We incurred $1.3 million of office exit costs. Of the $1.3 million , $0.8 million related to the accrual of remaining lease payments, net of estimated sublease income, accelerated depreciation on leasehold improvements, and moving expenses due to exiting a portion of our Middleton, Wisconsin office; $0.4 million related to updated lease assumptions, commission costs, and moving expenses for our San Francisco office vacated in 2017; and $0.1 million related to updated lease assumptions for our Chicago office consolidation. The office exit costs incurred in the 2018 were accounted for in accordance with ASC 840, Leases. Other - We incurred $0.3 million related to the divestiture of our Middle East practice within the Business Advisory segment in the second quarter of 2018. During the second quarter of 2018, we sold our Middle East practice to a former employee who was the practice leader of that business at the time, and we recorded a $5.8 million loss which is included in other income (expense), net in our consolidated statements of operations. Of the $3.7 million pretax restructuring charge, $1.1 million was related to our Healthcare segment, $1.0 million was related to our Business Advisory segment, and $1.6 million was related to our corporate operations. 2017 In 2017, we incurred $6.2 million of pretax restructuring expense. This expense primarily consisted of the following charges: Severance - We incurred $3.7 million of severance expense as a result of workforce reductions to better align resources with market demand and workforce reductions in our corporate operations. Office exit costs - We incurred $2.4 million of office exit costs primarily related to the accrual of remaining lease obligations, net of estimated sublease income, due to relocating our San Francisco office to a smaller space and consolidating our Chicago and New York offices, and accelerated depreciation on leasehold improvements for our San Francisco office. The office exit costs incurred in the 2017 were accounted for in accordance with ASC 840, Leases. Of the $6.2 million pretax restructuring charge, $2.1 million was related to our Healthcare segment, $1.1 million was related to our Business Advisory segment, and $2.9 million was related to our corporate operations. The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the years ended December 31, 2019 and 2018 . Employee Costs Office Space Reductions Other Total Balance as of December 31, 2017 $ 1,267 $ 4,247 $ — $ 5,514 Additions (1) (2) 2,102 677 191 2,970 Payments (2,879 ) (3,284 ) (191 ) (6,354 ) Adjustments (1) (2) (47 ) 828 — 781 Balance as of December 31, 2018 443 2,468 — 2,911 Adoption of ASC 842 (3) — (1,119 ) — (1,119 ) Balance as of January 1, 2019 443 1,349 — 1,792 Additions (2) 636 9 — 645 Payments (995 ) (383 ) — (1,378 ) Adjustments (2) (16 ) (884 ) — (900 ) Balance as of December 31, 2019 $ 68 $ 91 $ — $ 159 (1) Additions and adjustments for the years ended December 31, 2019 and 2018 include restructuring charges of $0.1 million and $0.4 million , respectively related to office exit costs for vacated offices spaces directly related to discontinued operations . (2) Additions and adjustments exclude non-cash items related to vacated office spaces, such as lease impairment charges and accelerated depreciation on fixed assets, which are recorded as restructuring charges on our consolidated statements of operations. (3) Upon adoption of ASC 842 on January 1, 2019, we reclassified the restructuring charge liabilities, which represented the present value of remaining lease payments, net of estimated sublease income, for vacated office spaces from restructuring charge liabilities to operating lease right-of-use assets. See Note 2 "Summary of Significant Accounting Polices" for additional information on the impact of adoption. The $0.1 million restructuring charge liability related to office space reductions at December 31, 2019 is included as a component of deferred compensation and other liabilities. The $0.1 million restructuring charge liability related to employee costs at December 31, 2019 is expected to be paid in the next 12 months and is included as a component of accrued payroll and related benefits. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activity | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity On June 22, 2017, we entered into a forward interest rate swap agreement effective August 31, 2017 and ending August 31, 2022 , with a notional amount of $50.0 million . We entered into this derivative instrument to hedge against the interest rate risks of our variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one month LIBOR and we pay to the counterparty a fixed rate of 1.900% . We recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. We have designated this derivative instrument as a cash flow hedge. Therefore, changes in the fair value of the derivative instrument are recorded to other comprehensive income (“OCI”) to the extent effective and reclassified into interest expense upon settlement. As of December 31, 2019 , it was anticipated that $0.1 million of the losses, net of tax, currently recorded in accumulated other comprehensive income will be reclassified into earnings within the next 12 months. The table below sets forth additional information relating to our interest rate swap designated as a cash flow hedging instrument as of December 31, 2019 and 2018 . Fair Value (Derivative Asset and Liability) As of December 31, Balance Sheet Location 2019 2018 Prepaid expenses and other current assets $ — $ 302 Other non-current assets $ — $ 451 Accrued expenses $ 159 $ — Deferred compensation and other liabilities $ 387 $ — All of our derivative instruments are transacted under the International Swaps and Derivatives Association (ISDA) master agreements. These agreements permit the net settlement of amounts owed in the event of default and certain other termination events. Although netting is permitted, it is our policy to record all derivative assets and liabilities on a gross basis on our consolidated balance sheet. We do not use derivative instruments for trading or other speculative purposes. Refer to Note 14 “Other Comprehensive Income (Loss)” for additional information on our derivative instrument. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows: Level 1 Inputs Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. The tables below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 . Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Convertible debt investment $ — $ — $ 49,542 $ 49,542 Deferred compensation assets — 27,445 — 27,445 Total assets $ — $ 27,445 $ 49,542 $ 76,987 Liabilities: Interest rate swap $ — $ 546 $ — $ 546 Total liabilities $ — $ 546 $ — $ 546 Level 1 Level 2 Level 3 Total December 31, 2018 Assets: Interest rate swap $ — $ 753 $ — $ 753 Convertible debt investment — — 50,429 50,429 Deferred compensation assets — 18,205 — 18,205 Total assets $ — $ 18,958 $ 50,429 $ 69,387 Liabilities: Contingent consideration for business acquisitions $ — $ — $ 11,441 $ 11,441 Total liabilities $ — $ — $ 11,441 $ 11,441 Interest rate swap: The fair value of our interest rate swap was derived using estimates to settle the interest rate swap agreement, which is based on the net present value of expected future cash flows on each leg of the swap utilizing market-based inputs and discount rates reflecting the risks involved. Convertible debt investment: In 2014 and 2015, we invested $27.9 million , in the form of zero coupon convertible debt (the "initial convertible notes"), in Shorelight Holdings, LLC (“Shorelight”), the parent company of Shorelight, a U.S.-based company that partners with leading nonprofit universities to increase access to and retention of international students, boost institutional growth, and enhance an institution’s global footprint. In the second quarter of 2019, we amended the initial investment to extend the maturity date by one year to July 1, 2021 , unless converted earlier. In the first quarter of 2020, we invested an additional $13.0 million , in the form of 1.69% convertible debt with a senior liquidation preference to the initial convertible notes (the "additional convertible note"); and amended our initial convertible notes to extend the maturity date to January 17, 2024 , which coincides with the maturity date of the additional convertible note. To determine the appropriate accounting treatment for our investment, we performed a variable interest entity (“VIE”) analysis and concluded that Shorelight does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the convertible notes are not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment to be that of an available-for-sale debt security. The investment is carried at fair value with unrealized holding gains and losses excluded from earnings and reported in other comprehensive income. We estimate the fair value of our investment using a scenario-based approach in the form of a hybrid analysis that consists of a Monte Carlo simulation model and an expected return analysis. The conclusion of value for our investment is based on the probability-weighted assessment of both scenarios. The hybrid analysis utilizes certain assumptions related to the assumed holding period, the applicable waterfall distribution at the end of the expected holding period based on the rights and privileges of the various instruments, cash flow projections discounted at the risk-adjusted rate, and the concluded equity volatility, all of which are Level 3 inputs. The valuation of our investment as of December 31, 2019 takes into consideration the equity value indication as well as the dilutive impact of the convertible debt issued by Shorelight in the first quarter of 2020, the terms of which were known or knowable as of December 31, 2019. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of the investment, which would result in different impacts to our consolidated balance sheet and comprehensive income. Actual results may differ from our estimates. The fair value of the convertible debt investment is recorded in long-term investments on our consolidated balance sheets. The table below sets forth the changes in the balance of the convertible debt investment for the years ended December 31, 2019 and 2018 . Convertible Debt Investment Balance as of December 31, 2017 $ 39,904 Change in fair value of convertible debt investment 10,525 Balance as of December 31, 2018 50,429 Change in fair value of convertible debt investment (887 ) Balance as of December 31, 2019 $ 49,542 Deferred compensation assets: We have a non-qualified deferred compensation plan (the "Plan") for the members of our board of directors and a select group of our employees. The deferred compensation liability is funded by the Plan assets, which consist of life insurance policies maintained within a trust. The cash surrender value of the life insurance policies approximates fair value and is based on third-party broker statements which provide the fair value of the life insurance policies' underlying investments, which are Level 2 inputs. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The Plan assets are included in other non-current assets on our consolidated balance sheets. Realized and unrealized gains (losses) from the deferred compensation assets are recorded to other income (expense), net in our consolidated statements of operations. Contingent consideration for business acquisitions: We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted assessment of the specific financial performance targets being measured or a Monte Carlo simulation model, as appropriate. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 inputs. The significant unobservable inputs used in the fair value measurements of our contingent consideration are our measures of the estimated payouts based on internally generated financial projections on a probability-weighted basis and discount rates, which typically reflect a risk-free rate. The fair value of the contingent consideration is reassessed quarterly based on assumptions used in our latest projections and input provided by practice leaders and management. Any change in the fair value estimate is recorded in our consolidated statement of operations for that period. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of our contingent consideration liability, which would result in different impacts to our consolidated balance sheets and consolidated statements of operations. Actual results may differ from our estimates. The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the years ended December 31, 2019 and 2018 . Contingent Consideration for Business Acquisitions Balance as of December 31, 2017 $ 22,828 Acquisitions 212 Payments (11,974 ) Remeasurement of contingent consideration for business acquisitions 381 Unrealized gain due to foreign currency translation (6 ) Balance as of December 31, 2018 11,441 Payments (10,041 ) Remeasurement of contingent consideration for business acquisitions (1,506 ) Unrealized loss due to foreign currency translation 106 Balance as of December 31, 2019 $ — Financial assets and liabilities not recorded at fair value on a recurring basis are as follows: Preferred Stock Investment In the fourth quarter of 2019, we invested $5.0 million , in the form of preferred stock, in Medically Home Group, Inc. ("Medically Home"), a healthcare technology-enabled services company. To determine the appropriate accounting treatment for our investment, we performed a VIE analysis and concluded that Medically Home does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the preferred stock is not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment for our investment in Medically Home to be that of an equity security with no readily determinable fair value. We elected to apply the measurement alternative at the time of the purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in Medically Home. On a quarterly basis, we review the information available to determine whether an orderly and observable transaction for the same or similar equity instrument occurred, and remeasure the fair value of the preferred stock using such identified transactions, with changes in the fair value recorded in consolidated statement of operations. Following our purchase, there has been no impairment, nor any observable price changes to our investment. Senior Secured Credit Facility The carrying value of our borrowings outstanding under our senior secured credit facility is stated at cost. Our carrying value approximates fair value, using Level 2 inputs, as the senior secured credit facility bears interest at variable rates based on current market rates as set forth in the Amended Credit Agreement. Refer to Note 7 “Financing Arrangements” for additional information on our senior secured credit facility. Promissory Note due 2024 The carrying value of our promissory note due 2024 is stated at cost. Our carrying value approximates fair value, using Level 2 inputs, as the promissory note bears interest at rates based on current market rates as set forth in the terms of the promissory note. Refer to Note 7 “Financing Arrangements” for additional information on our promissory note due 2024. Convertible Notes The carrying amount and estimated fair value of the Convertible Notes as of December 31, 2018 follows. The Convertible Notes matured on October 1, 2019. December 31, 2018 Carrying Estimated 1.25% convertible senior notes due 2019 $ 242,617 $ 242,940 The difference between the $250 million principal amount of the Convertible Notes and the carrying amount shown above represented the unamortized debt discount and issuance costs. As of December 31, 2018 , the carrying value of the equity component of $39.3 million was unchanged from the date of issuance. Refer to Note 7 “Financing Arrangements” for additional information on our Convertible Notes. The estimated fair value of the Convertible Notes was determined based on the quoted bid price of the Convertible Notes in an over-the-counter market, which is a Level 2 input, on the last day of trading for the year ended December 31, 2018 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2019 , 2018 , and 2017 . Foreign Currency Translation Available-for- Sale Investments Cash Flow Hedges (1) Total Balance as of December 31, 2016 $ (453 ) $ 4,088 $ (20 ) $ 3,615 Foreign currency translation adjustment, net of tax of $0 1,602 — — 1,602 Unrealized gain on investments: Change in fair value, net of tax of $(998) — 4,231 — 4,231 Reclassification adjustment into retained earnings (2) — 493 — 493 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $(106) — — 366 366 Reclassification adjustment into earnings, net of tax of $(46) — — 69 69 Reclassification adjustment into retained earnings (2) — — (6 ) (6 ) Balance as of December 31, 2017 1,149 8,812 409 10,370 Foreign currency translation adjustment, net of tax of $0 (1,814 ) — — (1,814 ) Unrealized gain on investments: Change in fair value, net of tax of $(2,753) — 7,772 — 7,772 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $(63) — — 197 197 Reclassification adjustment into earnings, net of tax of $(10) — — (30 ) (30 ) Balance as of December 31, 2018 (665 ) 16,584 576 16,495 Foreign currency translation adjustment, net of tax of $0 99 — — 99 Unrealized gain (loss) on investments: Change in fair value, net of tax of $185 — (702 ) — (702 ) Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $295 — — (819 ) (819 ) Reclassification adjustment into earnings, net of tax of $48 — — (137 ) (137 ) Balance as of December 31, 2019 $ (566 ) $ 15,882 $ (380 ) $ 14,936 (1) The before tax amounts reclassified from accumulated other comprehensive income (loss) related to our cash flow hedges are recorded to interest expense, net of interest income. (2) Upon adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, we reclassified $0.5 million of stranded tax effects, which resulted from the enactment of the 2017 Tax Reform, from accumulated other comprehensive income to retained earnings. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans We sponsor a qualified defined contribution 401(k) plan covering substantially all of our employees. Under the plan, employees are entitled to make pretax contributions and/or Roth post-tax contributions up to the annual maximums established by the Internal Revenue Service. We match an amount equal to the employees’ contributions up to 6% of the employees’ eligible earnings. Our matching contributions for the years ended December 31, 2019 , 2018 , and 2017 were $22.8 million , $20.8 million , and $20.0 million , respectively. We have a non-qualified deferred compensation plan (the “Plan”) that is administered by our board of directors or a committee designated by the board of directors. Under the Plan, members of the board of directors and a select group of our employees may elect to defer the receipt of their director retainers and meeting fees or base salary and bonus, as applicable. Additionally, we may credit amounts to a participant’s deferred compensation account in accordance with employment or other agreements entered into between us and the participant. At our sole discretion, we may, but are not required to, credit any additional amount we desire to any participant’s deferred compensation account. Amounts credited are subject to vesting schedules set forth in the Plan, employment agreement, or any other agreement entered into between us and the participant. The deferred compensation liability at December 31, 2019 and 2018 was $27.5 million and $18.4 million |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans In 2012, Huron adopted the 2012 Omnibus Incentive Plan (the “2012 Plan”)which replaced, on a prospective basis, our 2004 Omnibus Stock Plan (the "2004 Plan") such that future grants will be granted under the 2012 Plan and any outstanding awards granted under the 2004 Plan that are cancelled, expired, forfeited, settled in cash, or otherwise terminated without a delivery of shares to the participant will not become available for grant under the 2012 Plan. The 2012 Plan permits the grant of stock options, stock appreciation rights, restricted stock, performance shares and other share-based or cash-based awards valued in whole or in part by reference to, or otherwise based on, our common stock. Subsequent to the initial approval of the 2012 Plan and through December 31, 2019, our shareholders approved amendments to the 2012 Plan to increase the number of shares reserved for issuance by 2,254,000 , in the aggregate. As of December 31, 2019 , approximately 1.1 million shares remain available for issuance under the 2012 Plan. On May 1, 2015, we adopted the Stock Ownership Participation Program (the “SOPP”), which is available to Huron employees below the managing director level who do not receive equity-based awards as part of their normal compensation plan. Under the SOPP, eligible employees may elect to use after-tax payroll deductions, or cash contributions, to purchase shares of the Company’s common stock on certain designated purchase dates. Employees who purchase stock under the SOPP are granted restricted stock equal to 25% of their purchased shares. Vesting of the restricted stock is subject to both a time-based vesting schedule and a requirement that the purchased shares be held for a specified period. The initial number of shares available for issuance under the SOPP was 300,000 . Prior to the adoption of the SOPP, the matching share grants and the employee purchased shares under the stock ownership participation program were governed by the 2012 Plan. As of December 31, 2019 , less than 0.1 million shares remain available for issuance under the SOPP. It has been our practice to issue shares of common stock upon exercise of stock options and granting of restricted stock from authorized but unissued shares, with the exception of the SOPP under which shares are issued from treasury stock. Certain grants of restricted stock under the 2012 Plan may be issued from treasury stock at the direction of the Compensation Committee. Share-based awards outstanding under our 2012 Plan and our 2004 Plan provide for a retirement eligibility provision, under which eligible employees who have reached 62 years of age and have completed seven years of employment with Huron will continue vesting in their share-based awards after retirement, subject to certain conditions. This retirement eligibility provision also applies to future awards granted to eligible employees under the 2012 Plan. The Compensation Committee of the board of directors has the responsibility of interpreting the 2012 Plan and SOPP and determining all of the terms and conditions of awards made under the plans, including when the awards will become exercisable or otherwise vest. Total share-based compensation cost recognized for the years ended December 31, 2019 , 2018 , and 2017 was $24.2 million , $18.8 million , and $14.8 million , respectively, with related income tax benefits of $5.3 million , $4.6 million , and $5.8 million , respectively. As of December 31, 2019 , there was $26.2 million of total unrecognized compensation cost related to nonvested share-based awards. This cost is expected to be recognized over a weighted average period of 2.2 years. Restricted Stock Awards The grant date fair values of our restricted stock awards are measured based on the fair value of our common stock at grant date and amortized into expense over the service period. Subject to acceleration under certain conditions, the majority of our restricted stock vests annually over four years . The table below summarizes the restricted stock activity for the year ended December 31, 2019 . Number of Shares Weighted Average Grant Date Fair Value (in dollars) 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2018 747 11 758 $ 43.08 Granted 341 12 353 $ 48.57 Vested (284 ) (10 ) (294 ) $ 46.25 Forfeited (30 ) (1 ) (31 ) $ 45.24 Nonvested restricted stock at December 31, 2019 774 12 786 $ 44.27 The aggregate fair value of restricted stock that vested during the years ended December 31, 2019 , 2018 , and 2017 was $14.5 million , $9.1 million , and $11.1 million , respectively. The weighted average grant date fair value per share of restricted stock granted during 2018 and 2017 was $38.45 and $42.11 , respectively. Performance-based Share Awards During 2019 , 2018 , and 2017 , the Company granted performance-based stock awards to our named executive officers and certain managing directors. The total number of shares earned by recipients of these awards is contingent upon meeting practice specific and Company-wide performance goals. Following the performance period, certain awards are subject to the completion of a service period, which is generally an additional two years . These earned awards vest on a graded vesting schedule over the service period. For certain performance awards, the recipients may earn additional shares of stock for performance achieved above the stated target. The grant date fair values of our performance-based share awards are measured based on the fair value of our common stock at grant date. Compensation cost is amortized into expense over the service period, including the performance period. The table below summarizes the performance-based stock activity for the year ended December 31, 2019 . All nonvested performance-based stock outstanding at December 31, 2019 and 2018 was granted under the 2012 Omnibus Incentive Plan. Number of Shares Weighted Average Grant Date Fair Value (in dollars) Nonvested performance-based stock at December 31, 2018 436 $ 36.81 Granted (1) 281 $ 47.93 Vested (73 ) $ 40.69 Forfeited (2) (144 ) $ 36.06 Nonvested performance-based stock at December 31, 2019 (3) 500 $ 42.72 (1) Shares granted in 2019 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 500,000 nonvested performance-based shares outstanding as of December 31, 2019 , 403,794 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2019 financial results, approximately 110,936 of the 403,794 unearned shares will be forfeited in the first quarter of 2020 . The aggregate fair value of performance-based stock that vested during the years ended December 31, 2019 , 2018 , and 2017 was $3.4 million , $1.5 million , and $3.6 million , respectively. The weighted average grant date fair value per share of performance-based stock granted during 2018 and 2017 was $35.25 and $42.75 , respectively. Stock Options Prior to 2014, the Company granted stock option awards to certain named executive officers. No stock option awards were granted in 2019, 2018, or 2017. The exercise prices of stock options are equal to the fair value of a share of common stock on the date of grant. Subject to acceleration under certain conditions, our stock options vest annually over four years . All stock options have a 10 -year contractual term. Stock option activity for the year ended December 31, 2019 was as follows: Number of Options (in thousands) Weighted Average Exercise Price (in dollars) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2018 154 $ 30.52 2.5 $ 3.2 Granted — Exercised (48 ) $ 25.97 $ 1.6 Forfeited or expired — Outstanding at December 31, 2019 (1) 106 $ 32.57 1.9 $ 3.8 Exercisable at December 31, 2019 106 $ 32.57 1.9 $ 3.8 (1) Of the 106,000 outstanding options, approximately 74,000 were granted under the 2004 Omnibus Stock Plan, and the remaining 32,000 options were granted under the 2012 Omnibus Incentive Plan. The aggregate intrinsic value of options exercised during 2018 was $0.8 million . No |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“2017 Tax Reform”), a tax reform bill which, among other items, reduced the corporate federal income tax rate from 35% to 21% and moved from a worldwide tax system to a territorial system. As a result of the enactment of this legislation during the fourth quarter of 2017, we estimated the remeasurement of our net deferred taxes based on the new lower tax rate, as well as provided for additional one-time income tax expense estimates primarily related to the transition tax on accumulated foreign earnings and elimination of foreign tax credits for dividends that are subject to the 100 percent exemption in our consolidated financial statements as of and for the year ended December 31, 2017. In 2017 and the first nine months of 2018, we recorded provisional amounts for certain enactment-date effects of 2017 Tax Reform by applying the guidance in Staff Accounting Bulletin (“SAB”) No. 118 because we had not yet completed our enactment-date accounting for these effects. During the fourth quarter of 2018, we completed our accounting for all of the enactment-date income tax effects of 2017 Tax Reform. For the year ended December 31, 2018, we recorded tax expense of $2.2 million related to establishing a valuation allowance for foreign tax credits, a tax benefit of $0.6 million related to the U.S. federal return to provision adjustments for the remeasurement of our net deferred taxes based on the new lower rate and tax expense of $0.2 million related to withholding tax on outside basis differences due to our change in assertion for permanent reinvestment. These amounts are recorded as a component of income tax expense from continuing operations. 2017 Tax Reform subjects a US shareholder to tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred. We have elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. The income tax expense for continuing operations for the years ended December 31, 2019 , 2018 , and 2017 consists of the following: Year Ended December 31, 2019 2018 2017 Current: Federal $ 125 $ (1,611 ) $ (635 ) State 2,014 286 545 Foreign (422 ) 1,885 2,040 Total current 1,717 560 1,950 Deferred: Federal 7,467 9,742 (46,103 ) State 1,610 2,008 (6,576 ) Foreign (282 ) (1,033 ) (1,270 ) Total deferred 8,795 10,717 (53,949 ) Income tax expense for continuing operations $ 10,512 $ 11,277 $ (51,999 ) The components of income from continuing operations before taxes were as follows: Year Ended December 31, 2019 2018 2017 U.S. $ 53,898 $ 17,025 $ (221,137 ) Foreign (1,407 ) 8,196 (1,367 ) Total $ 52,491 $ 25,221 $ (222,504 ) A reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations is as follows: Year Ended December 31, 2019 2018 2017 Percent of pretax income from continuing operations: At U.S. statutory tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal benefit 6.1 7.2 2.7 Disallowed executive compensation 2.0 2.5 — Meals and entertainment 1.6 2.0 (0.3 ) Tax credits (3.1 ) (1.4 ) 0.2 Valuation allowance (2.9 ) 6.9 (0.2 ) Realized investment (gains) losses (1.8 ) 1.3 0.4 Net tax benefit related to “check-the-box” election (1.4 ) — 1.2 Stock-based compensation (1.1 ) 4.9 (0.8 ) Foreign source income (0.5 ) (1.7 ) 0.1 Change in fair value of contingent consideration liabilities — 2.4 — Global intangible low-taxed income — 2.1 — Transition tax on accumulated foreign earnings, net of credits — 0.8 (0.3 ) U.S. federal rate change — (2.3 ) (3.4 ) Goodwill impairment charges — — (10.2 ) Other 0.1 (1.0 ) (1.0 ) Effective income tax rate for continuing operations 20.0 % 44.7 % 23.4 % The effective tax rate for discontinued operations in 2019 was 26.0% , based on a tax benefit of $0.1 million and pretax loss from discontinued operations of $0.3 million , and was higher than the statutory tax rate primarily due to state income taxes. The effective tax rate for discontinued operations in 2018 was 26.7% , based on tax expense of $0.1 million and a pretax loss from discontinued operations of $0.4 million , and was higher than the statutory tax rate primarily due to state income taxes. The effective tax rate for discontinued operations in 2017 was 60.0% , based on tax expense of $0.6 million and a pretax income from discontinued operations of $1.0 million , and was higher than the statutory tax rate primarily due the settlement of foreign tax audits. The net deferred tax liabilities for continuing operations at December 31, 2019 and 2018 consisted of the following: As of December 31, 2019 2018 Deferred tax assets: Operating lease liabilities $ 20,541 $ — Accrued payroll and other liabilities 12,289 6,737 Share-based compensation 6,970 6,150 Tax credits 465 3,548 Net operating loss carryforwards 280 2,247 Deferred lease incentives — 4,100 Restructuring charge liability — 639 Other 1,451 1,466 Total deferred tax assets 41,996 24,887 Valuation allowance (1,016 ) (3,143 ) Net deferred tax assets 40,980 21,744 Deferred tax liabilities: Intangibles and goodwill (16,421 ) (6,665 ) Operating lease right-of-use assets (14,675 ) — Convertible debt investment (5,608 ) (5,934 ) Software development costs (4,496 ) (1,655 ) Property and equipment (4,039 ) (3,604 ) Prepaid expenses (2,183 ) (1,794 ) Other (483 ) (671 ) Total deferred tax liabilities (47,905 ) (20,323 ) Net deferred tax asset (liability) for continuing operations $ (6,925 ) $ 1,421 As of December 31, 2019 and 2018 , we had valuation allowances of $1.0 million and $3.1 million, respectively, primarily due to uncertainties relating to the ability to realize deferred tax assets recorded for foreign losses and tax credits. The decrease in valuation allowances in 2019 primarily related to a decrease in the valuation allowance for foreign tax credits. We have federal and state tax credit carryforwards of $0.5 million which will begin to expire in 2020, if not utilized. We also have foreign net operating losses of $0.3 million , which carryforward indefinitely. We have no federal or state net operating loss carryforwards as of December 31, 2019. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Balance at January 1, 2017 $ 3,340 Decrease due to lapse of statute of limitations (2,410 ) Decrease based on tax positions related to prior years (117 ) Balance at December 31, 2017 813 Additions based on tax positions related to prior years 115 Decrease due to lapse of statute of limitations (28 ) Balance at December 31, 2018 900 Decrease due to settlements of prior year tax positions (115 ) Decrease due to lapse of statute of limitations (735 ) Balance at December 31, 2019 $ 50 As of December 31, 2019 , we had $0.1 million of unrecognized tax benefits which would affect the effective tax rate of continuing operations if recognized. As of December 31, 2019 and 2018 , we had less than $0.1 million and $0.1 million accrued for the potential payment of interest and penalties. Accrued interest and penalties are recorded as a component of provision for income taxes on our consolidated statement of operations. We file income tax returns with federal, state, local and foreign jurisdictions. Tax years 2016 through 2018 are subject to future examinations by federal tax authorities. Tax years 2013 through 2018 are subject to future examinations by state and local tax authorities. Our foreign income tax filings are subject to future examinations by the local foreign tax authorities for tax years 2014 through 2018 . Currently, we are not under audit by any tax authority. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Lease Commitments We lease office space, data centers and certain equipment under non-cancelable operating lease arrangements expiring on various dates through 2029, with various renewal options. Office facilities under operating leases include fixed payments plus, in some cases, scheduled base rent increases over the term of the lease. Certain leases require variable payments of real estate taxes, insurance and operating expenses. See Note 5 "Leases" for additional information on our leases, including the remaining expected lease payments under our operating leases as of December 31, 2019 . Litigation During the year ended December 31, 2019, we recorded a $0.4 million litigation loss accrual related to a legal claim that was subsequently settled during the first quarter of 2020. During the year ended December 31, 2018, we reached a settlement agreement related to Huron's claim in a class action lawsuit, resulting in a gain of $2.5 million . These items are recorded in litigation and other losses (gains), net on our consolidated statement of operations. From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. As of the date of this Annual Report on Form 10-K, we are not a party to any litigation or legal proceeding that, in the current opinion of management, could have a material adverse effect on our financial position or results of operations. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. Guarantees Guarantees in the form of letters of credit totaling $1.7 million and $1.6 million were outstanding at December 31, 2019 and 2018 , respectively, primarily to support certain office lease obligations. In connection with certain business acquisitions, we may be required to pay post-closing consideration to the sellers if specific financial performance targets are met over a number of years as specified in the related purchase agreements. As of December 31, 2019 , the estimated fair value of our outstanding contingent consideration liability was zero. As of December 31, 2018 , the total estimated fair value of our contingent consideration liabilities was $11.4 million . To the extent permitted by law, our bylaws and articles of incorporation require that we indemnify our officers and directors against judgments, fines and amounts paid in settlement, including attorneys’ fees, incurred in connection with civil or criminal action or proceedings, as it relates to their services to us if such person acted in good faith. Although there is no limit on the amount of indemnification, we may have recourse against our insurance carrier for certain payments made. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker, who is our chief executive officer, manages the business under three operating segments, which are our reportable segments: Healthcare, Business Advisory, and Education. • Healthcare Our Healthcare segment has a depth of expertise in financial and operational improvement, care transformation, culture and organizational excellence, strategy, and technology and analytics. We serve national and regional hospitals, integrated health systems, academic medical centers, community hospitals, and medical groups. Our solutions help clients evolve and adapt to the rapidly changing healthcare environment and achieve growth, optimize performance, enhance profitability, improve quality and clinical outcomes, align leaders, improve organizational culture, and drive physician, patient, and employee engagement across the enterprise to deliver better consumer outcomes. We help organizations transform and innovate their delivery model to focus on patient wellness by improving quality outcomes, minimizing care variation and fundamentally improving patient and population health. Our consultants collaborate with clients to help build and sustain today’s business to invest in the future by reducing complexity, improving operational efficiency and growing market share. We enable the healthcare of the future by identifying, integrating and optimizing digital and technology investments to collect data that transforms care delivery and improves patient outcomes. We also develop future leaders capable of driving meaningful cultural and organizational change and who transform the consumer experience. • Business Advisory Our Business Advisory segment provides services to large and middle market organizations, lending institutions, law firms, investment banks, private equity firms, and not-for-profit organizations, including higher education and healthcare institutions. We assist clients in a broad range of industries and across the spectrum from healthy, well-capitalized companies to organizations in transition, as well as creditors, equity owners, and other key constituents. Our Enterprise Solutions and Analytics experts advise, deliver, and optimize technology and analytic solutions that enable organizations to manage and optimize their financial performance, operational efficiency, and client or stakeholder experience. Our Business Advisory experts resolve complex business issues and enhance client enterprise value through a suite of services including capital advisory, transaction advisory, operational improvement, restructuring and turnaround, valuation, and dispute advisory. Our Strategy and Innovation professionals collaborate with clients across a range of industries to identify new growth opportunities, build new ventures and capabilities, and accelerate organizational change. Our Life Sciences professionals provide strategic solutions to help pharmaceutical, medical device, and biotechnology companies deliver more value to patients, payers, and providers, and comply with regulations. • Education Our Education segment provides consulting and technology solutions to higher education institutions and academic medical centers. We collaborate with clients to address challenges relating to business and technology strategy, financial and operational excellence, student success, research administration, and regulatory compliance. Our research enterprise solutions assist clients in identifying and implementing institutional research strategy, optimizing clinical research operations, improving financial management and cost reimbursement, improving service to faculty, and mitigating risk compliance. Our technology strategy, enterprise applications, and analytic solutions transform and optimize operations, deliver time and cost savings, and enhance the student experience. Our institutional strategy, budgeting and financial management, and business operations align missions with business priorities, improve quality, and reduce costs institution-wide. Our student solutions improve attraction, retention and graduation rates, increase student satisfaction and help generate quality outcomes. Segment operating income consists of the revenues generated by a segment, less the direct costs of revenue and selling, general and administrative expenses that are incurred directly by the segment. Unallocated corporate costs include costs related to administrative functions that are performed in a centralized manner that are not attributable to a particular segment. These administrative function costs include costs for corporate office support, office facility costs, costs relating to accounting and finance, human resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management. The tables below set forth information about our operating segments for the years ended December 31, 2019 , 2018 , and 2017 , along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because our international operations are immaterial. Year Ended December 31, 2019 2018 2017 Healthcare: Revenues $ 399,221 $ 364,763 $ 356,909 Operating income $ 125,724 $ 108,060 $ 118,761 Segment operating income as a percentage of segment revenues 31.5 % 29.6 % 33.3 % Business Advisory: Revenues $ 252,508 $ 236,185 $ 207,753 Operating income $ 49,695 $ 50,625 $ 46,600 Segment operating income as a percentage of segment revenues 19.7 % 21.4 % 22.4 % Education: Revenues $ 225,028 $ 194,177 $ 167,908 Operating income $ 55,741 $ 48,243 $ 40,318 Segment operating income as a percentage of segment revenues 24.8 % 24.8 % 24.0 % Total Company: Revenues $ 876,757 $ 795,125 $ 732,570 Reimbursable expenses 88,717 82,874 75,175 Total revenues and reimbursable expenses $ 965,474 $ 877,999 $ 807,745 Segment operating income $ 231,160 $ 206,928 $ 205,679 Items not allocated at the segment level: Other operating expenses 140,285 122,276 120,718 Litigation and other losses (gains), net (1,196 ) (2,019 ) 1,111 Depreciation and amortization 28,365 34,575 38,213 Goodwill impairment charges (1) — — 253,093 Other expense, net 11,215 26,875 15,048 Income (loss) from continuing operations before taxes $ 52,491 $ 25,221 $ (222,504 ) (1) The goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. As of December 31, Segment Assets: 2019 2018 2017 Healthcare $ 73,019 $ 65,133 $ 70,097 Business Advisory 59,315 59,017 58,217 Education 38,881 26,990 31,367 Unallocated assets (1) 933,056 898,392 877,247 Total assets $ 1,104,271 $ 1,049,532 $ 1,036,928 (1) Unallocated assets include goodwill and intangible assets and our long-term investments, as management does not evaluate these items at the segment level when assessing segment performance or allocating resources. Refer to Note 4 “Goodwill and Intangible Assets" and Note 13 "Fair Value of Financial Instruments" for further information on these assets. The following table illustrates the disaggregation of revenues by billing arrangements, employee types, and timing of revenue recognition, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the year ended December 31, 2019 and 2018. Year Ended December 31, 2019 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 249,479 $ 100,635 $ 51,826 $ 401,940 Time and expense 55,204 139,610 154,893 349,707 Performance-based 71,051 6,856 — 77,907 Software support, maintenance and subscriptions 23,487 5,407 18,309 47,203 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Employee Type (1) Revenue generated by full-time billable consultants $ 280,915 $ 243,350 $ 195,844 $ 720,109 Revenue generated by full-time equivalents 118,306 9,158 29,184 156,648 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Timing of Revenue Recognition Revenue recognized over time $ 390,884 $ 252,508 $ 223,673 $ 867,065 Revenue recognized at a point in time 8,337 — 1,355 9,692 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Year Ended December 31, 2018 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 239,263 $ 98,119 $ 39,586 $ 376,968 Time and expense 58,377 128,583 140,824 327,784 Performance-based 42,684 5,405 — 48,089 Software support, maintenance and subscriptions 24,439 4,078 13,767 42,284 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Employee Type (1) Revenue generated by full-time billable consultants $ 247,416 $ 225,335 $ 170,496 $ 643,247 Revenue generated by full-time equivalents 117,347 10,850 23,681 151,878 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Timing of Revenue Recognition Revenue recognized over time $ 356,826 $ 236,185 $ 190,526 $ 783,537 Revenue recognized at a point in time 7,937 — 3,651 11,588 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 (1) Full-time billable consultants consist of our full-time professionals who provide consulting services to our clients and are billable to our clients based on the number of hours worked. Full-time equivalent professionals consist of our coaches and their support staff within our Culture and Organizational Excellence solution, consultants who work variable schedules as needed by our clients, employees who provide managed services in our Healthcare segment, and full-time employees who provide software support and maintenance services to our clients. For the years ended December 31, 2019 , 2018 , and 2017 , substantially all of our revenues and long-lived assets were attributed to or located in the United States. At December 31, 2019 and 2018 , no single client accounted for greater than 10% of our combined receivables and unbilled services balances. During the years ended December 31, 2019 , 2018 , and 2017 , no single client generated greater than 10% of our consolidated revenues. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts The table below sets forth the changes in the carrying amount of our allowances for doubtful accounts and unbilled services and valuation allowance for deferred tax assets for the years ended December 31, 2019 , 2018 , and 2017 . Beginning balance Additions (1) Deductions Ending balance Year ended December 31, 2017: Allowances for doubtful accounts and unbilled services $ 21,259 43,888 40,648 $ 24,499 Valuation allowance for deferred tax assets $ 626 793 172 $ 1,247 Year ended December 31, 2018: Allowances for doubtful accounts and unbilled services $ 24,499 49,390 51,648 $ 22,241 Valuation allowance for deferred tax assets $ 1,247 2,314 418 $ 3,143 Year ended December 31, 2019: Allowances for doubtful accounts and unbilled services $ 22,241 69,979 73,552 $ 18,668 Valuation allowance for deferred tax assets $ 3,143 1 2,128 $ 1,016 (1) Additions to allowances for doubtful accounts and unbilled services are charged to revenues to the extent the provision relates to fee adjustments and other discretionary pricing adjustments. To the extent the provision relates to a client’s inability to make required payments on accounts receivables, the provision is charged to operating expenses. Additions also include allowances acquired in business acquisitions, which were not material in any period presented. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (Unaudited) Quarter Ended 2019 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 204,445 $ 220,754 $ 219,289 $ 232,269 Reimbursable expenses 18,617 23,534 23,636 22,930 Total revenues and reimbursable expenses 223,062 244,288 242,925 255,199 Gross profit 65,496 77,832 75,158 77,315 Operating income 6,756 17,875 20,576 18,499 Net income from continuing operations 3,350 10,569 13,706 14,354 Loss from discontinued operations, net of tax (46 ) (97 ) (52 ) (41 ) Net income 3,304 10,472 13,654 14,313 Net earnings per basic share: Net income from continuing operations $ 0.15 $ 0.48 $ 0.62 $ 0.65 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.48 $ 0.62 $ 0.65 Net earnings per diluted share: Net income from continuing operations $ 0.15 $ 0.47 $ 0.61 $ 0.63 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.47 $ 0.61 $ 0.63 Weighted average shares used in calculating earnings per share: Basic 21,868 21,997 22,052 22,051 Diluted 22,311 22,400 22,561 22,676 Quarter Ended 2018 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 193,679 $ 197,544 $ 198,448 $ 205,454 Reimbursable expenses 17,619 20,733 21,296 23,226 Total revenues and reimbursable expenses 211,298 218,277 219,744 228,680 Gross profit 59,745 68,820 68,893 71,834 Operating income 2,322 19,138 13,561 17,075 Net income (loss) from continuing operations (3,222 ) 5,862 8,249 3,055 Income (loss) from discontinued operations, net of tax (42 ) (490 ) 228 6 Net income (loss) (3,264 ) 5,372 8,477 3,061 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ (0.15 ) $ 0.27 $ 0.38 $ 0.14 Income (loss) from discontinued operations, net of tax — (0.02 ) 0.01 — Net income (loss) $ (0.15 ) $ 0.25 $ 0.39 $ 0.14 Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ (0.15 ) $ 0.27 $ 0.37 $ 0.14 Income (loss) from discontinued operations, net of tax — (0.02 ) 0.01 — Net income (loss) $ (0.15 ) $ 0.25 $ 0.38 $ 0.14 Weighted average shares used in calculating earnings per share: Basic 21,592 21,709 21,745 21,774 Diluted 21,592 21,918 22,110 22,294 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | The consolidated financial statements include the accounts of Huron Consulting Group Inc. and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results may differ from these estimates and assumptions. |
Revenue Recognition | Revenue Recognition We generate substantially all of our revenues from providing professional services to our clients. We also generate revenues from software licenses; software support and maintenance and subscriptions to our cloud-based analytic tools and solutions; speaking engagements; conferences; and publications. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on our overall pricing objectives, taking into consideration market conditions and other factors. Revenue is recognized when control of the goods and services provided are transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We typically satisfy our performance obligations for professional services over time as the related services are provided. The performance obligations related to software support and maintenance and subscriptions to our cloud-based analytic tools and solutions are typically satisfied evenly over the course of the service period. Other performance obligations, such as certain software licenses, speaking engagements, conferences, and publications, are satisfied at a point in time. We generate our revenues under four types of billing arrangements: fixed-fee (including software license revenue); time-and-expense; performance-based; and software support, maintenance and subscriptions. In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenues under fixed-fee billing arrangements using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Contracts within our Culture and Organizational Excellence solution include fixed-fee partner contracts with multiple performance obligations, which primarily consist of coaching services, as well as speaking engagements, conferences, publications and software products (“Partner Contracts”). Revenues for coaching services and software products are generally recognized on a straight-line basis over the length of the contract. All other revenues under Partner Contracts, including speaking engagements, conferences and publications, are recognized at the time the goods or services are provided. Estimates of total engagement revenues and cost of services are monitored regularly during the term of the engagement. If our estimates indicate a potential loss, such loss is recognized in the period in which the loss first becomes probable and reasonably estimable. We also generate revenues from software licenses for our revenue cycle management software and research administration and compliance software. Licenses for our revenue cycle management software are sold only as a component of our consulting projects, and the services we provide are essential to the functionality of the software. Therefore, revenues from these software licenses are recognized over the term of the related consulting services contract. License revenue from our research administration and compliance software is generally recognized in the month in which the software is delivered. Time-and-expense billing arrangements require the client to pay based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include certain speaking engagements, conferences, and publications purchased by our clients outside of Partner Contracts within our Culture and Organizational Excellence solution. We recognize revenues under time-and-expense arrangements as the related services or publications are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount that we have a right to invoice based on the number of hours worked and the agreed upon hourly rates or the value of the speaking engagements, conferences or publications purchased by our clients. In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recommendations for improving operational and cost effectiveness in the areas we review. Second, we have performance-based engagements in which we earn a success fee when and if certain predefined outcomes occur. We recognize revenue under performance-based billing arrangements using the following steps: 1) estimate variable consideration using a probability-weighted assessment of the fees to be earned, 2) apply a constraint to the estimated variable consideration to limit the amount that could be reversed when the uncertainty is resolved (the “constraint”), and 3) recognize revenue of estimated variable consideration, net of the constraint, based on work completed to-date versus our estimates of the total services to be provided under the engagement. Clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. We also generate subscription revenue from our cloud-based analytic tools and solutions. Software support, maintenance and subscription revenues are recognized ratably over the support or subscription period. These fees are generally billed in advance and included in deferred revenues until recognized. Provisions are recorded for the estimated realization adjustments on all engagements, including engagements for which fees are subject to review by the bankruptcy courts. Expense reimbursements that are billable to clients are included in total revenues and reimbursable expenses. Under fixed-fee billing arrangements, we estimate the total amount of reimbursable expenses to be incurred over the course of the engagement and recognize the estimated amount as revenue using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Under time-and-expense billing arrangements we recognize reimbursable expenses as revenue as the related services are provided, using the right to invoice practical expedient. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. Subcontractors that are billed to clients at cost are also included in reimbursable expenses. When billings do not specifically identify reimbursable expenses, we allocate the portion of the billings equivalent to these expenses to reimbursable expenses. The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Revenues recognized for services performed but not yet billed to clients are recorded as unbilled services. Revenues recognized, but for which we are not yet entitled to bill because certain events, such as the completion of the measurement period or client approval, must occur, are recorded as contract assets and included within unbilled services. Client prepayments and retainers are classified as deferred revenues and recognized over future periods as earned in accordance with the applicable engagement agreement. |
Commissions Expense, Policy [Policy Text Block] | Capitalized Sales Commissions |
Allowances for Doubtful Accounts and Unbilled Services | Allowances for Doubtful Accounts and Unbilled Services We maintain allowances for doubtful accounts and for services performed but not yet billed based on several factors, including the estimated cash realization from amounts due from clients, an assessment of a client’s ability to make required payments, and the historical percentages of fee adjustments and write-offs by age of receivables and unbilled services. The allowances are assessed by management on a regular basis. These estimates may differ from actual results. If the financial condition of a client deteriorates in the future, impacting the client’s ability to make payments, an increase to our allowance might be required or our allowance may not be sufficient to cover actual write-offs. We record the provision for doubtful accounts and unbilled services as a reduction in revenue to the extent the provision relates to fee adjustments and other discretionary pricing adjustments. To the extent the provision relates to a client’s inability to make required payments on accounts receivables, we record the provision to selling, general and administrative expenses. |
Direct Costs and Reimbursable Expenses | Direct Costs and Reimbursable Expenses Direct costs and reimbursable expenses consist primarily of revenue-generating employee compensation and their related benefits and share-based compensation costs; as well as commissions, the cost of outside consultants or subcontractors assigned to revenue-generating activities, technology costs, other third-party costs directly attributable to our revenue-generating activities, and direct expenses to be reimbursed by clients. Direct costs and reimbursable expenses incurred on engagements are expensed in the period incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments, including overnight investments and commercial paper, with original maturities of three months or less to be cash equivalents. |
Concentrations of Credit Risk | Concentrations of Credit Risk To the extent receivables from clients become delinquent, collection activities commence. No single client balance is considered large enough to pose a material credit risk. The allowances for doubtful accounts and unbilled services are based upon the expected ability to collect accounts receivable and bill and collect unbilled services. Management does not anticipate incurring losses on accounts receivable in excess of established allowances. See Note 19 “Segment Information” for concentration of accounts receivable and unbilled services. We hold our cash in accounts at multiple third-party financial institutions. These deposits, at times, may exceed federally insured limits. We review the credit ratings of these financial institutions, regularly monitor the cash balances in these accounts, and adjust the balances as appropriate. However, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. |
Investments | Long-term Investments Our long-term investments consist of our convertible debt investment in Shorelight Holdings, LLC ("Shorelight") and preferred stock investment in Medically Home Group, Inc. ("Medically Home"). We classified the convertible debt investment in Shorelight as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. The investment is carried at fair value with unrealized holding gains and losses reported in other comprehensive income. If the investment is in an unrealized loss position, we assess whether the investment is other-than-temporarily impaired. We consider impairments to be other-than-temporary if they are related to significant credit deterioration or if it is likely we will sell the security before the recovery of its cost basis. We have not identified any other-than-temporary impairments for our convertible debt investment. In the event there are realized gains and losses or declines in value judged to be other-than-temporary, we will record the amount in earnings. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Software, computers, and related equipment are depreciated over an estimated useful life of two to four years . Furniture and fixtures are depreciated over five years . Aircraft are depreciated over ten years . Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the initial term of the lease. |
Deferred Lease Incentives | Leases We determine if an arrangement contains a lease and the classification of such lease at inception. As of December 31, 2019, all of our material leases are classified as operating leases; we have not entered into any material finance leases. For all operating leases with an initial term greater than 12 months, we recognize an operating lease right-of-use ("ROU") asset and operating lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date and provided by the administrative agent for our senior secured credit facility in determining the present value of lease payments. Operating lease ROU assets exclude lease incentives. We elected the practical expedient to combine lease and nonlease components. Certain lease agreements contain variable lease payments that do not depend on an index or rate. These variable lease payments are not included in the calculation of the operating lease ROU asset and operating lease liability; instead, they are expensed as incurred. Our leases may contain options to extend or terminate the lease, and we include these terms in our calculation of the operating lease ROU asset and operating lease liability when it is reasonably certain that we will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term and recorded within selling, general and administrative expenses on our consolidated statement of operations. In accordance with our accounting policy for impairment of long-lived assets, operating lease ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 5 "Leases" for additional information on our leases, including the lease impairment charges recorded in 2019. |
Software Development Costs | Software Development Costs We incur internal and external software development costs related to our cloud computing applications and software for internal use. We capitalize these software development costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use these costs are amortized on a straight-line basis over the technology's estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life. Development costs related to software products that will be sold, leased, or otherwise marketed are expensed until technological feasibility has been established. Thereafter and until the software is available for general release to customers, these software development costs are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. These capitalized development costs are amortized in proportion to current and future revenue for each product with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the product. We did not capitalize any development costs for this type of software during 2019 or 2018. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Other Than Goodwill Identifiable intangible assets are amortized over their expected useful lives using a method that reflects the economic benefit expected to be derived from the assets or on a straight-line basis. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Goodwill | Goodwill For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. We have six |
Business Combinations | Business Combinations We use the acquisition method of accounting for business combinations . |
Income Taxes | Income Taxes |
Share-Based Compensation | Share-Based Compensation Share-based compensation cost is measured based on the grant date fair value of the respective awards. We generally recognize share-based compensation ratably using the straight-line attribution method; however, for those awards with performance criteria and graded vesting features, we use the graded vesting attribution method. It is our policy to account for forfeitures as they occur. |
Sponsorship and Advertising Costs | Sponsorship and Advertising Costs |
Debt Issuance Costs | At issuance, we separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was determined by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying value of the equity component representing the conversion option, which was recognized as a debt discount, was determined by deducting the fair value of the liability component from the proceeds of the Convertible Notes. The debt discount was amortized to interest expense using the effective interest method over the term of the Convertible Notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. Refer to Note 7 “Financing Arrangements” for further information regarding the Convertible Notes. Debt Issuance Costs |
Foreign Currency | Foreign Currency Assets and liabilities of foreign subsidiaries whose functional currency is not the United States Dollar (USD) are translated into the USD using the exchange rates in effect at period end. Revenue and expense items are translated using the average exchange rates for the period. Foreign currency translation adjustments are included in accumulated other comprehensive income, which is a component of stockholders’ equity. |
Segment Reporting | Segment Reporting Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker manages the business under three operating segments, which are our reportable segments: Healthcare, Business Advisory, and Education. |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases , as a new Topic, ASC 842, which superseded ASC Topic 840, Leases , and sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet a right-of-use asset and a lease liability, equal to the present value of the remaining lease payments, for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized using an effective interest rate method or on a straight-line basis over the term of the lease. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provides an optional transition method that allows entities to initially apply ASC 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the adoption date. We adopted ASC 842 effective January 1, 2019 on a modified retrospective basis for existing leases using the transition method allowed by ASU 2018-11, which had no impact on our consolidated financial statements in the prior periods presented. The new lease standard had a material impact on our consolidated balance sheet upon adoption but did not impact our consolidated statement of operations. The most significant impact to our consolidated balance sheet is the recognition of ROU assets and lease liabilities for operating leases. The impact of the new lease standard on our consolidated balance sheet upon adoption follows: As of December 31, 2018 ASC 842 Adjustment As of January 1, 2019 Assets Operating lease right-of-use assets $ — $ 56,463 $ 56,463 Liabilities Accrued expenses and other current liabilities $ 17,207 $ (2,557 ) $ 14,650 Current maturities of operating lease liabilities $ — $ 10,537 $ 10,537 Deferred compensation and other liabilities $ 20,875 $ (536 ) $ 20,339 Deferred lease incentives $ 13,693 $ (13,693 ) $ — Operating lease liabilities, net of current portion $ — $ 62,712 $ 62,712 In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Capitalized implementation costs are amortized on a straight-line basis generally over the term of the service contract with the amortization recognized in the same financial statement line item as the fees related to the service contract. ASU 2018-15 is effective beginning January 1, 2020, with early adoption permitted. We adopted this ASU in the third quarter of 2019 on a prospective basis. In 2019, we capitalized an immaterial amount of implementation costs for cloud computing arrangements that are service contracts. The future impact of adoption of this ASU on our consolidated financial statements will depend on the magnitude of implementation costs we may incur to implement cloud computing arrangements that are service contracts. Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies certain disclosure requirements related to fair value measurements. ASU 2018-13 will be effective for us beginning January 1, 2020. We do not expect this guidance to have an impact on the amounts reported on our consolidated financial statements, and we will update our disclosures within the notes to our consolidated financial statements as required by ASU 2018-13. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes , related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies other aspects of the accounting for franchise taxes and enacted changes in tax laws or tax rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 will be effective for us beginning January 1, 2021, with early adoption permitted. We are currently evaluating the potential impact this guidance will have on our consolidated financial statements. |
Derivatives, Policy [Policy Text Block] | We recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. We have designated this derivative instrument as a cash flow hedge. Therefore, changes in the fair value of the derivative instrument are recorded to other comprehensive income (“OCI”) to the extent effective and reclassified into interest expense upon settlement. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement policy | Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows: Level 1 Inputs Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. |
Income Taxes - (Policies)
Income Taxes - (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The impact of the new lease standard on our consolidated balance sheet upon adoption follows: As of December 31, 2018 ASC 842 Adjustment As of January 1, 2019 Assets Operating lease right-of-use assets $ — $ 56,463 $ 56,463 Liabilities Accrued expenses and other current liabilities $ 17,207 $ (2,557 ) $ 14,650 Current maturities of operating lease liabilities $ — $ 10,537 $ 10,537 Deferred compensation and other liabilities $ 20,875 $ (536 ) $ 20,339 Deferred lease incentives $ 13,693 $ (13,693 ) $ — Operating lease liabilities, net of current portion $ — $ 62,712 $ 62,712 |
Acquisitions (Tables)
Acquisitions (Tables) - Innosight Holdings, LLC [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Summary of Fair Value of Consideration Transferred | The acquisition date fair value of the consideration transferred for Innosight was $113.6 million, which consisted of the following: Fair value of consideration transferred March 1, 2017 Cash $ 90,725 Common stock 9,560 Contingent consideration liability 12,050 Net working capital adjustment 1,272 Total consideration transferred $ 113,607 |
Preliminary Allocation of the Purchase Price to the Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair value of assets acquired and liabilities assumed as of the acquisition date. March 1, 2017 Assets acquired: Accounts receivable $ 7,752 Unbilled services 1,881 Prepaid expenses and other current assets 468 Property and equipment 419 Intangible assets 18,015 Liabilities assumed: Accounts payable 531 Accrued expenses and other current liabilities 894 Accrued payroll and related benefits 883 Deferred revenues 30 Total identifiable net assets 26,197 Goodwill 87,410 Total purchase price $ 113,607 |
Schedule of Components of Identifiable Intangible Assets Acquired and their Estimated Useful Lives | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date. Fair Value Useful Life in Years Customer relationships $ 9,500 6 Trade name 6,000 6 Customer contracts 1,000 1 Non-compete agreements 1,300 5 Favorable lease contract 215 1 Total intangible assets subject to amortization $ 18,015 |
Summary of Supplemental Pro Forma Consolidated Results of Operations | The following unaudited supplemental pro forma information summarizes the combined results of operations of Huron and Innosight as though the companies were combined on January 1, 2016. Year Ended Revenues $ 741,695 Net income (loss) from continuing operations $ (167,346 ) Net income (loss) from continuing operations per share - basic $ (7.79 ) Net income (loss) from continuing operations per share - diluted $ (7.79 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2019 and 2018 . Healthcare Business Advisory Education Total Balance as of December 31, 2017: Goodwill $ 636,810 $ 302,187 $ 102,829 $ 1,041,826 Accumulated impairment losses (208,081 ) (187,995 ) — (396,076 ) Goodwill, net as of December 31, 2017 $ 428,729 $ 114,192 $ 102,829 $ 645,750 Goodwill recorded in connection with a business combination — 186 — 186 Foreign currency translation — (673 ) — (673 ) Balance as of December 31, 2018: Goodwill 636,810 301,700 102,829 1,041,339 Accumulated impairment losses (208,081 ) (187,995 ) — (396,076 ) Goodwill, net as of December 31, 2018 $ 428,729 $ 113,705 $ 102,829 $ 645,263 Goodwill recorded in connection with a business combination (1) — — 1,060 1,060 Foreign currency translation — 357 — 357 Balance as of December 31, 2019: Goodwill 636,810 302,057 103,889 1,042,756 Accumulated impairment losses (208,081 ) (187,995 ) — (396,076 ) Goodwill, net as of December 31, 2019: $ 428,729 $ 114,062 $ 103,889 $ 646,680 (1) On September 30, 2019, we completed the acquisition of a business in our Education segment. The results of operations of the acquired business is included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. This acquisition is not significant to our consolidated financial statements. |
Intangible Assets | Intangible assets as of December 31, 2019 and 2018 consisted of the following: As of December 31, 2019 2018 Useful Life in Years Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships 3 to 13 $ 87,577 $ 61,882 $ 98,235 $ 60,462 Trade names 5 to 6 28,930 25,894 28,930 23,181 Technology and software 3 to 5 5,694 4,321 5,694 2,842 Non-competition agreements 5 2,220 1,447 3,650 2,241 Customer contracts 2 800 52 — — Favorable lease contract 3 — — 720 646 Total $ 125,221 $ 93,596 $ 137,229 $ 89,372 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The table below sets forth the estimated annual amortization expense for each of the five succeeding years for the intangible assets recorded as of December 31, 2019 . Year Ending December 31, Estimated Amortization Expense 2020 $ 12,638 2021 $ 8,379 2022 $ 6,111 2023 $ 3,512 2024 $ 741 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information for Operating Leases [Table Text Block] | Balance Sheet December 31, 2019 Operating lease right-of-use assets $ 54,954 Current maturities of operating lease liabilities $ 7,469 Operating lease liabilities, net of current portion 69,233 Total lease liabilities $ 76,702 |
Schedule of Supplemental Operating Lease Information [Table Text Block] | Other Information Year Ended Cash paid for operating lease liabilities $ 13,902 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 12,842 Weighted average remaining lease term - operating leases 7.7 years Weighted average discount rate - operating leases 4.3 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below summarizes the remaining expected lease payments under our operating leases as of December 31, 2019 . Future Lease Payments December 31, 2020 $ 9,772 2021 12,039 2022 11,502 2023 11,470 2024 10,893 Thereafter 35,211 Total operating lease payments $ 90,887 Less: imputed interest (14,185 ) Present value of operating lease liabilities $ 76,702 The table below summarizes the future minimum rental commitments, as defined by ASC 840, under our non-cancelable operating leases as of December 31, 2018. Lease Payments December 31, 2018 (1) 2019 $ 13,701 2020 12,724 2021 11,590 2022 10,766 2023 10,707 Thereafter 27,033 Total $ 86,521 (1) As of December 31, 2018, the expected total future minimum sublease income to be received was $10.2 million . |
Lease, Cost [Table Text Block] | Lease Cost Year Ended Operating lease cost $ 11,883 Short-term leases (1) 322 Variable lease costs 3,656 Sublease income (2,638 ) Net lease cost (2)(3)(4) $ 13,223 (1) Includes variable lease costs related to short-term leases. (2) Net lease cost includes $0.4 million for the year ended December 31, 2019 , recorded as restructuring charges as they relate to vacated office spaces. See Note 11 "Restructuring Charges" for additional information on our vacated office spaces. (3) Net lease cost includes $0.3 million for the year ended December 31, 2019 , related to vacated office spaces directly related to discontinued operations. (4) Rent expense, including operating expenses, real estate taxes and insurance, recorded under ASC 840 for the years ended December 31, 2018 and 2017 was $15.1 million and $14.3 million , respectively. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net at December 31, 2019 and 2018 consisted of the following: As of December 31, 2019 2018 Computers, related equipment, and software $ 50,251 $ 53,116 Leasehold improvements 44,323 45,052 Furniture and fixtures 16,273 17,408 Aircraft 7,667 7,541 Assets under construction 250 250 Property and equipment 118,764 123,367 Accumulated depreciation and amortization (80,351 ) (82,993 ) Property and equipment, net $ 38,413 $ 40,374 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Carrying Amounts of Debt | A summary of the carrying amounts of our debt follows: As of December 31, 2019 2018 1.25% convertible senior notes due 2019 $ — $ 242,617 Senior secured credit facility 205,000 50,000 Promissory note due 2024 3,853 4,368 Total long-term debt $ 208,853 $ 296,985 Current maturities of long-term debt (529 ) (243,132 ) Long-term debt, net of current portion $ 208,324 $ 53,853 |
Schedule of Maturities of Long-term Debt | Below is a summary of the scheduled remaining principal payments of our debt as of December 31, 2019 . Principal Payments of Long-Term Debt 2020 $ 529 2021 $ 544 2022 $ 559 2023 $ 575 2024 $ 206,646 |
Schedule of Notes | As of December 31, 2018 , the Convertible Notes consisted of the following: As of December 31, 2018 Liability component: Proceeds $ 250,000 Less: debt discount, net of amortization (6,436 ) Less: debt issuance costs, net of amortization (947 ) Net carrying amount $ 242,617 Equity component (1) $ 39,287 (1) Included in additional paid-in capital on the consolidated balance sheet. |
Summary of Interest Expense Recognized | The following table presents the amount of interest expense recognized related to the Convertible Notes for the periods presented. Year Ended December 31, 2019 2018 2017 Contractual interest coupon $ 2,344 $ 3,125 $ 3,125 Amortization of debt discount 6,436 8,232 7,851 Amortization of debt issuance costs 947 1,245 1,224 Total interest expense $ 9,727 $ 12,602 $ 12,200 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. Earnings (loss) per share under the basic and diluted computations are as follows: Year Ended December 31, 2019 2018 2017 Net income (loss) from continuing operations $ 41,979 $ 13,944 $ (170,505 ) Income (loss) from discontinued operations, net of tax (236 ) (298 ) 388 Net income (loss) $ 41,743 $ 13,646 $ (170,117 ) Weighted average common shares outstanding—basic 21,993 21,706 21,439 Weighted average common stock equivalents 514 352 — Weighted average common shares outstanding—diluted 22,507 22,058 21,439 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ 1.91 $ 0.64 $ (7.95 ) Income (loss) from discontinued operations, net of tax (0.01 ) (0.01 ) 0.02 Net income (loss) $ 1.90 $ 0.63 $ (7.93 ) Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ 1.87 $ 0.63 $ (7.95 ) Income (loss) from discontinued operations, net of tax (0.02 ) (0.01 ) 0.02 Net income (loss) $ 1.85 $ 0.62 $ (7.93 ) |
Summary of Anti-dilutive Securities Excluded from Computation of Weighted Average Common Stock Equivalents | The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above were as follows: As of December 31, 2019 2018 2017 Unvested restricted stock awards — — 636 Outstanding common stock options — — 194 Convertible senior notes — 3,129 3,129 Warrants related to the issuance of convertible senior notes 3,129 3,129 3,129 Total anti-dilutive securities 3,129 6,258 7,088 |
Restructuring Charges - (Tables
Restructuring Charges - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the years ended December 31, 2019 and 2018 . Employee Costs Office Space Reductions Other Total Balance as of December 31, 2017 $ 1,267 $ 4,247 $ — $ 5,514 Additions (1) (2) 2,102 677 191 2,970 Payments (2,879 ) (3,284 ) (191 ) (6,354 ) Adjustments (1) (2) (47 ) 828 — 781 Balance as of December 31, 2018 443 2,468 — 2,911 Adoption of ASC 842 (3) — (1,119 ) — (1,119 ) Balance as of January 1, 2019 443 1,349 — 1,792 Additions (2) 636 9 — 645 Payments (995 ) (383 ) — (1,378 ) Adjustments (2) (16 ) (884 ) — (900 ) Balance as of December 31, 2019 $ 68 $ 91 $ — $ 159 (1) Additions and adjustments for the years ended December 31, 2019 and 2018 include restructuring charges of $0.1 million and $0.4 million , respectively related to office exit costs for vacated offices spaces directly related to discontinued operations |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Interest Rate Swaps Designated as Cash Flow Hedging Instruments | The table below sets forth additional information relating to our interest rate swap designated as a cash flow hedging instrument as of December 31, 2019 and 2018 . Fair Value (Derivative Asset and Liability) As of December 31, Balance Sheet Location 2019 2018 Prepaid expenses and other current assets $ — $ 302 Other non-current assets $ — $ 451 Accrued expenses $ 159 $ — Deferred compensation and other liabilities $ 387 $ — |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The tables below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 . Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Convertible debt investment $ — $ — $ 49,542 $ 49,542 Deferred compensation assets — 27,445 — 27,445 Total assets $ — $ 27,445 $ 49,542 $ 76,987 Liabilities: Interest rate swap $ — $ 546 $ — $ 546 Total liabilities $ — $ 546 $ — $ 546 Level 1 Level 2 Level 3 Total December 31, 2018 Assets: Interest rate swap $ — $ 753 $ — $ 753 Convertible debt investment — — 50,429 50,429 Deferred compensation assets — 18,205 — 18,205 Total assets $ — $ 18,958 $ 50,429 $ 69,387 Liabilities: Contingent consideration for business acquisitions $ — $ — $ 11,441 $ 11,441 Total liabilities $ — $ — $ 11,441 $ 11,441 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying amount and estimated fair value of the Convertible Notes as of December 31, 2018 follows. The Convertible Notes matured on October 1, 2019. December 31, 2018 Carrying Estimated 1.25% convertible senior notes due 2019 $ 242,617 $ 242,940 |
Convertible Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth the changes in the balance of the convertible debt investment for the years ended December 31, 2019 and 2018 . Convertible Debt Investment Balance as of December 31, 2017 $ 39,904 Change in fair value of convertible debt investment 10,525 Balance as of December 31, 2018 50,429 Change in fair value of convertible debt investment (887 ) Balance as of December 31, 2019 $ 49,542 |
Contingent Consideration Liability [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the years ended December 31, 2019 and 2018 . Contingent Consideration for Business Acquisitions Balance as of December 31, 2017 $ 22,828 Acquisitions 212 Payments (11,974 ) Remeasurement of contingent consideration for business acquisitions 381 Unrealized gain due to foreign currency translation (6 ) Balance as of December 31, 2018 11,441 Payments (10,041 ) Remeasurement of contingent consideration for business acquisitions (1,506 ) Unrealized loss due to foreign currency translation 106 Balance as of December 31, 2019 $ — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2019 , 2018 , and 2017 . Foreign Currency Translation Available-for- Sale Investments Cash Flow Hedges (1) Total Balance as of December 31, 2016 $ (453 ) $ 4,088 $ (20 ) $ 3,615 Foreign currency translation adjustment, net of tax of $0 1,602 — — 1,602 Unrealized gain on investments: Change in fair value, net of tax of $(998) — 4,231 — 4,231 Reclassification adjustment into retained earnings (2) — 493 — 493 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $(106) — — 366 366 Reclassification adjustment into earnings, net of tax of $(46) — — 69 69 Reclassification adjustment into retained earnings (2) — — (6 ) (6 ) Balance as of December 31, 2017 1,149 8,812 409 10,370 Foreign currency translation adjustment, net of tax of $0 (1,814 ) — — (1,814 ) Unrealized gain on investments: Change in fair value, net of tax of $(2,753) — 7,772 — 7,772 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $(63) — — 197 197 Reclassification adjustment into earnings, net of tax of $(10) — — (30 ) (30 ) Balance as of December 31, 2018 (665 ) 16,584 576 16,495 Foreign currency translation adjustment, net of tax of $0 99 — — 99 Unrealized gain (loss) on investments: Change in fair value, net of tax of $185 — (702 ) — (702 ) Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $295 — — (819 ) (819 ) Reclassification adjustment into earnings, net of tax of $48 — — (137 ) (137 ) Balance as of December 31, 2019 $ (566 ) $ 15,882 $ (380 ) $ 14,936 (1) The before tax amounts reclassified from accumulated other comprehensive income (loss) related to our cash flow hedges are recorded to interest expense, net of interest income. (2) Upon adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, we reclassified $0.5 million of stranded tax effects, which resulted from the enactment of the 2017 Tax Reform, from accumulated other comprehensive income to retained earnings. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Activity | The table below summarizes the restricted stock activity for the year ended December 31, 2019 . Number of Shares Weighted Average Grant Date Fair Value (in dollars) 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2018 747 11 758 $ 43.08 Granted 341 12 353 $ 48.57 Vested (284 ) (10 ) (294 ) $ 46.25 Forfeited (30 ) (1 ) (31 ) $ 45.24 Nonvested restricted stock at December 31, 2019 774 12 786 $ 44.27 |
Schedule of Performance-Based Stock Activity | The table below summarizes the performance-based stock activity for the year ended December 31, 2019 . All nonvested performance-based stock outstanding at December 31, 2019 and 2018 was granted under the 2012 Omnibus Incentive Plan. Number of Shares Weighted Average Grant Date Fair Value (in dollars) Nonvested performance-based stock at December 31, 2018 436 $ 36.81 Granted (1) 281 $ 47.93 Vested (73 ) $ 40.69 Forfeited (2) (144 ) $ 36.06 Nonvested performance-based stock at December 31, 2019 (3) 500 $ 42.72 (1) Shares granted in 2019 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 500,000 nonvested performance-based shares outstanding as of December 31, 2019 , 403,794 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2019 financial results, approximately 110,936 of the 403,794 unearned shares will be forfeited in the first quarter of 2020 . |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2019 was as follows: Number of Options (in thousands) Weighted Average Exercise Price (in dollars) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2018 154 $ 30.52 2.5 $ 3.2 Granted — Exercised (48 ) $ 25.97 $ 1.6 Forfeited or expired — Outstanding at December 31, 2019 (1) 106 $ 32.57 1.9 $ 3.8 Exercisable at December 31, 2019 106 $ 32.57 1.9 $ 3.8 (1) Of the 106,000 outstanding options, approximately 74,000 were granted under the 2004 Omnibus Stock Plan, and the remaining 32,000 options were granted under the 2012 Omnibus Incentive Plan. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense for Continuing Operations | The income tax expense for continuing operations for the years ended December 31, 2019 , 2018 , and 2017 consists of the following: Year Ended December 31, 2019 2018 2017 Current: Federal $ 125 $ (1,611 ) $ (635 ) State 2,014 286 545 Foreign (422 ) 1,885 2,040 Total current 1,717 560 1,950 Deferred: Federal 7,467 9,742 (46,103 ) State 1,610 2,008 (6,576 ) Foreign (282 ) (1,033 ) (1,270 ) Total deferred 8,795 10,717 (53,949 ) Income tax expense for continuing operations $ 10,512 $ 11,277 $ (51,999 ) |
Components of Income from Continuing Operations Before Income Tax Expense | The components of income from continuing operations before taxes were as follows: Year Ended December 31, 2019 2018 2017 U.S. $ 53,898 $ 17,025 $ (221,137 ) Foreign (1,407 ) 8,196 (1,367 ) Total $ 52,491 $ 25,221 $ (222,504 ) |
Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations | A reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations is as follows: Year Ended December 31, 2019 2018 2017 Percent of pretax income from continuing operations: At U.S. statutory tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal benefit 6.1 7.2 2.7 Disallowed executive compensation 2.0 2.5 — Meals and entertainment 1.6 2.0 (0.3 ) Tax credits (3.1 ) (1.4 ) 0.2 Valuation allowance (2.9 ) 6.9 (0.2 ) Realized investment (gains) losses (1.8 ) 1.3 0.4 Net tax benefit related to “check-the-box” election (1.4 ) — 1.2 Stock-based compensation (1.1 ) 4.9 (0.8 ) Foreign source income (0.5 ) (1.7 ) 0.1 Change in fair value of contingent consideration liabilities — 2.4 — Global intangible low-taxed income — 2.1 — Transition tax on accumulated foreign earnings, net of credits — 0.8 (0.3 ) U.S. federal rate change — (2.3 ) (3.4 ) Goodwill impairment charges — — (10.2 ) Other 0.1 (1.0 ) (1.0 ) Effective income tax rate for continuing operations 20.0 % 44.7 % 23.4 % |
Net Deferred Tax Liabilities for Continuing Operations | The net deferred tax liabilities for continuing operations at December 31, 2019 and 2018 consisted of the following: As of December 31, 2019 2018 Deferred tax assets: Operating lease liabilities $ 20,541 $ — Accrued payroll and other liabilities 12,289 6,737 Share-based compensation 6,970 6,150 Tax credits 465 3,548 Net operating loss carryforwards 280 2,247 Deferred lease incentives — 4,100 Restructuring charge liability — 639 Other 1,451 1,466 Total deferred tax assets 41,996 24,887 Valuation allowance (1,016 ) (3,143 ) Net deferred tax assets 40,980 21,744 Deferred tax liabilities: Intangibles and goodwill (16,421 ) (6,665 ) Operating lease right-of-use assets (14,675 ) — Convertible debt investment (5,608 ) (5,934 ) Software development costs (4,496 ) (1,655 ) Property and equipment (4,039 ) (3,604 ) Prepaid expenses (2,183 ) (1,794 ) Other (483 ) (671 ) Total deferred tax liabilities (47,905 ) (20,323 ) Net deferred tax asset (liability) for continuing operations $ (6,925 ) $ 1,421 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Balance at January 1, 2017 $ 3,340 Decrease due to lapse of statute of limitations (2,410 ) Decrease based on tax positions related to prior years (117 ) Balance at December 31, 2017 813 Additions based on tax positions related to prior years 115 Decrease due to lapse of statute of limitations (28 ) Balance at December 31, 2018 900 Decrease due to settlements of prior year tax positions (115 ) Decrease due to lapse of statute of limitations (735 ) Balance at December 31, 2019 $ 50 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table illustrates the disaggregation of revenues by billing arrangements, employee types, and timing of revenue recognition, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the year ended December 31, 2019 and 2018. Year Ended December 31, 2019 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 249,479 $ 100,635 $ 51,826 $ 401,940 Time and expense 55,204 139,610 154,893 349,707 Performance-based 71,051 6,856 — 77,907 Software support, maintenance and subscriptions 23,487 5,407 18,309 47,203 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Employee Type (1) Revenue generated by full-time billable consultants $ 280,915 $ 243,350 $ 195,844 $ 720,109 Revenue generated by full-time equivalents 118,306 9,158 29,184 156,648 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Timing of Revenue Recognition Revenue recognized over time $ 390,884 $ 252,508 $ 223,673 $ 867,065 Revenue recognized at a point in time 8,337 — 1,355 9,692 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Year Ended December 31, 2018 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 239,263 $ 98,119 $ 39,586 $ 376,968 Time and expense 58,377 128,583 140,824 327,784 Performance-based 42,684 5,405 — 48,089 Software support, maintenance and subscriptions 24,439 4,078 13,767 42,284 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Employee Type (1) Revenue generated by full-time billable consultants $ 247,416 $ 225,335 $ 170,496 $ 643,247 Revenue generated by full-time equivalents 117,347 10,850 23,681 151,878 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Timing of Revenue Recognition Revenue recognized over time $ 356,826 $ 236,185 $ 190,526 $ 783,537 Revenue recognized at a point in time 7,937 — 3,651 11,588 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 (1) Full-time billable consultants consist of our full-time professionals who provide consulting services to our clients and are billable to our clients based on the number of hours worked. Full-time equivalent professionals consist of our coaches and their support staff within our Culture and Organizational Excellence solution, consultants who work variable schedules as needed by our clients, employees who provide managed services in our Healthcare segment, and full-time employees who provide software support and maintenance services to our clients. |
Components of Segment Information | The tables below set forth information about our operating segments for the years ended December 31, 2019 , 2018 , and 2017 , along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because our international operations are immaterial. Year Ended December 31, 2019 2018 2017 Healthcare: Revenues $ 399,221 $ 364,763 $ 356,909 Operating income $ 125,724 $ 108,060 $ 118,761 Segment operating income as a percentage of segment revenues 31.5 % 29.6 % 33.3 % Business Advisory: Revenues $ 252,508 $ 236,185 $ 207,753 Operating income $ 49,695 $ 50,625 $ 46,600 Segment operating income as a percentage of segment revenues 19.7 % 21.4 % 22.4 % Education: Revenues $ 225,028 $ 194,177 $ 167,908 Operating income $ 55,741 $ 48,243 $ 40,318 Segment operating income as a percentage of segment revenues 24.8 % 24.8 % 24.0 % Total Company: Revenues $ 876,757 $ 795,125 $ 732,570 Reimbursable expenses 88,717 82,874 75,175 Total revenues and reimbursable expenses $ 965,474 $ 877,999 $ 807,745 Segment operating income $ 231,160 $ 206,928 $ 205,679 Items not allocated at the segment level: Other operating expenses 140,285 122,276 120,718 Litigation and other losses (gains), net (1,196 ) (2,019 ) 1,111 Depreciation and amortization 28,365 34,575 38,213 Goodwill impairment charges (1) — — 253,093 Other expense, net 11,215 26,875 15,048 Income (loss) from continuing operations before taxes $ 52,491 $ 25,221 $ (222,504 ) (1) The goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. |
Segment Assets | As of December 31, Segment Assets: 2019 2018 2017 Healthcare $ 73,019 $ 65,133 $ 70,097 Business Advisory 59,315 59,017 58,217 Education 38,881 26,990 31,367 Unallocated assets (1) 933,056 898,392 877,247 Total assets $ 1,104,271 $ 1,049,532 $ 1,036,928 (1) Unallocated assets include goodwill and intangible assets and our long-term investments, as management does not evaluate these items at the segment level when assessing segment performance or allocating resources. Refer to Note 4 “Goodwill and Intangible Assets" and Note 13 "Fair Value of Financial Instruments" for further information on these assets. |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of Allowances for Doubtful Accounts and Unbilled Services and Valuation Allowance for Deferred Tax Assets | The table below sets forth the changes in the carrying amount of our allowances for doubtful accounts and unbilled services and valuation allowance for deferred tax assets for the years ended December 31, 2019 , 2018 , and 2017 . Beginning balance Additions (1) Deductions Ending balance Year ended December 31, 2017: Allowances for doubtful accounts and unbilled services $ 21,259 43,888 40,648 $ 24,499 Valuation allowance for deferred tax assets $ 626 793 172 $ 1,247 Year ended December 31, 2018: Allowances for doubtful accounts and unbilled services $ 24,499 49,390 51,648 $ 22,241 Valuation allowance for deferred tax assets $ 1,247 2,314 418 $ 3,143 Year ended December 31, 2019: Allowances for doubtful accounts and unbilled services $ 22,241 69,979 73,552 $ 18,668 Valuation allowance for deferred tax assets $ 3,143 1 2,128 $ 1,016 (1) Additions to allowances for doubtful accounts and unbilled services are charged to revenues to the extent the provision relates to fee adjustments and other discretionary pricing adjustments. To the extent the provision relates to a client’s inability to make required payments on accounts receivables, the provision is charged to operating expenses. Additions also include allowances acquired in business acquisitions, which were not material in any period presented. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Quarterly Financial Information [Table Text Block] | Quarter Ended 2019 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 204,445 $ 220,754 $ 219,289 $ 232,269 Reimbursable expenses 18,617 23,534 23,636 22,930 Total revenues and reimbursable expenses 223,062 244,288 242,925 255,199 Gross profit 65,496 77,832 75,158 77,315 Operating income 6,756 17,875 20,576 18,499 Net income from continuing operations 3,350 10,569 13,706 14,354 Loss from discontinued operations, net of tax (46 ) (97 ) (52 ) (41 ) Net income 3,304 10,472 13,654 14,313 Net earnings per basic share: Net income from continuing operations $ 0.15 $ 0.48 $ 0.62 $ 0.65 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.48 $ 0.62 $ 0.65 Net earnings per diluted share: Net income from continuing operations $ 0.15 $ 0.47 $ 0.61 $ 0.63 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.47 $ 0.61 $ 0.63 Weighted average shares used in calculating earnings per share: Basic 21,868 21,997 22,052 22,051 Diluted 22,311 22,400 22,561 22,676 | Quarter Ended 2018 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 193,679 $ 197,544 $ 198,448 $ 205,454 Reimbursable expenses 17,619 20,733 21,296 23,226 Total revenues and reimbursable expenses 211,298 218,277 219,744 228,680 Gross profit 59,745 68,820 68,893 71,834 Operating income 2,322 19,138 13,561 17,075 Net income (loss) from continuing operations (3,222 ) 5,862 8,249 3,055 Income (loss) from discontinued operations, net of tax (42 ) (490 ) 228 6 Net income (loss) (3,264 ) 5,372 8,477 3,061 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ (0.15 ) $ 0.27 $ 0.38 $ 0.14 Income (loss) from discontinued operations, net of tax — (0.02 ) 0.01 — Net income (loss) $ (0.15 ) $ 0.25 $ 0.39 $ 0.14 Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ (0.15 ) $ 0.27 $ 0.37 $ 0.14 Income (loss) from discontinued operations, net of tax — (0.02 ) 0.01 — Net income (loss) $ (0.15 ) $ 0.25 $ 0.38 $ 0.14 Weighted average shares used in calculating earnings per share: Basic 21,592 21,709 21,745 21,774 Diluted 21,592 21,918 22,110 22,294 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Reporting_UnitSegmentBilling | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2014USD ($) | |
Cash and Cash Equivalents [Line Items] | |||||
Foreign Currency Transaction Gain (Loss), Realized | $ 200,000 | $ (500,000) | $ (400,000) | ||
Cumulative Effect on Retained Earnings, Net of Tax | $ 2,000,000 | ||||
Document Period End Date | Dec. 31, 2019 | ||||
Number of billing arrangements for revenue recognition | Billing | 4 | ||||
Capitalized Contract Cost, Amortization | $ 300,000 | 200,000 | |||
Capitalized Contract Cost, Net | 800,000 | 400,000 | |||
Capitalized Computer Software, Accumulated Amortization | 5,900,000 | 2,900,000 | |||
Capitalized Computer Software, Gross | 21,500,000 | 10,200,000 | |||
Amortized capitalized software development costs | $ 3,000,000 | 1,400,000 | 800,000 | ||
Number of Reporting Units | Reporting_Unit | 6 | ||||
Sponsorship and advertising costs | $ 8,400,000 | $ 7,900,000 | $ 6,600,000 | ||
Aggregate principal amount | $ 250,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||
Number of Operating Segments | Segment | 3 | ||||
Maximum [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and Cash Equivalent maturity period | 3 months | ||||
Computers, related equipment and software [Member] | Maximum [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Depreciated over and estimated useful life | P4Y | ||||
Computers, related equipment and software [Member] | Minimum [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Depreciated over and estimated useful life | P2Y | ||||
Furniture and fixtures [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Depreciated over and estimated useful life | P5Y | ||||
Aircraft [Domain] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Depreciated over and estimated useful life | P10Y |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Impact of Adoption (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 56,463 | $ 54,954 | $ 0 |
Accrued expenses and other current liabilities | 14,650 | 18,554 | 17,207 |
Operating Lease, Liability, Current | 10,537 | 7,469 | 0 |
Deferred compensation and other liabilities | 20,339 | 28,635 | 20,875 |
Deferred lease incentives | 0 | 0 | 13,693 |
Operating Lease, Liability, Noncurrent | 62,712 | $ 69,233 | $ 0 |
Operating lease right-of-use asset [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 56,463 | ||
Accrued Liabilities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (2,557) | ||
Operating lease liability current [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 10,537 | ||
Other Liabilities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (536) | ||
Deferred rent credit noncurrent [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (13,693) | ||
Operating lease liability noncurrent [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 62,712 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 01, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||||||||
Effective date of acquisition | Mar. 1, 2017 | |||||||||||
Outstanding stock from the existing shareholders | 100.00% | |||||||||||
Contingent consideration related to business acquisitions | $ 0 | $ 212 | $ 0 | $ 212 | $ 15,489 | |||||||
Total revenues and reimbursable expenses | 255,199 | $ 242,925 | $ 244,288 | $ 223,062 | 228,680 | $ 219,744 | $ 218,277 | $ 211,298 | 965,474 | 877,999 | 807,745 | |
Operating income (loss) | $ 18,499 | $ 20,576 | $ 17,875 | $ 6,756 | $ 17,075 | $ 13,561 | $ 19,138 | $ 2,322 | 63,706 | 52,096 | (207,456) | |
Amortization of Intangible Assets | $ 17,800 | $ 24,000 | 35,000 | |||||||||
Innosight Holdings, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition date fair value of the consideration | $ 113,607 | |||||||||||
Borrowings under credit facility | $ 89,000 | |||||||||||
Common stock issued | 221,558 | |||||||||||
Acquisition date fair value | $ 9,560 | |||||||||||
Share Price | $ 43.15 | |||||||||||
Contingent consideration related to business acquisitions | $ 12,050 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 35,000 | |||||||||||
Weighted-average amortization period | 5 years 7 months 6 days | |||||||||||
Goodwill expected to be deductible for income tax purpose | $ 87,400 | |||||||||||
Total revenues and reimbursable expenses | 34,300 | |||||||||||
Operating income (loss) | (900) | |||||||||||
Amortization of Intangible Assets | 3,400 | |||||||||||
Expenses incurred | 1,700 | |||||||||||
Pro Forma Adjustments, Additional Expense | $ 600 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands | Mar. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Contingent consideration related to business acquisitions | $ 0 | $ 212 | $ 15,489 | |
Innosight Holdings, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 90,725 | |||
Acquisition date fair value | 9,560 | |||
Contingent consideration related to business acquisitions | 12,050 | |||
Consideration transferred net working capital adjustment | 1,272 | |||
Acquisition date fair value of the consideration | $ 113,607 |
Acquisitions - Preliminary Allo
Acquisitions - Preliminary Allocation of the Purchase Price to the Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||
Costs in Excess of Billings, Current | $ 79,937 | $ 69,613 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||
Goodwill | $ 646,680 | $ 645,263 | $ 645,750 | |
Innosight Holdings, LLC [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||
Accounts receivable | $ 7,752 | |||
Costs in Excess of Billings, Current | 1,881 | |||
Prepaid expenses and other current assets | 468 | |||
Property and equipment | 419 | |||
Intangible assets | 18,015 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||
Accounts payable | 531 | |||
Accrued expenses and other current liabilities | 894 | |||
Accrued payroll and related benefits | 883 | |||
Deferred revenues | 30 | |||
Total identifiable net assets | 26,197 | |||
Goodwill | 87,410 | |||
Total purchase price | $ 113,607 |
Acquisitions - Schedule of Comp
Acquisitions - Schedule of Components of Identifiable Intangible Assets Acquired and their Estimated Useful Lives (Details) - USD ($) $ in Thousands | Mar. 01, 2017 | Dec. 31, 2019 |
Customer contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life in years | 2 years | |
Non-competition Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life in years | 5 years | |
Off-Market Favorable Lease [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life in years | 3 years | |
Innosight Holdings, LLC [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 18,015 | |
Innosight Holdings, LLC [Member] | Customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 9,500 | |
Useful life in years | 6 years | |
Innosight Holdings, LLC [Member] | Trade names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 6,000 | |
Useful life in years | 6 years | |
Innosight Holdings, LLC [Member] | Customer contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,000 | |
Useful life in years | 1 year | |
Innosight Holdings, LLC [Member] | Non-competition Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,300 | |
Useful life in years | 5 years | |
Innosight Holdings, LLC [Member] | Off-Market Favorable Lease [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 215 | |
Useful life in years | 1 year |
Acquisitions - Summary of Suppl
Acquisitions - Summary of Supplemental Pro Forma Consolidated Results of Operations (Details) - Innosight Holdings, LLC [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / shares | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Business acquisition, pro forma revenue | $ | $ 741,695 |
Business acquisition, pro forma net income (loss) | $ | $ (167,346) |
Business acquisition, pro forma earnings per share, basic (in USD per share) | $ / shares | $ (7.79) |
Business acquisition, pro forma earnings per share, diluted (in USD per share) | $ / shares | $ (7.79) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,042,756 | $ 1,041,339 | $ 1,041,826 |
Accumulated impairment losses | (396,076) | (396,076) | (396,076) |
Goodwill, net beginning balance | 645,263 | 645,750 | |
Goodwill recorded in connection with business combinations | 1,060 | 186 | |
Foreign currency translation | 357 | (673) | |
Goodwill, net ending balance | 646,680 | 645,263 | |
Health Care [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 636,810 | 636,810 | 636,810 |
Accumulated impairment losses | (208,081) | (208,081) | (208,081) |
Goodwill, net beginning balance | 428,729 | 428,729 | |
Goodwill recorded in connection with business combinations | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Goodwill, net ending balance | 428,729 | 428,729 | |
Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 103,889 | 102,829 | 102,829 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill, net beginning balance | 102,829 | 102,829 | |
Goodwill recorded in connection with business combinations | 1,060 | 0 | |
Foreign currency translation | 0 | 0 | |
Goodwill, net ending balance | 103,889 | 102,829 | |
Business Advisory [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 302,057 | 301,700 | 302,187 |
Accumulated impairment losses | (187,995) | (187,995) | $ (187,995) |
Goodwill, net beginning balance | 113,705 | 114,192 | |
Goodwill recorded in connection with business combinations | 0 | 186 | |
Foreign currency translation | 357 | (673) | |
Goodwill, net ending balance | $ 114,062 | $ 113,705 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets | ||
Gross carrying amount | $ 125,221 | $ 137,229 |
Accumulated Amortization | $ 93,596 | 89,372 |
Customer contracts [Member] | ||
Intangible assets | ||
Useful life in years | 2 years | |
Gross carrying amount | $ 800 | 0 |
Accumulated Amortization | 52 | 0 |
Customer relationships [Member] | ||
Intangible assets | ||
Gross carrying amount | 87,577 | 98,235 |
Accumulated Amortization | $ 61,882 | 60,462 |
Customer relationships [Member] | Minimum [Member] | ||
Intangible assets | ||
Useful life in years | 3 years | |
Customer relationships [Member] | Maximum [Member] | ||
Intangible assets | ||
Useful life in years | 13 years | |
Non-competition Agreements [Member] | ||
Intangible assets | ||
Useful life in years | 5 years | |
Gross carrying amount | $ 2,220 | 3,650 |
Accumulated Amortization | 1,447 | 2,241 |
Trade names [Member] | ||
Intangible assets | ||
Gross carrying amount | 28,930 | 28,930 |
Accumulated Amortization | $ 25,894 | 23,181 |
Trade names [Member] | Minimum [Member] | ||
Intangible assets | ||
Useful life in years | 5 years | |
Trade names [Member] | Maximum [Member] | ||
Intangible assets | ||
Useful life in years | 6 years | |
Technology-Based Intangible Assets [Member] | ||
Intangible assets | ||
Gross carrying amount | $ 5,694 | 5,694 |
Accumulated Amortization | $ 4,321 | 2,842 |
Technology-Based Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets | ||
Useful life in years | 3 years | |
Technology-Based Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets | ||
Useful life in years | 5 years | |
Off-Market Favorable Lease [Member] | ||
Intangible assets | ||
Useful life in years | 3 years | |
Gross carrying amount | $ 0 | 720 |
Accumulated Amortization | $ 0 | $ 646 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 12,638 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8,379 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6,111 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 3,512 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 741 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2019 | |
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ (253,093) | |
Amortization of Intangible Assets | $ 17,800 | $ 24,000 | 35,000 | |
Health Care [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | (208,100) | |||
Enterprise Solutions and Analytics [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ (45,000) | |||
Strategy and Innovation [Member] | ||||
Goodwill [Line Items] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 41.00% |
Leases Schedule of Operating Le
Leases Schedule of Operating Lease Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 54,954 | $ 56,463 | $ 0 |
Operating Lease, Liability, Current | 7,469 | 10,537 | 0 |
Operating Lease, Liability, Noncurrent | 69,233 | $ 62,712 | $ 0 |
Operating Lease, Liability | $ 76,702 |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Cost | $ 11,883 |
Short-term Lease, Cost | 322 |
Variable Lease, Cost | 3,656 |
Sublease Income | (2,638) |
Lease, Cost | $ 13,223 |
Leases Schedule of Maturities o
Leases Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 9,772 | $ 13,701 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 12,039 | 12,724 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11,502 | 11,590 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,470 | 10,766 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 10,893 | 10,707 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 35,211 | 27,033 |
Lessee, Operating Lease, Liability, Payments, Due | 90,887 | $ 86,521 |
Lessee Operating Lease Liability Undiscounted Excess | (14,185) | |
Operating Lease, Liability | $ 76,702 |
Leases Schedule of Operating _2
Leases Schedule of Operating Lease Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 13,902 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 12,842 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% |
Leases Leases Additional Inform
Leases Leases Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Impairment Loss | $ 800 | ||||
Lease, Cost | $ 13,223 | ||||
Operating Leases, Rent Expense, Net | $ 15,100 | $ 14,300 | |||
Operating Leases, Future Minimum Payments Receivable | $ 10,200 | ||||
Gain (Loss) on Termination of Lease | $ 800 | ||||
Lessee, Operating Lease, Description | Among other items, this amendment i) extends the term of the lease from September 30, 2024 to September 30, 2029; ii) provides a renewal option to extend the lease for an additional five year period to September 30, 2034; iii) terminates the lease with respect to certain leased spaces previously vacated; iv) provides abatement of certain future base rent payments and our pro rata share of operating expenses and taxes; and v) provides a one-time cash payment from the lessor as an incentive. | ||||
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | |||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years | |||
Operating lease right-of-use asset [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Impairment Loss | $ 600 | ||||
Leasehold Improvements [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Impairment Loss | $ 200 | ||||
Restructuring Charges [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease, Cost | 400 | ||||
Gain (Loss) on Termination of Lease | $ 400 | ||||
Discontinued operations [Member] | Huron Legal [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease, Cost | $ 300 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for property and equipment | $ 13 | $ 13.4 | $ 13.3 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 118,764 | $ 123,367 |
Accumulated depreciation and amortization | (80,351) | (82,993) |
Property and equipment, net | 38,413 | 40,374 |
Computers, related equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 50,251 | 53,116 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 44,323 | 45,052 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 16,273 | 17,408 |
Aircraft [Domain] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 7,667 | 7,541 |
Property and equipment, net | 5,100 | 5,800 |
Assets under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 250 | $ 250 |
Financing Arrangements - Summar
Financing Arrangements - Summary of Carrying Amounts of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 208,853 | $ 296,985 | |
Long-term Debt, Current Maturities | 529 | 243,132 | |
Long-term debt, net of current portion | 208,324 | 53,853 | |
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 242,617 | |
Senior Secured Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 205,000 | 50,000 | |
Promissory Note due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3,853 | $ 4,368 | $ 5,100 |
Financing Arrangements Financin
Financing Arrangements Financing Arrangements - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 529 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 544 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 559 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 575 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 206,646 |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Notes (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2014 |
Convertible Senior Notes [Line Items] | |||
Proceeds | $ 250,000,000 | ||
Long-term debt | $ 208,853,000 | $ 296,985,000 | |
Convertible Debt [Member] | |||
Convertible Senior Notes [Line Items] | |||
Proceeds | 250,000,000 | $ 250,000,000 | |
Less: debt discount, net of amortization | (6,436,000) | ||
Debt Issuance Costs, Net | 947,000 | ||
Long-term debt | 0 | 242,617,000 | |
Equity component | $ 39,287,000 | $ 39,287,000 |
Financing Arrangements - Summ_2
Financing Arrangements - Summary of Interest Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Expense Recognized [Line Items] | |||
Contractual interest coupon | $ 2,344 | $ 3,125 | $ 3,125 |
Amortization of debt discount | 6,436 | 8,232 | 7,851 |
Amortization of debt issuance costs | 947 | 1,245 | 1,224 |
Convertible Debt [Member] | |||
Interest Expense Recognized [Line Items] | |||
Total interest expense recognized | $ 9,727 | $ 12,602 | $ 12,200 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) $ / shares in Units, shares in Millions | Jun. 30, 2017USD ($) | Jun. 22, 2017 | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($)$ / sharesshares | Oct. 31, 2019USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | 1.25% | |||||||||
Payments of Debt Issuance Costs | $ 1,524,000 | $ 1,385,000 | $ 408,000 | ||||||||
Conversion price of convertible notes (in USD per share) | $ / shares | $ 79.89 | $ 79.89 | |||||||||
Deferred income taxes, net | 8,070,000 | 732,000 | |||||||||
Long-term debt | 208,853,000 | 296,985,000 | |||||||||
Duration of LIBOR | 1 month | ||||||||||
Property and equipment, net | 38,413,000 | 40,374,000 | |||||||||
Warrant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common stock purchased (in shares) | shares | 3.1 | 3.1 | |||||||||
Common stock price (in USD per share) | $ / shares | $ 97.12 | $ 97.12 | |||||||||
Aggregate proceeds from the sale of warrants | $ 23,600,000 | ||||||||||
Note Hedge [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common stock purchased (in shares) | shares | 3.1 | 3.1 | |||||||||
Aggregate amount for convertible hedge | $ 42,100,000 | ||||||||||
Deferred tax asset | 16,500,000 | $ 16,500,000 | |||||||||
Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | 250,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | 1.25% | |||||||||
Debt Conversion, Original Debt, Due Date of Debt | Oct. 1, 2019 | ||||||||||
Proceeds from Lines of Credit | $ 217,000,000 | ||||||||||
Repayments of Debt | $ 33,000,000 | ||||||||||
Effective interest rate of debt | 4.751% | 4.751% | |||||||||
Payments of Debt Issuance Costs | $ 7,300,000 | ||||||||||
Liability issuance costs | $ 6,200,000 | 6,200,000 | |||||||||
Equity issuance costs | $ 1,100,000 | $ 1,100,000 | |||||||||
Conversion price of convertible notes (in USD per share) | $ / shares | $ 79.89 | $ 79.89 | |||||||||
Deferred income taxes, net | $ 15,400,000 | $ 15,400,000 | |||||||||
Long-term debt | $ 0 | 242,617,000 | |||||||||
Convertible Debt [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion price of convertible notes (in USD per share) | $ / shares | $ 97.12 | $ 97.12 | |||||||||
Senior Secured Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit current borrowing capacity | $ 600,000,000 | $ 600,000,000 | |||||||||
Maturity date | Sep. 27, 2024 | ||||||||||
Optional increase In revolver | $ 150,000,000 | ||||||||||
Aggregate principal amount - Senior secured credit facility | $ 750,000,000 | $ 750,000,000 | |||||||||
Percentage of pledged voting stock in domestic subsidiaries | 100.00% | ||||||||||
Percentage of pledged voting stock in foreign subsidiaries | 65.00% | ||||||||||
Maximum consolidated leverage ratio | 3.75 | ||||||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio, Additional Increase | 4 | ||||||||||
Minimum interest coverage ratio | 3.50 | 3.50 | |||||||||
Actual consolidated leverage ratio | 1.64 | ||||||||||
Actual interest coverage ratio | 15.29 | ||||||||||
Long-term debt | $ 205,000,000 | $ 50,000,000 | |||||||||
Percentage of weighted average interest rate of borrowings | 3.00% | 3.70% | |||||||||
Outstanding letters of credit | $ 1,700,000 | $ 1,600,000 | |||||||||
Unused borrowing capacity under Credit Agreement | 393,300,000 | ||||||||||
Senior Secured Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | ||||||||||
Senior Secured Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||||||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||||||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||||
Promissory Note due 2024 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.97% | ||||||||||
Long-term debt | $ 5,100,000 | $ 5,100,000 | 3,853,000 | 4,368,000 | |||||||
Debt Instrument, Maturity Date | Mar. 1, 2024 | ||||||||||
Repayment of Principal at Maturity Date | $ 1,500,000 | $ 1,500,000 | |||||||||
Duration of LIBOR | 1 month | ||||||||||
Aircraft [Domain] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Property and equipment, net | $ 5,100,000 | $ 5,800,000 |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 50,000,000 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Revenues Revenue - Additional I
Revenues Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 10,800 | |
Revenue, Remaining Performance Obligation, Amount | $ 90,100 | |
Change in Contract with Customer, Asset and Liability [Abstract] | ||
Contract with Customer, Asset, after Allowance for Credit Loss | 12,600 | 9,100 |
Contract Asset, Period Increase (Decrease) | 3,500 | |
Deferred revenues | 28,443 | 28,130 |
Deferred Revenue, Period Increase (Decrease) | 300 | |
Deferred Revenue, Revenue Recognized | 22,800 | 23,500 |
Change in Estimated Variable Consideration [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | 1,000 | 7,200 |
Release of Allowance [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 2,800 | $ 3,600 |
Revenues Performance Obligation
Revenues Performance Obligations Information (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 90.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 58.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 20.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Revenue, Remaining Performance Obligation, Amount | $ 11.1 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income from continuing operations | $ 14,354 | $ 13,706 | $ 10,569 | $ 3,350 | $ 3,055 | $ 8,249 | $ 5,862 | $ (3,222) | $ 41,979 | $ 13,944 | $ (170,505) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (41) | (52) | (97) | (46) | 6 | 228 | (490) | (42) | (236) | (298) | 388 |
Net income | $ 14,313 | $ 13,654 | $ 10,472 | $ 3,304 | $ 3,061 | $ 8,477 | $ 5,372 | $ (3,264) | $ 41,743 | $ 13,646 | $ (170,117) |
Weighted average common shares outstanding-basic | 22,051 | 22,052 | 21,997 | 21,868 | 21,774 | 21,745 | 21,709 | 21,592 | 21,993 | 21,706 | 21,439 |
Weighted average common stock equivalents | 514 | 352 | 0 | ||||||||
Weighted average common shares outstanding- diluted | 22,676 | 22,561 | 22,400 | 22,311 | 22,294 | 22,110 | 21,918 | 21,592 | 22,507 | 22,058 | 21,439 |
Net earnings per basic share: | |||||||||||
Net income from continuing operations, per basic share (in USD per share) | $ 0.65 | $ 0.62 | $ 0.48 | $ 0.15 | $ 0.14 | $ 0.38 | $ 0.27 | $ (0.15) | $ 1.91 | $ 0.64 | $ (7.95) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | 0 | 0.01 | (0.02) | 0 | (0.01) | (0.01) | 0.02 |
Net income, per basic share (in USD per share) | 0.65 | 0.62 | 0.48 | 0.15 | 0.14 | 0.39 | 0.25 | (0.15) | 1.90 | 0.63 | (7.93) |
Net earnings per diluted share: | |||||||||||
Net income from continuing operations, per diluted share (in USD per share) | 0.63 | 0.61 | 0.47 | 0.15 | 0.14 | 0.37 | 0.27 | (0.15) | 1.87 | 0.63 | (7.95) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0.01 | (0.02) | 0 | (0.02) | (0.01) | 0.02 |
Net income, per diluted share (in USD per share) | $ 0.63 | $ 0.61 | $ 0.47 | $ 0.15 | $ 0.14 | $ 0.38 | $ 0.25 | $ (0.15) | $ 1.85 | $ 0.62 | $ (7.93) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Anti-dilutive Securities Excluded from Computation of Weighted Average Common Stock Equivalents (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 3,129 | 6,258 | 7,088 |
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 0 | 0 | 636 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 0 | 0 | 194 |
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 0 | 3,129 | 3,129 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 3,129 | 3,129 | 3,129 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accelerated Share Repurchases [Line Items] | |||
Stock Repurchased and Retired During Period, Value | $ 14,219,000 | ||
Share Repurchases Initiated but not yet Settled | 1,234,000 | $ 0 | $ 0 |
Share Repurchase Program [Member] | |||
Accelerated Share Repurchases [Line Items] | |||
Share repurchase authorized amount | $ 125,000,000 | ||
Shares repurchased | 210,437 | ||
Stock Repurchased and Retired During Period, Value | $ 14,200,000 | ||
Share Repurchases Initiated but not yet Settled | 1,200,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 20,900,000 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Restructuring Charges [Line Items] | ||||||
Restructuring additions | $ 1,855 | $ 3,657 | $ 6,246 | |||
Gain (Loss) on Termination of Lease | $ 800 | |||||
Loss on disposal | $ 5,800 | 0 | (5,807) | 931 | ||
Restructuring charge liability | 159 | 159 | 2,911 | 5,514 | $ 1,792 | |
Operating Lease, Impairment Loss | 800 | |||||
Restructuring and Related Cost, Accelerated Depreciation | 200 | |||||
Employee Severance [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 600 | 2,100 | 3,700 | |||
Restructuring charge liability | 68 | 68 | 443 | 1,267 | 443 | |
Office Space Reductions [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 1,200 | 1,300 | 2,400 | |||
Restructuring charge liability | 91 | 91 | 2,468 | 4,247 | 1,349 | |
Office Space Reductions [Member] | Wisconsin Office [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 800 | |||||
Office Space Reductions [Member] | San Francisco Office [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 400 | |||||
Office Space Reductions [Member] | Chicago, Illinois [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 100 | |||||
Office Space Reductions [Member] | LakeOswegoOregon [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Operating Lease, Impairment Loss | 700 | |||||
Office Space Reductions [Member] | Middleton, Wisconsin [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 400 | |||||
Office Space Reductions [Member] | Houston, Texas [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 100 | |||||
Other Restructuring [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 300 | |||||
Restructuring charge liability | 0 | 0 | 0 | 0 | $ 0 | |
Health Care [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 300 | 1,100 | 2,100 | |||
Corporate, Non-Segment [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 1,500 | 1,600 | 2,900 | |||
Business Advisory [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | 100 | 1,000 | $ 1,100 | |||
Huron Legal [Member] | Discontinued operations [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Restructuring additions | $ 100 | $ 400 | ||||
Restructuring Charges [Member] | ||||||
Restructuring Charges [Line Items] | ||||||
Gain (Loss) on Termination of Lease | $ 400 |
Restructuring Charges Restructu
Restructuring Charges Restructuring Charges - Rollforward (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | $ 2,911 | $ 2,911 | $ 5,514 |
Restructuring additions | 645 | 2,970 | |
Payments for restructuring | (1,378) | (6,354) | |
Restructuring reserve adjustments | (900) | 781 | |
Restructuring reserve, period end | 1,792 | 159 | 2,911 |
Office Space Reductions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | 2,468 | 2,468 | 4,247 |
Restructuring additions | 9 | 677 | |
Payments for restructuring | (383) | (3,284) | |
Restructuring reserve adjustments | (884) | 828 | |
Restructuring reserve, period end | 1,349 | 91 | 2,468 |
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | 0 | 0 | 0 |
Restructuring additions | 0 | 191 | |
Payments for restructuring | 0 | (191) | |
Restructuring reserve adjustments | 0 | 0 | |
Restructuring reserve, period end | 0 | 0 | 0 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | 443 | 443 | 1,267 |
Restructuring additions | 636 | 2,102 | |
Payments for restructuring | (995) | (2,879) | |
Restructuring reserve adjustments | (16) | (47) | |
Restructuring reserve, period end | 443 | $ 68 | $ 443 |
Accounting Standards Update 2016-02 [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,119) | ||
Accounting Standards Update 2016-02 [Member] | Office Space Reductions [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,119) | ||
Accounting Standards Update 2016-02 [Member] | Other Restructuring [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||
Accounting Standards Update 2016-02 [Member] | Employee Severance [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activity - Additional Information (Detail) - USD ($) $ in Millions | Jun. 22, 2017 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Interest rate swap agreement, effective date | Aug. 31, 2017 | |
Interest rate swap agreement, end date | Aug. 31, 2022 | |
Interest rate swap agreement for a notional amount | $ 50 | |
Duration of LIBOR | 1 month | |
Percentage of fixed rate | 1.90% | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 0.1 | |
Loss reclassification from accumulated OCI to income, estimate of time to transfer | 12 months |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activity - Fair Value Interest Rate Swaps Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value interest rate swaps designated as cash flow hedging instruments | ||
Fair value (derivative asset and liability) | $ 0 | $ 302 |
Other Noncurrent Assets [Member] | ||
Fair Value interest rate swaps designated as cash flow hedging instruments | ||
Fair value (derivative asset and liability) | 0 | 451 |
Accrued Liabilities [Member] | ||
Fair Value interest rate swaps designated as cash flow hedging instruments | ||
Fair value (derivative asset and liability) | 159 | 0 |
Other Noncurrent Liabilities [Member] | ||
Fair Value interest rate swaps designated as cash flow hedging instruments | ||
Fair value (derivative asset and liability) | $ 387 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Document Period End Date | Dec. 31, 2019 | ||
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 76,987 | $ 69,387 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 546 | 11,441 | |
Fair Value, Recurring [Member] | Deferred Compensation Plan Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 27,445 | 18,205 | |
Fair Value, Recurring [Member] | Contingent Consideration Liability [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 11,441 | $ 22,828 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 753 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 546 | ||
Fair Value, Recurring [Member] | Convertible Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 49,542 | 50,429 | $ 39,904 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 27,445 | 18,958 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 546 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Deferred Compensation Plan Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 27,445 | 18,205 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 753 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 546 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 49,542 | 50,429 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 11,441 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 11,441 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 49,542 | $ 50,429 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2014 | Jul. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Document Period End Date | Dec. 31, 2019 | |||||
Long-term Investments | $ 54,541,000 | $ 50,429,000 | ||||
Aggregate principal amount | $ 250,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||||
Convertible Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Aggregate principal amount | 250,000,000 | $ 250,000,000 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 39,287,000 | $ 39,287,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||||
Promissory Note due 2024 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Maturity Date | Mar. 1, 2024 | |||||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Investments | $ 13,000,000 | $ 27,900,000 | ||||
Debt Instrument, Maturity Date | Jan. 17, 2024 | Jul. 1, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.69% | |||||
Preferred Stock [Member] | Medically Home Group Inc. [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Investments | $ 5,000,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Carrying Amount and Estimated Fair Value of Convertible Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 208,853 | $ 296,985 |
Convertible Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 0 | 242,617 |
Estimated fair value | $ 242,940 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments Fair Value of Financial Instruments - Convertible Debt Investment Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 76,987 | $ 69,387 | |
Convertible Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 49,542 | 50,429 | $ 39,904 |
Shorelight Holdings Llc [Member] | Convertible Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (887) | $ 10,525 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments Fair Value of Financial Instruments - Contingent Consideration Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 546 | $ 11,441 | |
Contingent Consideration Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 212 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (10,041) | (11,974) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (1,506) | 381 | |
Contingent Consideration Liability [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 11,441 | $ 22,828 |
Foreign Currency Gain (Loss) [Member] | Contingent Consideration Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | $ 106 | $ (6) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments, beginning balance | $ (665) | $ 1,149 | $ (453) |
Foreign currency translation adjustment, net of tax | 99 | (1,814) | 1,602 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 4,231 | ||
Foreign currency translation adjustments, ending balance | (566) | (665) | 1,149 |
Unrealized loss on investment, beginning balance | 16,584 | 8,812 | 4,088 |
Unrealized loss on investments | (702) | 7,772 | 4,724 |
Unrealized loss on investment, ending balance | 15,882 | 16,584 | 8,812 |
Unrealized gain (loss) on cash flow hedges, beginning balance | 576 | 409 | (20) |
Change in fair value | (819) | 197 | 366 |
Reclassification adjustment into earnings | (137) | (30) | 69 |
Unrealized gain (loss) on cash flow hedges, ending balance | $ (380) | $ 576 | 409 |
Retained Earnings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (500) | ||
Convertible Debt Securities [Member] | Retained Earnings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 493 | ||
Interest Rate Swap [Member] | Retained Earnings [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (6) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Tax | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 185 | (2,753) | (998) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 295 | (63) | (106) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 48 | $ (10) | $ (46) |
Employee Benefit and Deferred_2
Employee Benefit and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |||
Employer contributions up to percent of employee's salaries | 6.00% | ||
Employer matching contributions | $ 22.8 | $ 20.8 | $ 20 |
Deferred compensation liability | $ 27.5 | $ 18.4 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | May 01, 2015shares | Mar. 31, 2020shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Retirement eligible provision, minimum age | 62 years | ||||
Retirement eligible provision, minimum years of service | 7 years | ||||
Share-based compensation expense | $ | $ 24.2 | $ 18.8 | $ 14.8 | ||
Income tax benefits | $ | 5.3 | $ 4.6 | 5.8 | ||
Unrecognized compensation cost | $ | $ 26.2 | ||||
Unrecognized compensation cost, Period | 2 years 2 months 12 days | ||||
Stock option awards granted | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 106,000 | 154,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 1.6 | ||||
Exercise of stock options, shares | 48,000 | ||||
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Aggregate fair value of stock vested | $ | $ 14.5 | $ 9.1 | $ 11.1 | ||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 48.57 | $ 38.45 | $ 42.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 786,000 | 758,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 31,000 | ||||
Performance-based stock activity [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate fair value of stock vested | $ | $ 3.4 | $ 1.5 | $ 3.6 | ||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 47.93 | $ 35.25 | $ 42.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 500,000 | 436,000 | |||
Nonvested And Unearned Performance Shares | 403,794 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 144,000 | ||||
Performance-based stock activity [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 2 years | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0.8 | ||||
Exercise of stock options, shares | 0 | ||||
Executive Officer [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Stock options contractual term | 10 years | ||||
Two Thousand And Twelve Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,254,000 | ||||
Shares available for issuance | 1,100,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32,000 | ||||
Two Thousand And Twelve Plan [Member] | Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 774,000 | 747,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 30,000 | ||||
Stock Ownership Participation Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance | 300,000 | 100,000 | |||
Restricted stock granted as a percentage of purchased shares | 0.25 | ||||
Stock Ownership Participation Program [Member] | Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 12,000 | 11,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,000 | ||||
Two Thousand and Four Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 74,000 | ||||
Forecast [Member] | Performance-based stock activity [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 110,936 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Restricted Stock Activity (Detail) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total | |||
Nonvested stock, number of shares, beginning balance | 758 | ||
Granted, number of shares | 353 | ||
Vested, number of shares | (294) | ||
Forfeited, number of shares | (31) | ||
Nonvested stock, number of shares, ending balance | 786 | 758 | |
Weighted Average Grant Date Fair Value (in dollars) | |||
Nonvested stock, weighted average grant date fair value, beginning balance (in USD per share) | $ 43.08 | ||
Weighted average grant date fair value (in USD per share) | 48.57 | $ 38.45 | $ 42.11 |
Vested, weighted average grant date fair value (in USD per share) | 46.25 | ||
Forfeited, weighted average grant date fair value (in USD per share) | 45.24 | ||
Nonvested stock, weighted average grant date fair value, ending balance (in USD per share) | $ 44.27 | $ 43.08 | |
Two Thousand And Twelve Plan [Member] | |||
Total | |||
Nonvested stock, number of shares, beginning balance | 747 | ||
Granted, number of shares | 341 | ||
Vested, number of shares | (284) | ||
Forfeited, number of shares | (30) | ||
Nonvested stock, number of shares, ending balance | 774 | 747 | |
Stock Ownership Participation Program [Member] | |||
Total | |||
Nonvested stock, number of shares, beginning balance | 11 | ||
Granted, number of shares | 12 | ||
Vested, number of shares | (10) | ||
Forfeited, number of shares | (1) | ||
Nonvested stock, number of shares, ending balance | 12 | 11 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Performance-Based Stock Activity (Detail) - Performance-based stock activity [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | ||||
Nonvested stock, number of shares, beginning balance | 500,000 | 436,000 | ||
Granted, number of shares | 281,000 | |||
Vested, number of shares | (73,000) | |||
Forfeited, number of shares | (144,000) | |||
Nonvested stock, number of shares, ending balance | 500,000 | 436,000 | ||
Weighted Average Grant Date Fair Value (in dollars) | ||||
Nonvested stock, weighted average grant date fair value, beginning balance (in USD per share) | $ 42.72 | $ 36.81 | ||
Weighted average grant date fair value (in USD per share) | 47.93 | $ 35.25 | $ 42.75 | |
Vested, weighted average grant date fair value (in USD per share) | 40.69 | |||
Forfeited, weighted average grant date fair value (in USD per share) | 36.06 | |||
Nonvested stock, weighted average grant date fair value, ending balance (in USD per share) | $ 42.72 | $ 36.81 | ||
Forecast [Member] | ||||
Number of Shares | ||||
Forfeited, number of shares | (110,936) |
Equity Incentive Plans - Sche_3
Equity Incentive Plans - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options (in thousands) | ||
Outstanding, shares, beginning balance | 154,000 | |
Stock option awards granted | 0 | |
Exercise of stock options, shares | (48,000) | |
Forfeited or expired, shares | 0 | |
Outstanding, shares, ending balance | 106,000 | 154,000 |
Exercisable, shares, ending balance | 106,000 | |
Beginning balance, weighted average exercise price (in USD per share) | $ 30.52 | |
Ending balance, weighted average exercise price (in USD per share) | 32.57 | $ 30.52 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 25.97 | |
Exercisable, weighted average exercise price (in USD per share) | $ 32.57 | |
Weighted-average remaining contractual term (years), option outstanding | 1 year 10 months 24 days | 2 years 6 months |
Weighted-average remaining contractual term (years), options exercisable | 1 year 10 months 24 days | |
Aggregate intrinsic value, option outstanding, beginning balance | $ 3.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1.6 | |
Aggregate intrinsic value, options exercisable, ending balance | 3.8 | |
Aggregate intrinsic value, option outstanding, ending balance | $ 3.8 | $ 3.2 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 125 | $ (1,611) | $ (635) |
State | 2,014 | 286 | 545 |
Foreign | (422) | 1,885 | 2,040 |
Total current | 1,717 | 560 | 1,950 |
Deferred: | |||
Federal | 7,467 | 9,742 | (46,103) |
State | 1,610 | 2,008 | (6,576) |
Foreign | (282) | (1,033) | (1,270) |
Total deferred | 8,795 | 10,717 | (53,949) |
Income tax expense for continuing operations | $ 10,512 | $ 11,277 | $ (51,999) |
Income Taxes - Components of In
Income Taxes - Components of Income from Continuing Operations Before Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 53,898 | $ 17,025 | $ (221,137) |
Foreign | (1,407) | 8,196 | (1,367) |
Income (loss) from continuing operations before taxes | $ 52,491 | $ 25,221 | $ (222,504) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
At U.S. statutory tax rate | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal benefit | 6.10% | 7.20% | 2.70% |
Effective Income Tax Rate Reconciliation, Disallowed Executive Compensation, Percent | 2.00% | 2.50% | 0.00% |
Meals and entertainment | 1.60% | 2.00% | (0.30%) |
Tax credits / Section 199 Deduction | (3.10%) | (1.40%) | 0.20% |
Valuation allowance | (2.90%) | 6.90% | (0.20%) |
Effective Income Tax Rate Reconciliation, Realized Investment (Gains) Losses, Percent | (1.80%) | 1.30% | 0.40% |
Net tax (benefit) expense related to “check-the-box” election (1) | (1.40%) | 0.00% | 1.20% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | (1.10%) | 4.90% | (0.80%) |
Foreign source income | (0.50%) | (1.70%) | 0.10% |
Effective Income Tax Rate Reconciliation, Contingent Consideration Liabilities, Change In Fair Value, Percent | 0.00% | 2.40% | 0.00% |
Effective Income Tax Rate Reconciliation, Global Intangible Low-Taxed Income, Percent | 0.00% | 2.10% | 0.00% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.80% | (0.30%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (2.30%) | (3.40%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0.00% | 0.00% | (10.20%) |
Other | 0.10% | (1.00%) | (1.00%) |
Effective income tax expense rate for continuing operations | 20.00% | 44.70% | 23.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||||
Document Period End Date | Dec. 31, 2019 | |||
Additional Income Tax Expense or Benefit due to Tax Reform | $ 600 | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 200 | |||
Effective Tax Rate For Discontinued Operations | 26.00% | 26.70% | 60.00% | |
Deferred Tax Assets, Valuation Allowance | $ 1,016 | $ 3,143 | ||
Tax Credit Carryforward, Amount | $ 500 | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2020 | |||
Operating Loss Carryforwards | $ 300 | |||
Unrecognized Income Tax Benefits | 50 | 900 | $ 813 | $ 3,340 |
Income Tax Examination, Penalties and Interest Accrued | $ 0 | 100 | ||
Foreign[Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income Tax Examination Period | 2014 through 2018 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income Tax Examination Period | 2013 through 2018 | |||
Federal [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income Tax Examination Period | 2016 through 2018 | |||
Huron Legal [Member] | Discontinued operations [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 100 | 100 | 600 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 300 | 400 | $ 1,000 | |
Foreign[Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 2,200 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liabilities for Continuing Operations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Deferred tax asset, operating lease liabilities | $ 20,541 | |
Accrued payroll and other liabilities | 12,289 | $ 6,737 |
Share-based compensation | 6,970 | 6,150 |
Tax credits | 465 | 3,548 |
Net operating loss carry-forwards | 280 | 2,247 |
Deferred lease incentives | 0 | 4,100 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 0 | 639 |
Deferred Tax Assets, Other | 1,451 | 1,466 |
Total deferred tax assets | 41,996 | 24,887 |
Valuation allowance | (1,016) | (3,143) |
Net deferred tax assets | 40,980 | 21,744 |
Deferred tax liabilities: | ||
Intangibles and goodwill | (16,421) | (6,665) |
Deferred Tax Liabilities, Leasing Arrangements | (14,675) | |
Deferred Tax Liabilities, Investments | (5,608) | (5,934) |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | (4,496) | (1,655) |
Property and equipment | (4,039) | (3,604) |
Prepaid expenses | (2,183) | (1,794) |
Other | (483) | (671) |
Total deferred tax liabilities | (47,905) | (20,323) |
Deferred Tax Liabilities, Net | $ (6,925) | |
Deferred Tax Assets, Net | $ 1,421 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 900 | $ 813 | $ 3,340 |
Decrease based on tax positions related to the prior year | (115) | (117) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (735) | (28) | (2,410) |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 115 | ||
Unrecognized tax benefits, ending balance | $ 50 | $ 900 | $ 813 |
Document Period End Date | Dec. 31, 2019 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies [Line Items] | |||
Gain (Loss) Related to Litigation Settlement | $ 400 | $ 2,500 | |
Fair Value, Recurring [Member] | |||
Commitments And Contingencies [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 546 | 11,441 | |
Fair Value, Recurring [Member] | Contingent Consideration Liability [Member] | |||
Commitments And Contingencies [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 11,441 | $ 22,828 |
Senior Secured Credit Facility [Member] | |||
Commitments And Contingencies [Line Items] | |||
Guarantees in the form of letters of credit | 1,700 | 1,600 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Commitments And Contingencies [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | 11,441 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Liability [Member] | |||
Commitments And Contingencies [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 11,441 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Segment Information - Component
Segment Information - Components of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Segment Information | |||||||||||
Operating income (loss) | $ 18,499 | $ 20,576 | $ 17,875 | $ 6,756 | $ 17,075 | $ 13,561 | $ 19,138 | $ 2,322 | $ 63,706 | $ 52,096 | $ (207,456) |
Revenue from Contract with Customer, Including Assessed Tax | 232,269 | 219,289 | 220,754 | 204,445 | 205,454 | 198,448 | 197,544 | 193,679 | 876,757 | 795,125 | 732,570 |
Total revenues and reimbursable expenses | 255,199 | 242,925 | 244,288 | 223,062 | 228,680 | 219,744 | 218,277 | 211,298 | 965,474 | 877,999 | 807,745 |
Reimbursable expenses | $ (22,930) | $ (23,636) | $ (23,534) | $ (18,617) | $ (23,226) | $ (21,296) | $ (20,733) | $ (17,619) | (88,717) | (82,874) | (75,175) |
Gain (Loss) Related To Litigation Settlement And Other Operating Gains | 1,196 | 2,019 | (1,111) | ||||||||
Depreciation and amortization expense | 28,365 | 34,575 | 38,213 | ||||||||
Goodwill, Impairment Loss | 0 | 0 | 253,093 | ||||||||
Other expense, net | 11,215 | 26,875 | 15,048 | ||||||||
Income (loss) from continuing operations before taxes | 52,491 | 25,221 | (222,504) | ||||||||
Health Care [Member] | |||||||||||
Components of Segment Information | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 399,221 | 364,763 | |||||||||
Business Advisory [Member] | |||||||||||
Components of Segment Information | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 252,508 | 236,185 | |||||||||
Education [Member] | |||||||||||
Components of Segment Information | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 225,028 | 194,177 | |||||||||
Operating Segments [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | 231,160 | 206,928 | 205,679 | ||||||||
Operating Segments [Member] | Health Care [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | $ 125,724 | $ 108,060 | $ 118,761 | ||||||||
Segment operating income as a percentage of segment revenues | 31.50% | 29.60% | 33.30% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 399,221 | $ 364,763 | $ 356,909 | ||||||||
Operating Segments [Member] | Business Advisory [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | $ 49,695 | $ 50,625 | $ 46,600 | ||||||||
Segment operating income as a percentage of segment revenues | 19.70% | 21.40% | 22.40% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 252,508 | $ 236,185 | $ 207,753 | ||||||||
Operating Segments [Member] | Education [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | $ 55,741 | $ 48,243 | $ 40,318 | ||||||||
Segment operating income as a percentage of segment revenues | 24.80% | 24.80% | 24.00% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 225,028 | $ 194,177 | $ 167,908 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Components of Segment Information | |||||||||||
Other operating expenses and gains | 140,285 | 122,276 | 120,718 | ||||||||
Gain (Loss) Related To Litigation Settlement And Other Operating Gains | (1,196) | (2,019) | 1,111 | ||||||||
Depreciation and amortization expense | 28,365 | 34,575 | 38,213 | ||||||||
Goodwill, Impairment Loss | 0 | 0 | 253,093 | ||||||||
Other expense, net | $ (11,215) | $ (26,875) | $ (15,048) |
Segment Information - Segment A
Segment Information - Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Assets: | |||
Total assets | $ 1,104,271 | $ 1,049,532 | $ 1,036,928 |
Segment Reconciling Items [Member] | |||
Segment Assets: | |||
Total assets | 933,056 | 898,392 | 877,247 |
Health Care [Member] | Operating Segments [Member] | |||
Segment Assets: | |||
Total assets | 73,019 | 65,133 | 70,097 |
Business Advisory [Member] | Operating Segments [Member] | |||
Segment Assets: | |||
Total assets | 59,315 | 59,017 | 58,217 |
Education [Member] | Operating Segments [Member] | |||
Segment Assets: | |||
Total assets | $ 38,881 | $ 26,990 | $ 31,367 |
Segment Information Segment Inf
Segment Information Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 232,269 | $ 219,289 | $ 220,754 | $ 204,445 | $ 205,454 | $ 198,448 | $ 197,544 | $ 193,679 | $ 876,757 | $ 795,125 | $ 732,570 |
Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 399,221 | 364,763 | |||||||||
Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 252,508 | 236,185 | |||||||||
Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 225,028 | 194,177 | |||||||||
Fixed-price Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 401,940 | 376,968 | |||||||||
Fixed-price Contract [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 249,479 | 239,263 | |||||||||
Fixed-price Contract [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 100,635 | 98,119 | |||||||||
Fixed-price Contract [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 51,826 | 39,586 | |||||||||
Time-and-materials Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 349,707 | 327,784 | |||||||||
Time-and-materials Contract [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 55,204 | 58,377 | |||||||||
Time-and-materials Contract [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 139,610 | 128,583 | |||||||||
Time-and-materials Contract [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 154,893 | 140,824 | |||||||||
Performance-based [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 77,907 | 48,089 | |||||||||
Performance-based [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 71,051 | 42,684 | |||||||||
Performance-based [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6,856 | 5,405 | |||||||||
Performance-based [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |||||||||
Software Service, Support and Maintenance Arrangement [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 47,203 | 42,284 | |||||||||
Software Service, Support and Maintenance Arrangement [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 23,487 | 24,439 | |||||||||
Software Service, Support and Maintenance Arrangement [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 5,407 | 4,078 | |||||||||
Software Service, Support and Maintenance Arrangement [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 18,309 | 13,767 | |||||||||
Full-time Billable Consultants [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 720,109 | 643,247 | |||||||||
Full-time Billable Consultants [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 280,915 | 247,416 | |||||||||
Full-time Billable Consultants [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 243,350 | 225,335 | |||||||||
Full-time Billable Consultants [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 195,844 | 170,496 | |||||||||
Full-time Equivalents [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 156,648 | 151,878 | |||||||||
Full-time Equivalents [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 118,306 | 117,347 | |||||||||
Full-time Equivalents [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 9,158 | 10,850 | |||||||||
Full-time Equivalents [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 29,184 | 23,681 | |||||||||
Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 867,065 | 783,537 | |||||||||
Transferred over Time [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 390,884 | 356,826 | |||||||||
Transferred over Time [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 252,508 | 236,185 | |||||||||
Transferred over Time [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 223,673 | 190,526 | |||||||||
Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 9,692 | 11,588 | |||||||||
Transferred at Point in Time [Member] | Health Care [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 8,337 | 7,937 | |||||||||
Transferred at Point in Time [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |||||||||
Transferred at Point in Time [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,355 | $ 3,651 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts - Summary of Allowances for Doubtful Accounts and Unbilled Services and Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowances for doubtful accounts and unbilled services [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 22,241 | $ 24,499 | $ 21,259 |
Additions | 69,979 | 49,390 | 43,888 |
Deductions | 73,552 | 51,648 | 40,648 |
Ending balance | 18,668 | 22,241 | 24,499 |
Valuation allowance for deferred tax assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 3,143 | 1,247 | 626 |
Additions | 1 | 2,314 | 793 |
Deductions | 2,128 | 418 | 172 |
Ending balance | $ 1,016 | $ 3,143 | $ 1,247 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 232,269 | $ 219,289 | $ 220,754 | $ 204,445 | $ 205,454 | $ 198,448 | $ 197,544 | $ 193,679 | $ 876,757 | $ 795,125 | $ 732,570 |
Total revenues and reimbursable expenses | 255,199 | 242,925 | 244,288 | 223,062 | 228,680 | 219,744 | 218,277 | 211,298 | 965,474 | 877,999 | 807,745 |
Reimbursable expenses | (22,930) | (23,636) | (23,534) | (18,617) | (23,226) | (21,296) | (20,733) | (17,619) | (88,717) | (82,874) | (75,175) |
Gross profit | 77,315 | 75,158 | 77,832 | 65,496 | 71,834 | 68,893 | 68,820 | 59,745 | |||
Operating income | 18,499 | 20,576 | 17,875 | 6,756 | 17,075 | 13,561 | 19,138 | 2,322 | 63,706 | 52,096 | (207,456) |
Net income from continuing operations | 14,354 | 13,706 | 10,569 | 3,350 | 3,055 | 8,249 | 5,862 | (3,222) | 41,979 | 13,944 | (170,505) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (41) | (52) | (97) | (46) | 6 | 228 | (490) | (42) | (236) | (298) | 388 |
Net income | $ 14,313 | $ 13,654 | $ 10,472 | $ 3,304 | $ 3,061 | $ 8,477 | $ 5,372 | $ (3,264) | $ 41,743 | $ 13,646 | $ (170,117) |
Net earnings per basic share: | |||||||||||
Net income from continuing operations, per basic share (in USD per share) | $ 0.65 | $ 0.62 | $ 0.48 | $ 0.15 | $ 0.14 | $ 0.38 | $ 0.27 | $ (0.15) | $ 1.91 | $ 0.64 | $ (7.95) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | 0 | 0.01 | (0.02) | 0 | (0.01) | (0.01) | 0.02 |
Net income, per basic share (in USD per share) | 0.65 | 0.62 | 0.48 | 0.15 | 0.14 | 0.39 | 0.25 | (0.15) | 1.90 | 0.63 | (7.93) |
Net earnings per diluted share: | |||||||||||
Net income from continuing operations, per diluted share (in USD per share) | 0.63 | 0.61 | 0.47 | 0.15 | 0.14 | 0.37 | 0.27 | (0.15) | 1.87 | 0.63 | (7.95) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0.01 | (0.02) | 0 | (0.02) | (0.01) | 0.02 |
Net income, per diluted share (in USD per share) | $ 0.63 | $ 0.61 | $ 0.47 | $ 0.15 | $ 0.14 | $ 0.38 | $ 0.25 | $ (0.15) | $ 1.85 | $ 0.62 | $ (7.93) |
Weighted average shares used in calculating earnings per share: | |||||||||||
Basic (shares) | 22,051 | 22,052 | 21,997 | 21,868 | 21,774 | 21,745 | 21,709 | 21,592 | 21,993 | 21,706 | 21,439 |
Diluted (shares) | 22,676 | 22,561 | 22,400 | 22,311 | 22,294 | 22,110 | 21,918 | 21,592 | 22,507 | 22,058 | 21,439 |