Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | Colliers International Group Inc. |
Entity Central Index Key | 913,353 |
Trading Symbol | cigi |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Multiple Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 1,325,694 |
Subordinate Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 37,322,767 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 1,896,724 | $ 1,721,986 | $ 1,582,271 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 1,179,773 | 1,044,434 | 947,130 |
Selling, general and administrative expenses | 522,295 | 502,480 | 509,849 |
Depreciation | 23,631 | 21,611 | 20,484 |
Amortization of intangible assets | 21,293 | 17,013 | 15,549 |
Acquisition-related items (note 5) | 3,559 | 6,599 | 11,103 |
Spin-off stock-based compensation costs (note 15) | 35,400 | ||
Spin-off transaction costs | 14,065 | ||
Operating earnings | 146,173 | 80,384 | 78,156 |
Interest expense, net | 9,190 | 9,039 | 7,304 |
Other income, net (note 6) | (2,417) | (1,122) | (1,262) |
Earnings before income tax | 139,400 | 72,467 | 72,114 |
Income tax (note 16) | 47,829 | 32,552 | 18,205 |
Net earnings from continuing operations | 91,571 | 39,915 | 53,909 |
Net earnings from discontinued operations, net of income tax (note 4) | 1,104 | 23,807 | |
Net earnings | 91,571 | 41,019 | 77,716 |
Non-controlling interest share of earnings | 20,085 | 21,509 | 25,096 |
Non-controlling interest redemption increment (note 13) | 3,521 | (3,837) | 9,304 |
Net earnings attributable to Company | $ 67,965 | $ 23,347 | $ 43,316 |
Basic | |||
Continuing operations (Basic) (in dollars per share) | $ 1.76 | $ 0.60 | $ 0.54 |
Discontinued operations (Basic) (in dollars per share) | 0.03 | 0.66 | |
(in dollars per share) | 1.76 | 0.63 | 1.20 |
Diluted | |||
Continuing operations (Diluted) (in dollars per share) | 1.75 | 0.59 | 0.54 |
Discontinued operations (Diluted) (in dollars per share) | 0.03 | 0.65 | |
(in dollars per share) | $ 1.75 | $ 0.62 | $ 1.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net earnings | $ 91,571 | $ 41,019 | $ 77,716 |
Foreign currency translation loss | (4,337) | (39,495) | (51,648) |
Pension liability adjustments, net of tax | (1,690) | ||
Comprehensive earnings | 85,544 | 1,524 | 26,068 |
Less: Comprehensive earnings attributable to non-controlling shareholders | 25,283 | 27,859 | 23,396 |
Comprehensive earnings (loss) attributable to Company | $ 60,261 | $ (26,335) | $ 2,672 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 113,148 | $ 116,150 |
Accounts receivable, net of allowance of $23,431 (December 31, 2015 - $20,738) | 311,020 | 298,466 |
Unbilled revenues | 36,588 | 19,907 |
Income tax recoverable | 8,482 | 13,985 |
Prepaid expenses and other current assets | 37,084 | 31,864 |
Deferred income tax, net (note 16) (Current assets) | 18,314 | 15,607 |
524,636 | 495,979 | |
Other receivables | 10,203 | 3,922 |
Other assets (note 7) | 38,657 | 19,287 |
Fixed assets (note 8) | 65,274 | 62,553 |
Deferred income tax, net (note 16) (Non-current assets) | 68,446 | 84,038 |
Intangible assets (note 9) | 139,557 | 120,962 |
Goodwill (note 10) | 348,006 | 305,680 |
670,143 | 596,442 | |
1,194,779 | 1,092,421 | |
Current liabilities | ||
Accounts payable | 83,617 | 77,464 |
Accrued liabilities (note 11) | 399,759 | 377,779 |
Income tax payable | 15,940 | 14,388 |
Unearned revenues | 4,066 | 4,607 |
Long-term debt - current (note 12) | 1,961 | 3,200 |
Contingent acquisition consideration - current (note 20) | 4,884 | 1,552 |
Deferred income tax, net (note 16) (Current Liabilities) | 376 | 151 |
510,603 | 479,141 | |
Long-term debt - non-current (note 12) | 260,537 | 257,747 |
Contingent acquisition consideration (note 20) | 27,382 | 27,567 |
Deferred rent | 21,241 | 17,244 |
Other liabilities | 8,986 | 3,223 |
Deferred income tax, net (note 16) (Non-current Liabilities) | 18,714 | 18,414 |
336,860 | 324,195 | |
Redeemable non-controlling interests (note 13) | 134,803 | 139,592 |
Shareholders' equity | ||
Common shares (note 14) | 399,774 | 396,066 |
Contributed surplus | 51,540 | 47,603 |
Deficit | (174,311) | (238,411) |
Accumulated other comprehensive loss | (71,273) | (63,569) |
Total Company shareholders' equity | 205,730 | 141,689 |
Non-controlling interests | 6,783 | 7,804 |
Total shareholders' equity | 212,513 | 149,493 |
$ 1,194,779 | $ 1,092,421 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 23,431 | $ 20,738 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 35,801,732 | |||||
Balance at Dec. 31, 2013 | $ 300,765 | $ 37,510 | $ (123,111) | $ 26,757 | $ 7,128 | $ 249,049 |
Net earnings | 77,716 | 77,716 | ||||
Other comprehensive loss | (51,648) | (51,648) | ||||
Other comprehensive earnings (loss) attributable to NCI | 11,004 | (749) | 10,255 | |||
NCI share of earnings | (25,096) | 5,661 | (19,435) | |||
NCI redemption increment | (9,304) | (9,304) | ||||
Distributions to NCI | (4,535) | (4,535) | ||||
Acquisitions of businesses, net | 507 | 507 | ||||
Subsidiaries’ equity transactions | 4,448 | 4,448 | ||||
Stock option expense | 4,077 | $ 4,077 | ||||
Stock options exercised (in shares) | 558,150 | 558,150 | ||||
Aggregate fair value | $ 14,419 | (3,701) | $ 10,718 | |||
Tax benefit on options exercised | 4,597 | 4,597 | ||||
Dividends | (14,362) | (14,362) | ||||
Purchased for cancellation (in shares) | (552,927) | |||||
Purchased for cancellation | $ (4,783) | (24,085) | (28,868) | |||
Balance (in shares) at Dec. 31, 2014 | 35,806,955 | |||||
Balance at Dec. 31, 2014 | $ 310,401 | 46,931 | (118,242) | (13,887) | 8,012 | $ 233,215 |
Issued on exchange for NCI (note 15) (in shares) | 335,253,000 | |||||
Pension liability adjustments, net of tax | ||||||
Foreign currency translation loss | (51,648) | |||||
Net earnings | 41,019 | 41,019 | ||||
Other comprehensive loss | (39,495) | (39,495) | ||||
Other comprehensive earnings (loss) attributable to NCI | (10,187) | (1,077) | (11,264) | |||
NCI share of earnings | (21,509) | 4,128 | (17,381) | |||
NCI redemption increment | 3,837 | 3,837 | ||||
Distributions to NCI | (3,292) | (3,292) | ||||
Acquisitions of businesses, net | 33 | 33 | ||||
Subsidiaries’ equity transactions | 863 | 863 | ||||
Stock option expense | 4,253 | $ 4,253 | ||||
Stock options exercised (in shares) | 699,400 | 699,400 | ||||
Aggregate fair value | $ 18,973 | (4,444) | $ 14,529 | |||
Dividends | (5,120) | (5,120) | ||||
Balance (in shares) at Dec. 31, 2015 | 38,504,311 | |||||
Balance at Dec. 31, 2015 | $ 396,066 | 47,603 | (238,411) | (63,569) | 7,804 | 149,493 |
Spin-off distribution (note 4) | (138,396) | $ (138,396) | ||||
Issued on exchange for NCI (note 15) (in shares) | 1,997,956 | 1,389,361,000 | ||||
Issued on exchange for NCI (note 15) | $ 66,692 | $ 66,692 | ||||
Pension liability adjustments, net of tax | ||||||
Foreign currency translation loss | (39,495) | |||||
Net earnings | 91,571 | 91,571 | ||||
Other comprehensive earnings (loss) attributable to NCI | (1,677) | (331) | (2,008) | |||
NCI share of earnings | (20,085) | 4,142 | (15,943) | |||
NCI redemption increment | (3,521) | (3,521) | ||||
Distributions to NCI | (4,643) | (4,643) | ||||
Subsidiaries’ equity transactions | 1,507 | 1,507 | ||||
Stock option expense | 3,279 | $ 3,279 | ||||
Stock options exercised (in shares) | 144,150 | 144,150 | ||||
Aggregate fair value | $ 3,708 | (849) | $ 2,859 | |||
Dividends | (3,865) | (3,865) | ||||
Balance (in shares) at Dec. 31, 2016 | 38,648,461 | |||||
Balance at Dec. 31, 2016 | $ 399,774 | $ 51,540 | $ (174,311) | (71,273) | 6,783 | $ 212,513 |
Issued on exchange for NCI (note 15) (in shares) | 91,754,000 | |||||
Pension liability adjustments, net of tax | (1,690) | $ (1,690) | ||||
Foreign currency translation loss | $ (4,337) | (4,337) | ||||
Acquisitions of businesses, net | $ (189) | $ (189) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net earnings from continuing operations | $ 91,571 | $ 39,915 | $ 53,909 |
Depreciation and amortization | 44,924 | 38,624 | 36,033 |
Spin-off Stock Based Compensation Costs | 35,400 | ||
Deferred income tax | 9,998 | 2,752 | 1,488 |
Earnings from equity method investments | (894) | (729) | (589) |
Stock option expense | 3,279 | 4,253 | 2,358 |
Other | 12,495 | 2,983 | (1,226) |
Incremental tax benefit on stock options exercised | (4,597) | ||
Accounts receivable | (16,737) | (5,574) | (25,285) |
Unbilled revenues | (16,479) | (12,738) | (3,487) |
Prepaid expenses and other current assets | 3,010 | (5,880) | (1,377) |
Accounts payable | 6,228 | (7,868) | 19,539 |
Accrued liabilities | 16,508 | 41,376 | 48,512 |
Income tax payable | 419 | 4,785 | (4,095) |
Unearned revenues | (945) | (2,570) | 2,884 |
Other liabilities | 3,476 | (6,634) | (1,557) |
Contingent acquisition consideration paid | (591) | (1,421) | (19,785) |
Discontinued operations | 30,564 | 56,343 | |
Net cash provided by operating activities | 156,262 | 157,238 | 159,068 |
Investing activities | |||
Acquisitions of businesses, net of cash acquired (note 3) | (82,073) | (44,108) | (91,559) |
Disposal of business, net of cash disposed (note 4) | 8,373 | ||
Purchases of fixed assets | (25,046) | (22,515) | (30,067) |
Advisor loans issued | (26,059) | (7,239) | (8,239) |
Other investing activities | (511) | (680) | 5,221 |
Discontinued operations | (10,871) | (39,906) | |
Net cash used in investing activities | (133,689) | (85,413) | (156,177) |
Financing activities | |||
Increase in long-term debt | 218,056 | 644,963 | 307,715 |
Repayment of long-term debt | (201,103) | (707,284) | (193,033) |
Purchases of subsidiary shares from NCI | (14,074) | (9,039) | (36,025) |
Sale of interests in subsidiaries to non-controlling interests | 800 | 2,134 | 424 |
Contingent acquisition consideration | (1,427) | (4,662) | (5,750) |
Proceeds received on exercise of stock options | 2,859 | 14,529 | 10,718 |
Incremental tax benefit on stock options exercised | 4,597 | ||
Dividends paid to common shareholders | (3,471) | (7,178) | (14,361) |
Distributions paid to non-controlling interests | (16,495) | (19,065) | (25,956) |
Repurchases of Subordinate Voting Shares | (28,868) | ||
Financing fees paid | (3,029) | (358) | |
Net cash (used in) provided by financing activities | (14,855) | (88,631) | 19,103 |
Effect of exchange rate changes on cash | (10,720) | (23,837) | (7,905) |
(Decrease) increase in cash and cash equivalents | (3,002) | (40,643) | 14,089 |
Cash and cash equivalents, beginning of year | 116,150 | 156,793 | 142,704 |
Cash and cash equivalents, end of year | $ 113,148 | $ 116,150 | $ 156,793 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of the business Colliers International Group Inc. (“Colliers” or the “Company”) provides commercial real estate services to corporate and institutional clients in 32 (66 three On June 1, 2015, two one one The historical operations of FirstService have been reclassified as discontinued operations (see note 4). |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the recoverability of deferred income tax assets, timing of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates. During the quarter ended June 30, 2015, fourth 2014 2015 $5,040, $635 $0.02. Significant accounting policies are summarized as follows: Basis of consolidation The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation. Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three Unbilled revenues Unbilled revenues relate to real estate project management and workplace solutions engagements in process and are accounted for using the percentage of completion method. Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may Buildings 20 40 Vehicles 3 5 Furniture and equipment 3 10 Computer equipment and software 3 5 Leasehold improvements term of the lease to a maximum of 10 Investments in securities The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings. Financial instruments and derivatives Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company may Fair value The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three three Level 1 Level 2 Level 3 Financing fees Financing fees related to the revolving credit facility are deferred and amortized to interest expense using the effective interest method. Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization. Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows: Customer lists and relationships straight-line over 4 20 Trademarks and trade names straight-line over 2 10 Management contracts and other straight-line over life of contract ranging from 2 10 Brokerage backlog as underlying brokerage transactions are completed The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has three first two first 3 second Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. Revenue recognition and unearned revenues (a) Real estate brokerage operations Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement may tenant tenant Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied. (b) Service operations other than real estate brokerage operations Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management and workplace solutions engagements in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received. Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. The related stock option compensation expense is allocated using the graded attribution method. Foreign currency translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. Income tax Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence. The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. The Company classifies interest and penalties associated with income tax positions in income tax expense. Business combinations All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period. |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisitions 2016 The Company acquired controlling interests in ten six four Details of these acquisitions are as follows: Aggregate Current assets $ 16,643 Non-current assets 3,719 Current liabilities (18,556 ) Long-term liabilities (4,207 ) Non-controlling interests (25 ) $ (2,427 ) Cash consideration, net of cash acquired of $10,067 (82,073 ) Acquisition date fair value of contingent consideration (12,056 ) Total purchase consideration $ (94,129 ) Acquired intangible assets $ 43,602 Goodwill $ 52,954 2015 The Company acquired controlling interests in nine Details of these acquisitions are as follows: Aggregate Current assets $ 10,649 Non-current assets 2,407 Current liabilities (13,264 ) Long-term liabilities (1,605 ) Redeemable non-controlling interest (13,284 ) $ (15,097 ) Cash consideration, net of cash acquired of $5,873 (44,108 ) Acquisition date fair value of contingent consideration (14,566 ) Total purchase consideration $ (58,674 ) Acquired intangible assets $ 30,398 Goodwill $ 43,373 2014 The Company acquired controlling interests in nine Details of these acquisitions are as follows: Aggregate Current assets $ 35,003 Non-current assets 6,705 Current liabilities (44,880 ) Long-term liabilities (9,734 ) Redeemable non-controlling interest (17,700 ) Non-controlling interests (255 ) $ (30,861 ) Note consideration $ (3,171 ) Cash consideration, net of cash acquired of $11,427 (91,559 ) Acquisition date fair value of contingent consideration (13,339 ) Total purchase consideration $ (108,069 ) Acquired intangible assets $ 39,369 Goodwill $ 99,561 Acquisition-related transaction costs for the year ended December 31, 2016 $2,794 (2015 $5,301; 2014 $9,103) In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted cash flow model using the same assumptions implied in determining the purchase consideration. The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For acquisitions completed during the year ended December 31, 2016, $18,837 (2015 $25,745; 2014 $712). The Company typically structures its business acquisitions to include contingent consideration. Vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one four Unless it contains an element of compensation, under purchase accounting contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at December 31, 2016 $32,266 20). December 31, 2016 $5,335. $65,519 $72,798. December 2020. December 31, 2016, $2,018 (2015 $6,083; 2014 $25,535). The consideration for the acquisitions during the year ended December 31, 2016 The amounts of revenues and earnings contributed from the dates of acquisition and included in the Company’s consolidated results for the year ended December 31, 2016, January 1, 2015, Revenues Net earnings Actual from acquired entities for 2016 $ 72,702 $ 1,939 Supplemental pro forma for 2016 (unaudited) 1,926,462 94,152 Supplemental pro forma for 2015 (unaudited) 1,902,724 52,762 Supplemental pro forma results were adjusted for non-recurring items. |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. Discontinued operations There were no discontinued operations during the year ended December 31, 2016. three The Spin-off of FirstService was completed on June 1, 2015, one $138,396. two In April 2014, $1,500. $1,601, $773 $828. July 2014, $12,100. $6,607, $3,023 $3,584. 2016 2015 2014 Revenues $ - $ 479,636 $ 1,132,002 Cost of revenues - 340,941 800,046 Selling, general and administrative expenses - 106,894 249,481 Depreciation - 7,566 17,634 Amortization of intangible assets - 4,253 8,744 Acquisition-related items - 214 723 Operating earnings - 19,768 55,374 Interest expense, net - 993 6,932 Other expense - 147 255 Earnings before income tax - 18,628 48,187 Income tax expense - 9,216 13,593 Net operating earnings from discontinued operations - 9,412 34,594 Net gain on disposal - - 2,756 Net earnings from discontinued operations $ - $ 9,412 $ 37,350 Non-controlling interest share of earnings - 4,566 3,426 Non-controlling interest redemption increment - 3,742 10,117 Net earnings from discontinued operations attributable to Company $ - $ 1,104 $ 23,807 Net earnings per share from discontinued operations Basic $ - $ 0.03 $ 0.66 Diluted - 0.03 0.65 |
Note 5 - Acquisition-related It
Note 5 - Acquisition-related Items | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure Acquisition Related Items [Text Block] | 5. Acquisition-related items Acquisition-related expense (income) comprises the following: 2016 2015 2014 Transaction costs $ 2,794 $ 5,301 $ 9,103 Contingent consideration fair value adjustments (4,591 ) 383 1,774 Contingent consideration compensation expense 5,356 915 226 $ 3,559 $ 6,599 $ 11,103 Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as the preceding four |
Note 6 - Other Income
Note 6 - Other Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 6. Other income 2016 2015 2014 Disposal (gain) loss, net $ (1,084 ) $ (11 ) $ 100 Unusual gain (439 ) (382 ) (773 ) Equity earnings (894 ) (729 ) (589 ) $ (2,417 ) $ (1,122 ) $ (1,262 ) |
Note 7 - Other Assets
Note 7 - Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 7. Other assets December 31, December 31, Advisor loans receivable $ 28,477 $ 10,115 Equity and cost method investments 7,028 5,897 Financing fees, net of accumulated amortization of $947 (December 31, 2015 - $353) 2,044 2,676 Other 1,108 599 $ 38,657 $ 19,287 |
Note 8 - Fixed Assets
Note 8 - Fixed Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Fixed assets December 31, 2016 Cost Accumulated Net Buildings $ 1,483 $ 805 $ 678 Vehicles 1,500 886 614 Furniture and equipment 42,753 29,659 13,094 Computer equipment and software 86,333 62,878 23,455 Leasehold improvements 57,696 30,263 27,433 $ 189,765 $ 124,491 $ 65,274 December 31, 2015 Cost Accumulated Net Buildings $ 1,365 $ 771 $ 594 Vehicles 1,556 884 672 Furniture and equipment 41,535 28,565 12,970 Computer equipment and software 82,576 59,215 23,361 Leasehold improvements 52,916 27,960 24,956 $ 179,948 $ 117,395 $ 62,553 Included in fixed assets are vehicles, office and computer equipment under capital lease at a cost of $4,739 (2015 $4,649) $1,827 (2015 $2,276). |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 9. Intangible assets December 31, 2016 Gross Accumulated Net Customer lists and relationships $ 168,998 $ 64,397 $ 104,601 Franchise rights 5,301 3,478 1,823 Trademarks and trade names: Indefinite life 23,604 - 23,604 Finite life 2,993 1,484 1,509 Management contracts and other 13,586 5,566 8,020 $ 214,482 $ 74,925 $ 139,557 December 31, 2015 Gross Accumulated Net Customer lists and relationships $ 134,112 $ 50,029 $ 84,083 Franchise rights 5,444 3,222 2,222 Trademarks and trade names: Indefinite life 23,639 - 23,639 Finite life 2,312 1,220 1,092 Management contracts and other 13,690 4,213 9,477 Brokerage backlog 3,588 3,139 449 $ 182,785 $ 61,823 $ 120,962 During the year ended December 31, 2016, Amount Estimated Customer lists and relationships $ 39,457 12.9 Trademarks and trade names - finite life 1,634 2.0 Brokerage backlog 2,299 0.3 Other 212 6.3 $ 43,602 11.8 The following is the estimated annual amortization expense for recorded intangible assets for each of the next five December 31: 2017 $ 18,169 2018 16,329 2019 14,802 2020 13,361 2021 12,049 |
Note 10 - Goodwill
Note 10 - Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 10. Goodwill Americas EMEA Asia Consolidated Balance, December 31, 2014 $ 69,820 167,304 48,997 286,121 Goodwill acquired during the year 39,627 3,322 424 43,373 Goodwill disposed during the year - (111 ) - (111 ) Foreign exchange (2,650 ) (16,159 ) (4,894 ) (23,703 ) Balance, December 31, 2015 106,797 154,356 44,527 305,680 Goodwill acquired during the year 19,665 33,289 - 52,954 Other items (603 ) (266 ) - (869 ) Foreign exchange 558 (10,236 ) (81 ) (9,759 ) Balance, December 31, 2016 126,417 177,143 44,446 348,006 Goodwill 152,688 180,455 44,446 377,589 Accumulated impairment loss (26,271 ) (3,312 ) - (29,583 ) $ 126,417 $ 177,143 $ 44,446 $ 348,006 A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, No 2016, 2015 2014. 2009. |
Note 11 - Accrued Liabilities
Note 11 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued liabilities December 31, December 31, Accrued payroll, commission and benefits $ 267,715 $ 247,476 Accrued project management costs 41,499 41,155 Value added tax payable 24,605 29,956 Customer advances 10,432 6,930 Accrued contract costs (overbillings) 16,713 8,875 Other 38,795 43,387 $ 399,759 $ 377,779 |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 12. Long-term debt December 31, December 31, Revolving credit facility $ 259,081 $ 255,165 Capital leases maturing at various dates through 2019 1,868 1,870 Other long-term debt maturing at various dates up to 2020 1,549 3,912 262,498 260,947 Less: current portion 1,961 3,200 Long-term debt - non-current $ 260,537 $ 257,747 On June 1, 2015, $525,000 five June 1, 2020 1.5% 2.75% 2016 2.4% (2015 2.3%). $253,696 December 31, 2016. December 31, 2016, $12,073 ($17,232 December 31, 2015). 0.30% 0.55% $150,000 The Company granted the banks collateral including an interest in the Company’s shares of its subsidiaries, an assignment of material contracts, and an assignment of the Company’s “call” rights with respect to shares of the subsidiaries held by minority interests. The credit agreement covenants require the Company to maintain certain ratios including financial leverage, interest coverage and net worth. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval. On January 18, 2017, 25). The effective interest rate on the Company’s long-term debt for the year ended December 31, 2016 2.8% (2015 3.1%). five December 31 2017 $ 1,961 2018 1,102 2019 350 2020 4 2021 and thereafter 259,081 |
Note 13 - Redeemable Non-contro
Note 13 - Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 13. Redeemable non-controlling interests The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The following table provides a reconciliation of the beginning and ending RNCI amounts: 2016 2015 Balance, January 1 $ 139,592 $ 150,066 RNCI share of earnings 15,943 17,381 RNCI redemption increment 3,521 (3,837 ) Distributions paid to RNCI (14,428 ) (15,774 ) Purchases of interests from RNCI, net (9,825 ) (6,785 ) RNCI exchanged for Subordinate Voting Shares - (14,670 ) RNCI recognized on business acquisitions - 13,284 Other - (73 ) Balance, December 31 $ 134,803 $ 139,592 The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the RNCI at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may December 31, 2016 $126,007 (2015 $137,357). December 31, 2016, 3,400,000 $0.32 |
Note 14 - Capital Stock
Note 14 - Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. Capital stock The authorized capital stock of the Company is as follows: An unlimited number of Preferred Shares, issuable in series; An unlimited number of Subordinate Voting Shares having one An unlimited number of Multiple Voting Shares having 20 one The following table provides a summary of total capital stock issued and outstanding: Subordinate Voting Shares Multiple Voting Shares Total Common Shares Number Amount Number Amount Number Amount Balance, December 31, 2015 37,178,617 $ 395,693 1,325,694 $ 373 38,504,311 $ 396,066 Balance, December 31, 2016 37,322,767 399,401 1,325,694 373 38,648,461 399,774 On June 1, 2015, one one $138,396. During the year ended December 31, 2016, $0.10 (2015 $0.14; 2014 $0.40). Pursuant to an agreement approved in February 2004 June 1, 2015 may two first 5% C$3.324. second 5% C$6.472. two 58.57% June 1, 2015. December 31, 2016, C$49.49 US$132,562. |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. Stock-based compensation Company stock option plan The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries, other than its CEO. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a four five one December 31, 2016, 980,750 Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2016, 2015 2014 Number of Weighted Weighted average Aggregate Shares issuable under options - December 31, 2013 1,687,050 $ 26.25 Granted 343,000 49.57 Exercised (558,150 ) 19.26 Forfeited (8,000 ) 31.28 Shares issuable under options - December 31, 2014 1,463,900 $ 34.35 Granted 698,500 36.61 Exercised (699,400 ) 20.09 Forfeited (22,500 ) 38.71 Shares issuable under options - December 31, 2015 1,440,500 $ 28.65 Granted 395,000 32.94 Exercised (144,150 ) 19.83 Forfeited (88,500 ) 32.14 Shares issuable under options - December 31, 2016 1,602,850 $ 30.31 2.8 $ 11,305 Options exercisable - End of year 510,975 $ 25.88 1.9 $ 5,777 The Company incurred stock-based compensation expense related to these awards of $3,279 December 31, 2016 (2015 $4,253; 2014 $4,077). As at December 31, 2016, $15.57 $43.57 December 31, 2016, $11,305 2.6 The following table summarizes information about option exercises during the years ended December 31, 2016, 2015 2014: 2016 2015 2014 Number of options exercised 144,150 699,400 558,150 Aggregate fair value $ 5,222 $ 35,516 $ 27,973 Intrinsic value 2,364 21,463 17,223 Amount of cash received 2,858 14,053 10,750 Tax benefit recognized $ - $ 91 $ 5,856 As at December 31, 2016, $3,845 four December 31, 2016, $2,998 (2015 $2,589; 2014 $3,750). The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions: 2016 2015 2014 Risk-free rate 1.1 % 1.0 % 0.9 % Expected life in years 4.75 4.75 4.75 Expected volatility 33.0 % 28.6 % 25.5 % Dividend yield 0.3 % 0.2 % 0.8 % Weighted average fair value per option granted $ 9.64 $ 11.91 $ 10.52 The risk-free interest rate is based on the implied yield of a zero four Subsidiary stock option plan Prior to June 1, 2015, 1,997,956 $16,622 $14,670 $35,400 1,997,956 1,187,697 June 1, 2018. |
Note 16 - Income Tax
Note 16 - Income Tax | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income tax The following is a reconciliation stated as a percentage of pre-tax earnings of the Ontario, Canada combined statutory corporate income tax rate to the Company’s effective tax rate: 2016 2015 2014 Combined statutory rate 26.5 % 26.5 % 26.5 % Nondeductible expenses 2.4 5.8 6.4 Tax effect of flow-through entities (1.1 ) (2.5 ) (2.9 ) Impact of changes in foreign exchange rates - (2.1 ) (0.8 ) Adjustments to tax liabilities for prior periods (0.4 ) (1.4 ) (2.5 ) Effects of changes in enacted tax rates - (0.5 ) 0.1 Changes in liability for unrecognized tax benefits (0.6 ) (0.6 ) (1.9 ) Stock-based compensation 0.5 13.9 4.1 Foreign, state, and provincial tax rate differential 4.4 1.1 (6.2 ) Other taxes 1.4 2.4 2.4 Change in valuation allowance 0.3 0.6 (1.7 ) Outside basis difference in investments 0.5 1.4 1.4 Other 0.4 0.3 0.3 Effective income tax rate 34.3 % 44.9 % 25.2 % Earnings before income tax by jurisdiction comprise the following: 2016 2015 2014 Canada $ 23,309 $ (31,818 ) $ (11,751 ) United States 40,435 27,301 14,242 Foreign 75,656 76,984 69,623 Total $ 139,400 $ 72,467 $ 72,114 The Canadian earnings before income tax for the year ended December 31, 2015 $49,465 Income tax expense (recovery) comprises the following: 2016 2015 2014 Current Canada $ 5,091 $ (770 ) $ (6,343 ) United States 2,090 1,555 (3,474 ) Foreign 30,650 29,014 28,901 37,831 29,799 19,084 Deferred Canada 2,278 (875 ) (336 ) United States 12,753 5,980 2,728 Foreign (5,033 ) (2,352 ) (3,271 ) 9,998 2,753 (879 ) Total $ 47,829 $ 32,552 $ 18,205 The significant components of deferred income tax are as follows: 2016 2015 Loss carry-forwards and other credits $ 56,822 $ 70,952 Expenses not currently deductible 22,525 22,018 Stock-based compensation 474 210 Investments 17,303 15,470 Provision for doubtful accounts 4,990 3,601 Financing fees 376 267 Net unrealized foreign exchange (399 ) 3,097 Depreciation and amortization (21,713 ) (18,932 ) Less: valuation allowance (12,707 ) (15,603 ) Net deferred income tax asset $ 67,671 $ 81,080 As at December 31, 2016, $67,671 The Company has gross NOL carry-forward balances as follows: Gross loss carry forward Gross losses not recognized Net 2016 2015 2016 2015 2016 2015 Canada $ 37,428 $ 49,924 $ 153 $ 141 $ 37,275 $ 49,783 United States 85,550 118,224 4,100 4,100 81,450 114,124 Foreign 45,988 41,333 31,543 31,902 14,445 9,431 The Company has gross capital loss carry-forwards as follows: Gross loss carry forward Gross losses not recognized Net 2016 2015 2016 2015 2016 2015 Canada $ 183 $ 369 $ 108 $ 369 $ 75 $ - United States 54 - - - 54 - Foreign 6,521 6,489 6,521 6,489 - - These amounts above are available to reduce future federal, state, and provincial income taxes in their respective jurisdictions. NOL carry-forward balances attributable to Canada begin to expire in 2030. 2030. 2018. may Cumulative unremitted foreign earnings of the US subsidiaries is nil (2015 $21,886 December 31, 2016 (2015 $21,642). A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows: 2016 2015 Balance, January 1 $ 2,519 $ 3,624 Gross increases for tax positions of current period 111 174 Gross increases for tax positions of prior periods 41 365 Amount recognized on acquisitions 613 - Reduction for settlements with taxing authorities - (335 ) Reduction for lapses in applicable statutes of limitations (1,031 ) (967 ) Foreign currency translation 39 (342 ) Balance, December 31 $ 2,292 $ 2,519 Of the $2,292 (2015 $2,519) $2,292 (2015 $2,519) December 31, 2016, $234 (2015 $174; 2014 106). $58 2016 (2015 $106; 2014 December 31, 2016, $350 (2015 $174) Within the next twelve $581 may The Company files tax returns in Canada, the United States and multiple foreign jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for four seven three five four The Company does not currently expect any other material impact on earnings to result from the resolution of matters related to open taxation years, other than noted above. Actual settlements may may |
Note 17 - Pension Plan
Note 17 - Pension Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17. Pension plan The Company has one 2016. December 31, 2016, The following table details the net periodic pension cost of the Plan: 2016 Gross employer service cost $ 1,378 Plan participant contributions (336 ) Interest cost on service cost 34 Employer's service cost 1,076 Interest cost 794 Expected net return on plan assets (787 ) Other costs 168 Total employer's pension expense $ 1,251 The following tables provide reconciliations of projected benefit obligations and plan assets (the net of which represents the Company’s funded status), as well as the funded status, of the Plan. Change in benefit obligation: 2016 Projected benefit obligation - January 1, 2016 $ 31,421 Current service cost 1,076 Plan participant / third party contributions 336 Interest cost 794 Benefits paid (438 ) Foreign exchange (969 ) Expected projected benefit obligation, December 31, 2016 32,220 Actuarial loss, net of foreign exchange 4,438 Projected benefit obligation - December 31, 2016 $ 36,659 Change in plan assets: 2016 Fair value of plan assets - January 1, 2016 $ 30,627 Expected net return on plan assets 787 Contributions Employer 603 Plan participants 336 Benefits paid (438 ) Other costs (168 ) Foreign exchange (916 ) Expected fair value of plan assets - December 31, 2016 30,830 Actuarial gain, net of foreign exchange 2,185 Fair value of plan assets - December 31, 2016 $ 33,016 Defined benefit pension plan amounts recorded in the consolidated balance sheet are shown in the table below: December 31, Present value of accumulated benefit obligation $ (34,934 ) Effect of future compensation increases (1,724 ) Present value of projected benefit obligation (36,659 ) Fair value of plan assets 33,016 Net liability for pension benefits $ (3,643 ) The following table details the amount recognized in other comprehensive income: 2016 Actuarial loss on remeasurement of projected benefit obligation $ 4,654 Actuarial gain on remeasurement of fair value of assets (2,292 ) Total loss recognized in other comprehensive income $ 2,362 The assumptions used in developing the projected benefit obligation as of December 31, 2016 Discount rate used in determining present values 1.8 % Annual increase in future compensation levels 2.0 % The assumptions used in determining net periodic cost for the period ended December 31, 2016 Discount rate used in determining present values 1.8 % Annual increase in future compensation levels 2.0 % Expected long-term rate of return on assets 1.8 % The discount rate assumption used for the Plan was derived from the expected yield of Euro-denominated “AA”-rated corporate bonds with durations consistent with the liabilities of the Plan. The expected long-term rate of return on assets is based on the current level of return expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio. For the period ended December 31, 2016 $3,079 $787 $2,292. Plan assets measured at fair value and cash are presented in the following table with the overall allocation of assets. December 31, Fair value measurements 2016 Level 1 Level 2 Level 3 Equity type investments $ 2,693 $ 2,693 $ - $ - Fixed interest type investments Government bonds 30,117 30,117 - Cash 83 83 - - Other 122 - - 122 Total $ 33,016 $ 32,894 $ - $ 122 The Plan’s assets are invested with a third The Company expects the following pension benefit payments over the next 10 Year ending December 31 2017 $ 464 2018 546 2019 617 2020 644 2021 687 2022 - 2026 4,375 |
Note 18 - Net Earnings (Loss) P
Note 18 - Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 18. Net earnings (loss) per common share Earnings per share calculations cannot be anti-dilutive; therefore diluted shares are not used in the denominator when the numerator is in a loss position. The following table reconciles the denominator used to calculate earnings per common share: 2016 2015 2014 Shares issued and outstanding at beginning of year 38,504,311 35,806,955 35,801,732 Weighted average number of shares: Issued during the year 91,754 1,389,361 335,253 Repurchased during the year - - (220,333 ) Weighted average number of shares used in computing basic earnings per share 38,596,065 37,196,316 35,916,652 Assumed exercise of stock options acquired under the treasury stock method 271,771 389,937 392,326 Number of shares used in computing diluted earnings per share 38,867,836 37,586,253 36,308,978 |
Note 19 - Other Supplemental In
Note 19 - Other Supplemental Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 19. Other supplemental information 2016 2015 2014 Cash payments made during the year Income taxes, net of refunds $ 36,349 $ 35,679 $ 34,904 Interest 7,980 8,057 9,002 Non-cash financing activities Increases in capital lease obligations $ 988 $ 1,021 $ 2,581 Dividends declared but not paid 1,932 1,540 3,581 Other expenses Rent expense $ 57,850 $ 52,561 $ 53,873 |
Note 20 - Financial Instruments
Note 20 - Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 20. Financial instruments Concentration of credit risk The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable, unbilled revenues and other receivables. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to the receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across different service lines in various countries. Foreign currency risk Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than US dollars. A significant portion of revenue is generated by the Company’s Canadian, Australian, UK and European operations. The Company’s head office expenses are incurred primarily in Canadian dollars which are hedged by Canadian dollar denominated revenue. Fluctuations in foreign currencies impact the amount of total assets and liabilities that are reported for foreign subsidiaries upon the translation of these amounts into US dollars. In particular, the amount of cash, working capital, goodwill and intangibles held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on the consolidated balance sheets). Interest rate risk The Company utilizes an interest rate risk management strategy that may December 31, 2016, Fair values of financial instruments The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2016: Carrying value at Fair value measurements December 31, 2016 Level 1 Level 2 Level 3 Contingent consideration liability $ 32,266 $ - $ - $ 32,266 The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 4% 10.1%, 9.3%). 9.4% 10.1% 2% $1,000. Balance, December 31, 2015 $ 29,119 Amounts recognized on acquisitions 12,056 Fair value adjustments (note 5) (4,591 ) Resolved and settled in cash (1,434 ) Other (2,884 ) Balance, December 31, 2016 32,266 Less: current portion 4,884 Non-current portion $ 27,382 The carrying amounts for cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of other receivables and long-term debt are Level 3 The following are estimates of the fair values for other financial instruments: 2016 2015 Carrying Fair Carrying Fair Other receivables $ 10,203 $ 10,203 $ 3,922 $ 3,922 Long-term debt 262,498 262,498 260,947 260,947 Other receivables include notes receivable from non-controlling shareholders, accounts receivable from customers with terms of greater than one |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 21. Commitments and contingencies (a) Lease commitments Minimum operating lease payments are as follows: Year ending December 31 2017 $ 63,378 2018 53,367 2019 43,620 2020 38,600 2021 33,068 Thereafter 61,959 $ 293,992 (b) Purchase commitments Minimum contractual purchase commitments are as follows: Year ending December 31 2017 $ 5,016 2018 3,412 $ 8,428 (c) Contingencies In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company’s financial condition or the results of operations. |
Note 22 - Related Party Transac
Note 22 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 22. Related party transactions The Company has entered into office space rental arrangements and property management contracts with minority shareholders of certain subsidiaries. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues for the Company. The recorded amount of the rent expense for the year ended December 31, 2016 $643 (2015 $478; 2014 $1,080). December 31, 2016 $715 (2015 $372; 2014 $154). 10 one three As at December 31, 2016, $4,897 (2015 $728) (2015 $43). one ten After the completion of the June 1, 2015 December 31, 2016 $344 (2015 $265). December 31, 2016 (2015 $307). |
Note 23 - Segmented Information
Note 23 - Segmented Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 23. Segmented information Operating segments Upon completion of the Spin-off of FirstService on June 1, 2015, Colliers has identified three Included in segment total assets at December 31, 2016 $4,753 (2015 4,215); $2,610 (2015 $2,023) $7 (2015 2016 Americas EMEA Asia Corporate Consolidated Revenues $ 1,021,317 $ 474,868 $ 399,368 $ 1,171 $ 1,896,724 Depreciation and amortization 21,612 15,121 5,479 2,712 44,924 Operating earnings (loss) 85,255 34,275 45,614 (18,971 ) 146,173 Other income, net 2,417 Interest expense, net (9,190 ) Income tax expense (47,829 ) Net earnings from continuing operations $ 91,571 Net earnings from discontinued operations $ - Net earnings $ 91,571 Total assets $ 559,295 $ 443,945 $ 181,425 $ 10,114 $ 1,194,779 Total additions to long-lived assets 50,948 67,325 4,654 1,141 124,068 2015 Americas EMEA Asia Corporate Consolidated Revenues $ 889,738 $ 446,146 $ 385,123 $ 979 $ 1,721,986 Depreciation and amortization 18,100 12,429 5,263 2,832 38,624 Operating earnings (loss) 69,247 38,777 41,092 (68,732 ) 80,384 Other income, net 1,122 Interest expense, net (9,039 ) Income tax expense (32,552 ) Net earnings from continuing operations $ 39,915 Net earnings from discontinued operations $ 1,104 Net earnings $ 41,019 Total assets $ 488,228 $ 396,789 $ 176,521 $ 30,883 $ 1,092,421 Total additions to long-lived assets 78,124 12,997 4,402 1,677 97,200 2014 Americas EMEA Asia Corporate Consolidated Revenues $ 823,146 $ 352,363 $ 405,957 $ 805 $ 1,582,271 Depreciation and amortization 14,959 12,371 5,651 3,052 36,033 Operating earnings (loss) 60,473 22,009 47,392 (51,718 ) 78,156 Other income, net 1,262 Interest expense, net (7,304 ) Income tax expense (18,205 ) Net earnings from continuing operations $ 53,909 Net earnings from discontinued operations $ 23,807 Net earnings $ 77,716 Total assets $ 421,423 $ 425,461 $ 183,436 $ (6,437 ) $ 1,023,883 Total additions to long-lived assets 23,988 134,587 15,763 1,980 176,318 Geographic information Revenues in each geographic region are reported by customer locations. 2016 2015 2014 United States Revenues $ 734,488 $ 628,954 $ 522,641 Total long-lived assets 178,908 152,326 90,276 Canada Revenues $ 253,529 $ 229,551 $ 263,215 Total long-lived assets 52,547 51,473 53,241 Euro currency countries Revenues $ 261,626 $ 207,495 $ 135,482 Total long-lived assets 174,932 152,833 169,963 Australia Revenues $ 219,406 $ 206,254 $ 231,029 Total long-lived assets 43,808 44,936 51,083 United Kingdom Revenues $ 137,216 $ 164,204 $ 150,933 Total long-lived assets 69,565 56,076 60,046 Other Revenues $ 290,459 $ 285,528 $ 278,971 Total long-lived assets 33,077 31,551 41,514 Consolidated Revenues $ 1,896,724 $ 1,721,986 $ 1,582,271 Total long-lived assets 552,837 489,195 466,124 |
Note 24 - Impact of Recently Is
Note 24 - Impact of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 24. Impact of recently issued accounting standards In May 2014, 2014 09, Revenue from Contracts with Customers December 15, 2017, January 1, 2018 In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes December 15, 2016, January 1, 2017. In February 2016, 2016 02, Leases December 15, 2018, September 30, 2016. January 1, 2019, In March 2016, 2016 09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting December 31, 2016, January 1, 2017, In August 2016, 2016 15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments December 15, 2017, January 1, 2018, In January 2017, 2017 01, Business Combinations – Clarifying the Definition of a Business December 15, 2017, In January 2017, 2017 04, Intangibles – Goodwill and Other: Simplifying the Accounting for Goodwill Impairment 2 December 15, 2019, |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 25. Subsequent events In January 2017, three one two $66,400. On January 18, 2017, January 18, 2022 June 1, 2020) $700,000 $525,000). |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the recoverability of deferred income tax assets, timing of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates. During the quarter ended June 30, 2015, fourth 2014 2015 $5,040, $635 $0.02. |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three |
Inventory, Policy [Policy Text Block] | Unbilled revenues Unbilled revenues relate to real estate project management and workplace solutions engagements in process and are accounted for using the percentage of completion method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may Buildings 20 40 Vehicles 3 5 Furniture and equipment 3 10 Computer equipment and software 3 5 Leasehold improvements term of the lease to a maximum of 10 |
Investment, Policy [Policy Text Block] | Investments in securities The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings. |
Derivatives, Policy [Policy Text Block] | Financial instruments and derivatives Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company may |
Fair Value Measurement, Policy [Policy Text Block] | Fair value The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three three Level 1 Level 2 Level 3 |
Deferred Charges, Policy [Policy Text Block] | Financing fees Financing fees related to the revolving credit facility are deferred and amortized to interest expense using the effective interest method. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization. Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows: Customer lists and relationships straight-line over 4 20 Trademarks and trade names straight-line over 2 10 Management contracts and other straight-line over life of contract ranging from 2 10 Brokerage backlog as underlying brokerage transactions are completed The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has three first two first 3 second Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition and unearned revenues (a) Real estate brokerage operations Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement may tenant tenant Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied. (b) Service operations other than real estate brokerage operations Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management and workplace solutions engagements in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. The related stock option compensation expense is allocated using the graded attribution method. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. |
Income Tax, Policy [Policy Text Block] | Income tax Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence. The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. The Company classifies interest and penalties associated with income tax positions in income tax expense. |
Business Combinations Policy [Policy Text Block] | Business combinations All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period. |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Aggregate Current assets $ 16,643 Non-current assets 3,719 Current liabilities (18,556 ) Long-term liabilities (4,207 ) Non-controlling interests (25 ) $ (2,427 ) Cash consideration, net of cash acquired of $10,067 (82,073 ) Acquisition date fair value of contingent consideration (12,056 ) Total purchase consideration $ (94,129 ) Acquired intangible assets $ 43,602 Goodwill $ 52,954 Aggregate Current assets $ 10,649 Non-current assets 2,407 Current liabilities (13,264 ) Long-term liabilities (1,605 ) Redeemable non-controlling interest (13,284 ) $ (15,097 ) Cash consideration, net of cash acquired of $5,873 (44,108 ) Acquisition date fair value of contingent consideration (14,566 ) Total purchase consideration $ (58,674 ) Acquired intangible assets $ 30,398 Goodwill $ 43,373 Aggregate Current assets $ 35,003 Non-current assets 6,705 Current liabilities (44,880 ) Long-term liabilities (9,734 ) Redeemable non-controlling interest (17,700 ) Non-controlling interests (255 ) $ (30,861 ) Note consideration $ (3,171 ) Cash consideration, net of cash acquired of $11,427 (91,559 ) Acquisition date fair value of contingent consideration (13,339 ) Total purchase consideration $ (108,069 ) Acquired intangible assets $ 39,369 Goodwill $ 99,561 |
Business Acquisition, Pro Forma Information [Table Text Block] | Revenues Net earnings Actual from acquired entities for 2016 $ 72,702 $ 1,939 Supplemental pro forma for 2016 (unaudited) 1,926,462 94,152 Supplemental pro forma for 2015 (unaudited) 1,902,724 52,762 |
Note 4 - Discontinued Operati35
Note 4 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Disposal Groups Including Discontinued Operations, Income Statement [Table Text Block] | 2016 2015 2014 Revenues $ - $ 479,636 $ 1,132,002 Cost of revenues - 340,941 800,046 Selling, general and administrative expenses - 106,894 249,481 Depreciation - 7,566 17,634 Amortization of intangible assets - 4,253 8,744 Acquisition-related items - 214 723 Operating earnings - 19,768 55,374 Interest expense, net - 993 6,932 Other expense - 147 255 Earnings before income tax - 18,628 48,187 Income tax expense - 9,216 13,593 Net operating earnings from discontinued operations - 9,412 34,594 Net gain on disposal - - 2,756 Net earnings from discontinued operations $ - $ 9,412 $ 37,350 Non-controlling interest share of earnings - 4,566 3,426 Non-controlling interest redemption increment - 3,742 10,117 Net earnings from discontinued operations attributable to Company $ - $ 1,104 $ 23,807 Net earnings per share from discontinued operations Basic $ - $ 0.03 $ 0.66 Diluted - 0.03 0.65 |
Note 5 - Acquisition-related 36
Note 5 - Acquisition-related Items (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Acquisition Related Expenses [Table Text Block] | 2016 2015 2014 Transaction costs $ 2,794 $ 5,301 $ 9,103 Contingent consideration fair value adjustments (4,591 ) 383 1,774 Contingent consideration compensation expense 5,356 915 226 $ 3,559 $ 6,599 $ 11,103 |
Note 6 - Other Income (Tables)
Note 6 - Other Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2016 2015 2014 Disposal (gain) loss, net $ (1,084 ) $ (11 ) $ 100 Unusual gain (439 ) (382 ) (773 ) Equity earnings (894 ) (729 ) (589 ) $ (2,417 ) $ (1,122 ) $ (1,262 ) |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, December 31, Advisor loans receivable $ 28,477 $ 10,115 Equity and cost method investments 7,028 5,897 Financing fees, net of accumulated amortization of $947 (December 31, 2015 - $353) 2,044 2,676 Other 1,108 599 $ 38,657 $ 19,287 |
Note 8 - Fixed Assets (Tables)
Note 8 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2016 Cost Accumulated Net Buildings $ 1,483 $ 805 $ 678 Vehicles 1,500 886 614 Furniture and equipment 42,753 29,659 13,094 Computer equipment and software 86,333 62,878 23,455 Leasehold improvements 57,696 30,263 27,433 $ 189,765 $ 124,491 $ 65,274 December 31, 2015 Cost Accumulated Net Buildings $ 1,365 $ 771 $ 594 Vehicles 1,556 884 672 Furniture and equipment 41,535 28,565 12,970 Computer equipment and software 82,576 59,215 23,361 Leasehold improvements 52,916 27,960 24,956 $ 179,948 $ 117,395 $ 62,553 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2016 Gross Accumulated Net Customer lists and relationships $ 168,998 $ 64,397 $ 104,601 Franchise rights 5,301 3,478 1,823 Trademarks and trade names: Indefinite life 23,604 - 23,604 Finite life 2,993 1,484 1,509 Management contracts and other 13,586 5,566 8,020 $ 214,482 $ 74,925 $ 139,557 December 31, 2015 Gross Accumulated Net Customer lists and relationships $ 134,112 $ 50,029 $ 84,083 Franchise rights 5,444 3,222 2,222 Trademarks and trade names: Indefinite life 23,639 - 23,639 Finite life 2,312 1,220 1,092 Management contracts and other 13,690 4,213 9,477 Brokerage backlog 3,588 3,139 449 $ 182,785 $ 61,823 $ 120,962 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amount Estimated Customer lists and relationships $ 39,457 12.9 Trademarks and trade names - finite life 1,634 2.0 Brokerage backlog 2,299 0.3 Other 212 6.3 $ 43,602 11.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 $ 18,169 2018 16,329 2019 14,802 2020 13,361 2021 12,049 |
Note 10 - Goodwill (Tables)
Note 10 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Americas EMEA Asia Consolidated Balance, December 31, 2014 $ 69,820 167,304 48,997 286,121 Goodwill acquired during the year 39,627 3,322 424 43,373 Goodwill disposed during the year - (111 ) - (111 ) Foreign exchange (2,650 ) (16,159 ) (4,894 ) (23,703 ) Balance, December 31, 2015 106,797 154,356 44,527 305,680 Goodwill acquired during the year 19,665 33,289 - 52,954 Other items (603 ) (266 ) - (869 ) Foreign exchange 558 (10,236 ) (81 ) (9,759 ) Balance, December 31, 2016 126,417 177,143 44,446 348,006 Goodwill 152,688 180,455 44,446 377,589 Accumulated impairment loss (26,271 ) (3,312 ) - (29,583 ) $ 126,417 $ 177,143 $ 44,446 $ 348,006 |
Note 11 - Accrued Liabilities (
Note 11 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, December 31, Accrued payroll, commission and benefits $ 267,715 $ 247,476 Accrued project management costs 41,499 41,155 Value added tax payable 24,605 29,956 Customer advances 10,432 6,930 Accrued contract costs (overbillings) 16,713 8,875 Other 38,795 43,387 $ 399,759 $ 377,779 |
Note 12 - Long-term Debt (Table
Note 12 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, December 31, Revolving credit facility $ 259,081 $ 255,165 Capital leases maturing at various dates through 2019 1,868 1,870 Other long-term debt maturing at various dates up to 2020 1,549 3,912 262,498 260,947 Less: current portion 1,961 3,200 Long-term debt - non-current $ 260,537 $ 257,747 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ 1,961 2018 1,102 2019 350 2020 4 2021 and thereafter 259,081 |
Note 13 - Redeemable Non-cont44
Note 13 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2016 2015 Balance, January 1 $ 139,592 $ 150,066 RNCI share of earnings 15,943 17,381 RNCI redemption increment 3,521 (3,837 ) Distributions paid to RNCI (14,428 ) (15,774 ) Purchases of interests from RNCI, net (9,825 ) (6,785 ) RNCI exchanged for Subordinate Voting Shares - (14,670 ) RNCI recognized on business acquisitions - 13,284 Other - (73 ) Balance, December 31 $ 134,803 $ 139,592 |
Note 14 - Capital Stock (Tables
Note 14 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Subordinate Voting Shares Multiple Voting Shares Total Common Shares Number Amount Number Amount Number Amount Balance, December 31, 2015 37,178,617 $ 395,693 1,325,694 $ 373 38,504,311 $ 396,066 Balance, December 31, 2016 37,322,767 399,401 1,325,694 373 38,648,461 399,774 |
Note 15 - Stock-based Compens46
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted Weighted average Aggregate Shares issuable under options - December 31, 2013 1,687,050 $ 26.25 Granted 343,000 49.57 Exercised (558,150 ) 19.26 Forfeited (8,000 ) 31.28 Shares issuable under options - December 31, 2014 1,463,900 $ 34.35 Granted 698,500 36.61 Exercised (699,400 ) 20.09 Forfeited (22,500 ) 38.71 Shares issuable under options - December 31, 2015 1,440,500 $ 28.65 Granted 395,000 32.94 Exercised (144,150 ) 19.83 Forfeited (88,500 ) 32.14 Shares issuable under options - December 31, 2016 1,602,850 $ 30.31 2.8 $ 11,305 Options exercisable - End of year 510,975 $ 25.88 1.9 $ 5,777 |
Stock Options Exercised [Table Text Block] | 2016 2015 2014 Number of options exercised 144,150 699,400 558,150 Aggregate fair value $ 5,222 $ 35,516 $ 27,973 Intrinsic value 2,364 21,463 17,223 Amount of cash received 2,858 14,053 10,750 Tax benefit recognized $ - $ 91 $ 5,856 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Risk-free rate 1.1 % 1.0 % 0.9 % Expected life in years 4.75 4.75 4.75 Expected volatility 33.0 % 28.6 % 25.5 % Dividend yield 0.3 % 0.2 % 0.8 % Weighted average fair value per option granted $ 9.64 $ 11.91 $ 10.52 |
Note 16 - Income Tax (Tables)
Note 16 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Combined statutory rate 26.5 % 26.5 % 26.5 % Nondeductible expenses 2.4 5.8 6.4 Tax effect of flow-through entities (1.1 ) (2.5 ) (2.9 ) Impact of changes in foreign exchange rates - (2.1 ) (0.8 ) Adjustments to tax liabilities for prior periods (0.4 ) (1.4 ) (2.5 ) Effects of changes in enacted tax rates - (0.5 ) 0.1 Changes in liability for unrecognized tax benefits (0.6 ) (0.6 ) (1.9 ) Stock-based compensation 0.5 13.9 4.1 Foreign, state, and provincial tax rate differential 4.4 1.1 (6.2 ) Other taxes 1.4 2.4 2.4 Change in valuation allowance 0.3 0.6 (1.7 ) Outside basis difference in investments 0.5 1.4 1.4 Other 0.4 0.3 0.3 Effective income tax rate 34.3 % 44.9 % 25.2 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2016 2015 2014 Canada $ 23,309 $ (31,818 ) $ (11,751 ) United States 40,435 27,301 14,242 Foreign 75,656 76,984 69,623 Total $ 139,400 $ 72,467 $ 72,114 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Current Canada $ 5,091 $ (770 ) $ (6,343 ) United States 2,090 1,555 (3,474 ) Foreign 30,650 29,014 28,901 37,831 29,799 19,084 Deferred Canada 2,278 (875 ) (336 ) United States 12,753 5,980 2,728 Foreign (5,033 ) (2,352 ) (3,271 ) 9,998 2,753 (879 ) Total $ 47,829 $ 32,552 $ 18,205 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Loss carry-forwards and other credits $ 56,822 $ 70,952 Expenses not currently deductible 22,525 22,018 Stock-based compensation 474 210 Investments 17,303 15,470 Provision for doubtful accounts 4,990 3,601 Financing fees 376 267 Net unrealized foreign exchange (399 ) 3,097 Depreciation and amortization (21,713 ) (18,932 ) Less: valuation allowance (12,707 ) (15,603 ) Net deferred income tax asset $ 67,671 $ 81,080 |
Summary of Operating Loss Carryforwards [Table Text Block] | Gross loss carry forward Gross losses not recognized Net 2016 2015 2016 2015 2016 2015 Canada $ 37,428 $ 49,924 $ 153 $ 141 $ 37,275 $ 49,783 United States 85,550 118,224 4,100 4,100 81,450 114,124 Foreign 45,988 41,333 31,543 31,902 14,445 9,431 Gross loss carry forward Gross losses not recognized Net 2016 2015 2016 2015 2016 2015 Canada $ 183 $ 369 $ 108 $ 369 $ 75 $ - United States 54 - - - 54 - Foreign 6,521 6,489 6,521 6,489 - - |
Summary of Income Tax Contingencies [Table Text Block] | 2016 2015 Balance, January 1 $ 2,519 $ 3,624 Gross increases for tax positions of current period 111 174 Gross increases for tax positions of prior periods 41 365 Amount recognized on acquisitions 613 - Reduction for settlements with taxing authorities - (335 ) Reduction for lapses in applicable statutes of limitations (1,031 ) (967 ) Foreign currency translation 39 (342 ) Balance, December 31 $ 2,292 $ 2,519 |
Note 17 - Pension Plan (Tables)
Note 17 - Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | 2016 Gross employer service cost $ 1,378 Plan participant contributions (336 ) Interest cost on service cost 34 Employer's service cost 1,076 Interest cost 794 Expected net return on plan assets (787 ) Other costs 168 Total employer's pension expense $ 1,251 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | Change in benefit obligation: 2016 Projected benefit obligation - January 1, 2016 $ 31,421 Current service cost 1,076 Plan participant / third party contributions 336 Interest cost 794 Benefits paid (438 ) Foreign exchange (969 ) Expected projected benefit obligation, December 31, 2016 32,220 Actuarial loss, net of foreign exchange 4,438 Projected benefit obligation - December 31, 2016 $ 36,659 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change in plan assets: 2016 Fair value of plan assets - January 1, 2016 $ 30,627 Expected net return on plan assets 787 Contributions Employer 603 Plan participants 336 Benefits paid (438 ) Other costs (168 ) Foreign exchange (916 ) Expected fair value of plan assets - December 31, 2016 30,830 Actuarial gain, net of foreign exchange 2,185 Fair value of plan assets - December 31, 2016 $ 33,016 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, Present value of accumulated benefit obligation $ (34,934 ) Effect of future compensation increases (1,724 ) Present value of projected benefit obligation (36,659 ) Fair value of plan assets 33,016 Net liability for pension benefits $ (3,643 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2016 Actuarial loss on remeasurement of projected benefit obligation $ 4,654 Actuarial gain on remeasurement of fair value of assets (2,292 ) Total loss recognized in other comprehensive income $ 2,362 |
Schedule of Assumptions Used [Table Text Block] | Discount rate used in determining present values 1.8 % Annual increase in future compensation levels 2.0 % Discount rate used in determining present values 1.8 % Annual increase in future compensation levels 2.0 % Expected long-term rate of return on assets 1.8 % |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, Fair value measurements 2016 Level 1 Level 2 Level 3 Equity type investments $ 2,693 $ 2,693 $ - $ - Fixed interest type investments Government bonds 30,117 30,117 - Cash 83 83 - - Other 122 - - 122 Total $ 33,016 $ 32,894 $ - $ 122 |
Schedule of Expected Benefit Payments [Table Text Block] | Year ending December 31 2017 $ 464 2018 546 2019 617 2020 644 2021 687 2022 - 2026 4,375 |
Note 18 - Net Earnings (Loss)49
Note 18 - Net Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Shares issued and outstanding at beginning of year 38,504,311 35,806,955 35,801,732 Weighted average number of shares: Issued during the year 91,754 1,389,361 335,253 Repurchased during the year - - (220,333 ) Weighted average number of shares used in computing basic earnings per share 38,596,065 37,196,316 35,916,652 Assumed exercise of stock options acquired under the treasury stock method 271,771 389,937 392,326 Number of shares used in computing diluted earnings per share 38,867,836 37,586,253 36,308,978 |
Note 19 - Other Supplemental 50
Note 19 - Other Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Supplement Information [Table Text Block] | 2016 2015 2014 Cash payments made during the year Income taxes, net of refunds $ 36,349 $ 35,679 $ 34,904 Interest 7,980 8,057 9,002 Non-cash financing activities Increases in capital lease obligations $ 988 $ 1,021 $ 2,581 Dividends declared but not paid 1,932 1,540 3,581 Other expenses Rent expense $ 57,850 $ 52,561 $ 53,873 |
Note 20 - Financial Instrumen51
Note 20 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at Fair value measurements December 31, 2016 Level 1 Level 2 Level 3 Contingent consideration liability $ 32,266 $ - $ - $ 32,266 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Balance, December 31, 2015 $ 29,119 Amounts recognized on acquisitions 12,056 Fair value adjustments (note 5) (4,591 ) Resolved and settled in cash (1,434 ) Other (2,884 ) Balance, December 31, 2016 32,266 Less: current portion 4,884 Non-current portion $ 27,382 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2016 2015 Carrying Fair Carrying Fair Other receivables $ 10,203 $ 10,203 $ 3,922 $ 3,922 Long-term debt 262,498 262,498 260,947 260,947 |
Note 21 - Commitments and Con52
Note 21 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31 2017 $ 63,378 2018 53,367 2019 43,620 2020 38,600 2021 33,068 Thereafter 61,959 $ 293,992 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Year ending December 31 2017 $ 5,016 2018 3,412 $ 8,428 |
Note 23 - Segmented Informati53
Note 23 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2016 Americas EMEA Asia Corporate Consolidated Revenues $ 1,021,317 $ 474,868 $ 399,368 $ 1,171 $ 1,896,724 Depreciation and amortization 21,612 15,121 5,479 2,712 44,924 Operating earnings (loss) 85,255 34,275 45,614 (18,971 ) 146,173 Other income, net 2,417 Interest expense, net (9,190 ) Income tax expense (47,829 ) Net earnings from continuing operations $ 91,571 Net earnings from discontinued operations $ - Net earnings $ 91,571 Total assets $ 559,295 $ 443,945 $ 181,425 $ 10,114 $ 1,194,779 Total additions to long-lived assets 50,948 67,325 4,654 1,141 124,068 2015 Americas EMEA Asia Corporate Consolidated Revenues $ 889,738 $ 446,146 $ 385,123 $ 979 $ 1,721,986 Depreciation and amortization 18,100 12,429 5,263 2,832 38,624 Operating earnings (loss) 69,247 38,777 41,092 (68,732 ) 80,384 Other income, net 1,122 Interest expense, net (9,039 ) Income tax expense (32,552 ) Net earnings from continuing operations $ 39,915 Net earnings from discontinued operations $ 1,104 Net earnings $ 41,019 Total assets $ 488,228 $ 396,789 $ 176,521 $ 30,883 $ 1,092,421 Total additions to long-lived assets 78,124 12,997 4,402 1,677 97,200 2014 Americas EMEA Asia Corporate Consolidated Revenues $ 823,146 $ 352,363 $ 405,957 $ 805 $ 1,582,271 Depreciation and amortization 14,959 12,371 5,651 3,052 36,033 Operating earnings (loss) 60,473 22,009 47,392 (51,718 ) 78,156 Other income, net 1,262 Interest expense, net (7,304 ) Income tax expense (18,205 ) Net earnings from continuing operations $ 53,909 Net earnings from discontinued operations $ 23,807 Net earnings $ 77,716 Total assets $ 421,423 $ 425,461 $ 183,436 $ (6,437 ) $ 1,023,883 Total additions to long-lived assets 23,988 134,587 15,763 1,980 176,318 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2016 2015 2014 United States Revenues $ 734,488 $ 628,954 $ 522,641 Total long-lived assets 178,908 152,326 90,276 Canada Revenues $ 253,529 $ 229,551 $ 263,215 Total long-lived assets 52,547 51,473 53,241 Euro currency countries Revenues $ 261,626 $ 207,495 $ 135,482 Total long-lived assets 174,932 152,833 169,963 Australia Revenues $ 219,406 $ 206,254 $ 231,029 Total long-lived assets 43,808 44,936 51,083 United Kingdom Revenues $ 137,216 $ 164,204 $ 150,933 Total long-lived assets 69,565 56,076 60,046 Other Revenues $ 290,459 $ 285,528 $ 278,971 Total long-lived assets 33,077 31,551 41,514 Consolidated Revenues $ 1,896,724 $ 1,721,986 $ 1,582,271 Total long-lived assets 552,837 489,195 466,124 |
Note 1 - Description of the B54
Note 1 - Description of the Business (Details Textual) | Jun. 01, 2015 | Dec. 31, 2016 |
Number of Countries in which Entity Operates | 32 | |
Number of Reportable Segments | 3 | |
Conversion from Old FSV Shares to Colliers Shares [Member] | ||
Spin off Arrangement Stock Conversion Ratio | 1 | |
Conversion from Old FSV Shares to First Service Shares [Member] | ||
Spin off Arrangement Stock Conversion Ratio | 1 | |
Colliers and Its Affiliates and Franchisees [Member] | ||
Number of Countries in which Entity Operates | 66 |
Note 2 - Summary of Significa55
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)$ / shares | Dec. 31, 2016 | |
Finite-Lived Intangible Asset, Useful Life | 11 years 292 days | |
Number of Reporting Units | 3 | |
Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 12 years 328 days | |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum [Member] | Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Minimum [Member] | Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum [Member] | Management Contracts and Other [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Maximum [Member] | Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Maximum [Member] | Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Maximum [Member] | Management Contracts and Other [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Computer Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Reduction in Revenue [Member] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 5,040 | |
Reduction in Net Earnings [Member] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 635 | |
Reduction in Diluted Earnings per Share [Member] | ||
Quantifying Misstatement In Current Year Financial Statements Per Share | $ / shares | $ 0.02 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Businesses Acquired | 10 | 9 | 9 |
Business Combination, Acquisition Related Costs | $ 2,794 | $ 5,301 | $ 9,103 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 18,837 | 25,745 | 712 |
Business Combination, Contingent Consideration, Liability | 32,266 | ||
Acquisitions after December 31 2008 [Member] | |||
Business Combination, Contingent Consideration, Liability | 32,266 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 65,519 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 72,798 | ||
Contingent Consideration Paid | 2,018 | $ 6,083 | $ 25,535 |
Acquisitions after December 31 2008 [Member] | Contingent Consideration, Compensation Element [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 5,335 | ||
Americas [Member] | |||
Number of Businesses Acquired | 6 | ||
EMEA [Member] | |||
Number of Businesses Acquired | 4 |
Note 3 - Acquisitions - Acquisi
Note 3 - Acquisitions - Acquisition Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets | $ 16,643 | $ 10,649 | $ 35,003 |
Non-current assets | 3,719 | 2,407 | 6,705 |
Current liabilities | (18,556) | (13,264) | (44,880) |
Long-term liabilities | (4,207) | (1,605) | (9,734) |
Non-controlling interests | (25) | (255) | |
(2,427) | (15,097) | (30,861) | |
Cash consideration, net of cash acquired | (82,073) | (44,108) | (91,559) |
Acquisition date fair value of contingent consideration | (12,056) | (14,566) | (13,339) |
Total purchase consideration | (94,129) | (58,674) | (108,069) |
Acquired intangible assets | 43,602 | 30,398 | 39,369 |
Goodwill | $ 52,954 | 43,373 | 99,561 |
Redeemable non-controlling interest | $ (13,284) | (17,700) | |
Note consideration | $ (3,171) |
Note 3 - Acquisitions - Acqui58
Note 3 - Acquisitions - Acquisition Details (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash consideration, net of cash acquired | $ 10,067 | $ 5,873 | $ 11,427 |
Note 3 - Acquisitions - Busines
Note 3 - Acquisitions - Business Acquisitions, Pro Forma Revenue and Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Actual from acquired entities for 2016, Revenues | $ 72,702 | |
Actual from acquired entities for 2016, Net earnings from continuing operations | 1,939 | |
Supplemental pro forma revenues (unaudited), Revenues | 1,926,462 | $ 1,902,724 |
Supplemental pro forma net earnings (unaudited), Net earnings from continuing operations | $ 94,152 | $ 52,762 |
Note 4 - Discontinued Operati60
Note 4 - Discontinued Operations (Details Textual) $ in Thousands | Jun. 01, 2015USD ($) | Jul. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016 |
Number of Businesses Discontinued | 3 | ||||
Stockholders' Equity Note, Spinoff Transaction | $ (138,396) | $ (138,396) | |||
REO Rental Segment [Member] | |||||
Proceeds from Divestiture of Businesses | $ 1,500 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (1,601) | ||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | (773) | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (828) | ||||
US Based Commercial Real Estate Consulting [Member] | |||||
Proceeds from Divestiture of Businesses | $ 12,100 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 6,607 | ||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 3,023 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 3,584 | ||||
Conversion from Old FSV Shares to First Service Shares [Member] | |||||
Spin off Arrangement Stock Conversion Ratio | 1 |
Note 4 - Discontinued Operati61
Note 4 - Discontinued Operations - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net earnings from discontinued operations attributable to Company | $ 1,104 | $ 23,807 | |
Basic (in dollars per share) | $ 0.03 | $ 0.66 | |
Diluted (in dollars per share) | $ 0.03 | $ 0.65 | |
Field Asset Services [Member] | |||
Revenues | $ 479,636 | $ 1,132,002 | |
Cost of revenues | 340,941 | 800,046 | |
Selling, general and administrative expenses | 106,894 | 249,481 | |
Depreciation | 7,566 | 17,634 | |
Amortization of intangible assets | 4,253 | 8,744 | |
Acquisition-related items | 214 | 723 | |
Operating earnings | 19,768 | 55,374 | |
Interest expense, net | 993 | 6,932 | |
Other expense | 147 | 255 | |
Earnings before income tax | 18,628 | 48,187 | |
Income tax expense | 9,216 | 13,593 | |
Net operating earnings from discontinued operations | 9,412 | 34,594 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 2,756 | ||
Net earnings from discontinued operations | 9,412 | 37,350 | |
Non-controlling interest share of earnings | 4,566 | 3,426 | |
Non-controlling interest redemption increment | 3,742 | 10,117 | |
Net earnings from discontinued operations attributable to Company | $ 1,104 | $ 23,807 | |
Basic (in dollars per share) | $ 0.03 | $ 0.66 | |
Diluted (in dollars per share) | $ 0.03 | $ 0.65 |
Note 5 - Acquisition-related 62
Note 5 - Acquisition-related Items - Composition of Acquisition-related Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Transaction costs | $ 2,794 | $ 5,301 | $ 9,103 |
Contingent consideration fair value adjustments | (4,591) | 383 | 1,774 |
Contingent consideration compensation expense | 5,356 | 915 | 226 |
$ 3,559 | $ 6,599 | $ 11,103 |
Note 6 - Other Income - Compone
Note 6 - Other Income - Components of Other (Income) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disposal (gain) loss, net | $ (1,084) | $ (11) | $ 100 |
Unusual gain | (439) | (382) | (773) |
Equity earnings | (894) | (729) | (589) |
Other income, net (note 6) | $ (2,417) | $ (1,122) | $ (1,262) |
Note 7 - Other Assets - Compone
Note 7 - Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Advisor loans receivable | $ 28,477 | $ 10,115 |
Equity and cost method investments | 7,028 | 5,897 |
Financing fees, net of accumulated amortization of $947 (December 31, 2015 - $353) | 2,044 | 2,676 |
Other | 1,108 | 599 |
$ 38,657 | $ 19,287 |
Note 7 - Other Assets - Compo65
Note 7 - Other Assets - Components of Other Assets (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing fees, accumulatd amortization | $ 947 | $ 353 |
Note 8 - Fixed Assets (Details
Note 8 - Fixed Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets, Gross | $ 4,739 | $ 4,649 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 1,827 | $ 2,276 |
Note 8 - Fixed Assets - Compone
Note 8 - Fixed Assets - Components of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cost | $ 189,765 | $ 179,948 |
Accumulated depreciation | 124,491 | 117,395 |
Fixed assets (note 8) | 65,274 | 62,553 |
Building [Member] | ||
Cost | 1,483 | 1,365 |
Accumulated depreciation | 805 | 771 |
Fixed assets (note 8) | 678 | 594 |
Vehicles [Member] | ||
Cost | 1,500 | 1,556 |
Accumulated depreciation | 886 | 884 |
Fixed assets (note 8) | 614 | 672 |
Furniture and Fixtures [Member] | ||
Cost | 42,753 | 41,535 |
Accumulated depreciation | 29,659 | 28,565 |
Fixed assets (note 8) | 13,094 | 12,970 |
Computer Equipment [Member] | ||
Cost | 86,333 | 82,576 |
Accumulated depreciation | 62,878 | 59,215 |
Fixed assets (note 8) | 23,455 | 23,361 |
Leasehold Improvements [Member] | ||
Cost | 57,696 | 52,916 |
Accumulated depreciation | 30,263 | 27,960 |
Fixed assets (note 8) | $ 27,433 | $ 24,956 |
Note 9 - Intangible Assets - Co
Note 9 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Gross carrying amount | $ 214,482 | $ 182,785 |
Accumulated amortization | 74,925 | 61,823 |
Net | 139,557 | 120,962 |
Trademark and Trade Names [Member] | ||
Indefinite life | 23,604 | 23,639 |
Indefinite life | 23,604 | 23,639 |
Customer Lists and Relationships [Member] | ||
Gross carrying amount | 168,998 | 134,112 |
Accumulated amortization | 64,397 | 50,029 |
Net | 104,601 | 84,083 |
Franchise Rights [Member] | ||
Gross carrying amount | 5,301 | 5,444 |
Accumulated amortization | 3,478 | 3,222 |
Net | 1,823 | 2,222 |
Trademarks and Trade Names [Member] | ||
Gross carrying amount | 2,993 | 2,312 |
Accumulated amortization | 1,484 | 1,220 |
Net | 1,509 | 1,092 |
Management Contracts and Other [Member] | ||
Gross carrying amount | 13,586 | 13,690 |
Accumulated amortization | 5,566 | 4,213 |
Net | $ 8,020 | 9,477 |
Brokerage Backlog [Member] | ||
Gross carrying amount | 3,588 | |
Accumulated amortization | 3,139 | |
Net | $ 449 |
Note 9 - Intangible Assets - Ac
Note 9 - Intangible Assets - Acquired Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Amount | $ 43,602 |
Estimated weighted average amortization period (years) (Year) | 11 years 292 days |
Customer Lists and Relationships [Member] | |
Amount | $ 39,457 |
Estimated weighted average amortization period (years) (Year) | 12 years 328 days |
Trademarks and Trade Names [Member] | |
Amount | $ 1,634 |
Estimated weighted average amortization period (years) (Year) | 2 years |
Brokerage Backlog [Member] | |
Amount | $ 2,299 |
Estimated weighted average amortization period (years) (Year) | 109 days |
Other Intangible Assets [Member] | |
Amount | $ 212 |
Estimated weighted average amortization period (years) (Year) | 6 years 109 days |
Note 9 - Intangible Assets - Es
Note 9 - Intangible Assets - Estimated Annual Amortization Expense for Recorded Intangible Assets (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,016 | $ 18,169 |
2,017 | 16,329 |
2,018 | 14,802 |
2,019 | 13,361 |
2,020 | $ 12,049 |
Note 10 - Goodwill (Details Tex
Note 10 - Goodwill (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Note 10 - Goodwill - Components
Note 10 - Goodwill - Components of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Balance | $ 305,680 | $ 286,121 | ||
Goodwill | 52,954 | 43,373 | $ 99,561 | |
Goodwill disposed during the year | (111) | |||
Foreign exchange | (9,759) | (23,703) | ||
Balance | 348,006 | 305,680 | 286,121 | |
Other items | (869) | |||
Goodwill | $ 377,589 | |||
Accumulated impairment loss | (29,583) | |||
Goodwill (note 10) | 348,006 | 305,680 | 286,121 | 348,006 |
Americas [Member] | ||||
Balance | 106,797 | 69,820 | ||
Goodwill | 19,665 | 39,627 | ||
Goodwill disposed during the year | ||||
Foreign exchange | 558 | (2,650) | ||
Balance | 126,417 | 106,797 | 69,820 | |
Other items | (603) | |||
Goodwill | 152,688 | |||
Accumulated impairment loss | (26,271) | |||
Goodwill (note 10) | 106,797 | 69,820 | 69,820 | 126,417 |
EMEA [Member] | ||||
Balance | 154,356 | 167,304 | ||
Goodwill | 33,289 | 3,322 | ||
Goodwill disposed during the year | (111) | |||
Foreign exchange | (10,236) | (16,159) | ||
Balance | 177,143 | 154,356 | 167,304 | |
Other items | (266) | |||
Goodwill | 180,455 | |||
Accumulated impairment loss | (3,312) | |||
Goodwill (note 10) | 154,356 | 167,304 | 167,304 | 177,143 |
Asia Pacific [Member] | ||||
Balance | 44,527 | 48,997 | ||
Goodwill | 424 | |||
Goodwill disposed during the year | ||||
Foreign exchange | (81) | (4,894) | ||
Balance | 44,446 | 44,527 | 48,997 | |
Other items | ||||
Goodwill | 44,446 | |||
Accumulated impairment loss | ||||
Goodwill (note 10) | $ 44,527 | $ 48,997 | $ 48,997 | $ 44,446 |
Note 11 - Accrued Liabilities -
Note 11 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued payroll, commission and benefits | $ 267,715 | $ 247,476 |
Accrued project management costs | 41,499 | 41,155 |
Value added tax payable | 24,605 | 29,956 |
Customer advances | 10,432 | 6,930 |
Accrued contract costs (overbillings) | 16,713 | 8,875 |
Other | 38,795 | 43,387 |
$ 399,759 | $ 377,779 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jun. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Letters of Credit Outstanding, Amount | $ 12,073 | $ 17,232 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.80% | 3.10% | |
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 525,000 | ||
Debt Instrument, Term | 5 years | ||
Debt, Weighted Average Interest Rate | 2.40% | 2.30% | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 253,696 | ||
Line of Credit Facility Additional Borrowing Capacity | $ 150,000 | ||
Line of Credit Facility, Expiration Date | Jun. 1, 2020 | ||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.55% |
Note 12 - Long-term Debt - Long
Note 12 - Long-term Debt - Long-term Debt and Convertible Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Revolving credit facility | $ 262,498 | $ 260,947 |
Capital leases maturing at various dates through 2019 | 1,868 | 1,870 |
Other long-term debt maturing at various dates up to 2020 | 1,549 | 3,912 |
262,498 | 260,947 | |
Less: current portion | 1,961 | 3,200 |
Long-term debt - non-current | 260,537 | 257,747 |
Revolving Credit Facility [Member] | ||
Revolving credit facility | $ 259,081 | $ 255,165 |
Note 12 - Long-term Debt - Prin
Note 12 - Long-term Debt - Principal Repayments on Long-term Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,961 |
2,018 | 1,102 |
2,019 | 350 |
2,020 | 4 |
2021 and thereafter | $ 259,081 |
Note 13 - Redeemable Non-cont77
Note 13 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 134,803 | $ 139,592 | |
Subordinate Non-controlling Interest Shares | 3,400,000 | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 1.75 | $ 0.59 | $ 0.54 |
Pro Forma [Member] | |||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.32 | ||
Redemption Amount [Member] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 126,007 | $ 137,357 |
Note 13 - Redeemable Non-cont78
Note 13 - Redeemable Non-controlling Interests - Reconciliation of the Beginning and Ending NCI Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 139,592 | $ 150,066 | |
Non-controlling interest share of earnings | 20,085 | 21,509 | $ 25,096 |
Non-controlling interest redemption increment (note 13) | 3,521 | (3,837) | 9,304 |
Distributions paid to RNCI | (16,495) | (19,065) | (25,956) |
RNCI exchanged for Subordinate Voting Shares | (14,670) | ||
Less: Comprehensive earnings attributable to non-controlling shareholders | 25,283 | 27,859 | 23,396 |
Balance | 134,803 | 139,592 | $ 150,066 |
Non-controlling Interest Share of Earnings [Member] | |||
Non-controlling interest share of earnings | 15,943 | 17,381 | |
Non-controlling Interest Redemption Increment [Member] | |||
Non-controlling interest redemption increment (note 13) | 3,521 | (3,837) | |
Non-controlling Interest Distributions Paid to NCI [Member] | |||
Distributions paid to RNCI | (14,428) | (15,774) | |
Non-controlling Interest Purchase of Interests from NCI Net [Member] | |||
Purchases of interests from RNCI, net | (9,825) | (6,785) | |
Non-controlling Interest Recognized on Business Acquisitions [Member] | |||
RNCI recognized on business acquisitions | 13,284 | ||
Non-controlling Interest Share of Other Comprehensive Earnings [Member] | |||
Less: Comprehensive earnings attributable to non-controlling shareholders | $ (73) |
Note 14 - Capital Stock (Detail
Note 14 - Capital Stock (Details Textual) CAD / shares in Units, $ / shares in Units, $ in Thousands | Jun. 01, 2015USD ($) | Feb. 28, 2004CAD | Dec. 31, 2016CAD / shares$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2016USD ($) |
Stockholders' Equity Note, Spinoff Transaction | $ | $ (138,396) | $ (138,396) | ||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.10 | $ 0.14 | $ 0.40 | |||
Share Price | CAD / shares | $ 49.49 | |||||
Contingent Liabiilty upon Sale of Control | $ | $ 132,562 | |||||
First Payment [Member] | Chief Executive Officer [Member] | ||||||
Percentage Payment of Shares Outstanding | 5.00% | |||||
Payment Formula Base Price | CAD | CAD 3.324 | |||||
Second Payment [Member] | Subordinate Voting Shares Conversion Rate [Member] | ||||||
Payment Formula Base Price | CAD | CAD 6.472 | |||||
Second Payment [Member] | Chief Executive Officer [Member] | ||||||
Percentage Payment of Shares Outstanding | 5.00% | |||||
Conversion from Old FSV Shares to Colliers Shares [Member] | ||||||
Spin off Arrangement Stock Conversion Ratio | 1 | |||||
Conversion from Old FSV Shares to First Service Shares [Member] | ||||||
Spin off Arrangement Stock Conversion Ratio | 1 | |||||
Subordinate Voting Shares [Member] | ||||||
Number of Votes for Subordinate Voting Shares | 1 | |||||
Percentage of Original Base Price Payment Value | 58.57% | |||||
Multiple Voting Shares [Member] | ||||||
Number of Votes for Multiple Voting Shares | 20 |
Note 14 - Capital Stock - Capit
Note 14 - Capital Stock - Capital Stock Issued and Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Shares, Number (in shares) | 38,648,461 | 38,504,311 |
Capital Shares, Amount | $ 399,774 | $ 396,066 |
Subordinate Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 37,322,767 | 37,178,617 |
Capital Shares, Amount | $ 399,401 | $ 395,693 |
Multiple Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 1,325,694 | 1,325,694 |
Capital Shares, Amount | $ 373 | $ 373 |
Note 15 - Stock-based Compens81
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allocated Share-based Compensation Expense | $ 3,279 | $ 4,253 | $ 4,077 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 30.31 | $ 28.65 | $ 34.35 | $ 26.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 11,305 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, the Money Options, Weighted Average Remaining Contractual Life | 2 years 219 days | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,845 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,998 | $ 2,589 | $ 3,750 | ||
Stockholders Equity Note Spin-off Transaction Reclassification of Stock-based Compansation Liability to Shareholders Equity | $ 16,622 | ||||
Stockholders Equity Note Spinoff Transaction Reclassification of Redeemable Noncontrolling Interests to Shareholders Equity | 14,670 | ||||
Spin-off Stock Based Compensation Costs | $ 35,400 | $ 35,400 | |||
Subordinate Voting Shares [Member] | |||||
Stock Issued During Period Shares Spinoff Exchange of Redeemable Noncontrolling Interests and Stock Options | 1,997,956 | ||||
Stock Issued During Period, Shares Spin-off Exchange of Redeemable Noncontrolling Interests and Stock Options Subject to Contractual Retention and Escrow Periods | 1,187,697 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 15.57 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 43.57 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 980,750 |
Note 15 - Stock-based Compens82
Note 15 - Stock-based Compensation Stock - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares issuable under options (in shares) | 1,440,500 | 1,463,900 | 1,687,050 |
Shares issuable under options (in dollars per share) | $ 28.65 | $ 34.35 | $ 26.25 |
Granted, Number of options (in shares) | 395,000 | 698,500 | 343,000 |
Granted, Weighted average exercise price (in dollars per share) | $ 32.94 | $ 36.61 | $ 49.57 |
Exercised, Number of options (in shares) | (144,150) | (699,400) | (558,150) |
Exercised, Weighted average exercise price (in dollars per share) | $ 19.83 | $ 20.09 | $ 19.26 |
Forfeited, Number of options (in shares) | (88,500) | (22,500) | (8,000) |
Forfeited, Weighted average exercise price (in dollars per share) | $ 32.14 | $ 38.71 | $ 31.28 |
Shares issuable under options (in shares) | 1,602,850 | 1,440,500 | 1,463,900 |
Shares issuable under options (in dollars per share) | $ 30.31 | $ 28.65 | $ 34.35 |
Shares issuable under options (Year) | 2 years 292 days | ||
Shares issuable under options | $ 11,305 | ||
Options exercisable - End of year, Number of options (in shares) | 510,975 | ||
Options exercisable - End of year, Weighted average exercise price (in dollars per share) | $ 25.88 | ||
Options exercisable - End of year, Weighted average remaining contractual life (Year) | 1 year 328 days | ||
Options exercisable - End of year, Aggregate intrinsic value | $ 5,777 |
Note 15 - Stock-based Compens83
Note 15 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of options exercised (in shares) | 144,150 | 699,400 | 558,150 |
Aggregate fair value | $ 2,859 | $ 14,529 | $ 10,718 |
Employee Stock Option [Member] | |||
Number of options exercised (in shares) | 144,150 | 699,400 | 558,150 |
Aggregate fair value | $ 5,222 | $ 35,516 | $ 27,973 |
Intrinsic value | 2,364 | 21,463 | 17,223 |
Amount of cash received | 2,858 | 14,053 | 10,750 |
Tax benefit recognized | $ 91 | $ 5,856 |
Note 15 - Stock-based Compens84
Note 15 - Stock-based Compensation - Fair Value of Each Option Grant Assumptions Used (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Risk-free rate | 1.10% | 1.00% | 0.90% |
Expected life in years (Year) | 4 years 273 days | 4 years 273 days | 4 years 273 days |
Expected volatility | 33.00% | 28.60% | 25.50% |
Dividend yield | 0.30% | 0.20% | 0.80% |
Weighted average fair value per option granted (in dollars per share) | $ 9.64 | $ 11.91 | $ 10.52 |
Note 16 - Income Tax (Details T
Note 16 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
One Time Stock Based Compensation and Transaction Costs | $ 49,465 | ||
Deferred Tax Assets, Net | $ 67,671 | 81,080 | |
Undistributed Earnings of Foreign Subsidiaries | 21,886 | 21,642 | |
Unrecognized Tax Benefits | 2,292 | 2,519 | $ 3,624 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,292 | 2,519 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 234 | 174 | $ 106 |
Recovery of Income Tax Interest and Penalties | 58 | 106 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 350 | $ 174 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ (581) | ||
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Minimum [Member] | |||
Income Tax Return Examination Period | 4 years | ||
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Maximum [Member] | |||
Income Tax Return Examination Period | 7 years | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Return Examination Period | 3 years | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax Return Examination Period | 5 years | ||
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | |||
Income Tax Return Examination Period | 4 years |
Note 16 - Income Tax - Effectiv
Note 16 - Income Tax - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Combined statutory rate | 26.50% | 26.50% | 26.50% |
Nondeductible expenses | 2.40% | 5.80% | 6.40% |
Tax effect of flow-through entities | (1.10%) | (2.50%) | (2.90%) |
Impact of changes in foreign exchange rates | (2.10%) | (0.80%) | |
Adjustments to tax liabilities for prior periods | (0.40%) | (1.40%) | (2.50%) |
Effects of changes in enacted tax rates | (0.50%) | 0.10% | |
Changes in liability for unrecognized tax benefits | (0.60%) | (0.60%) | (1.90%) |
Stock-based compensation | 0.50% | 13.90% | 4.10% |
Foreign, state, and provincial tax rate differential | 4.40% | 1.10% | (6.20%) |
Other taxes | 1.40% | 2.40% | 2.40% |
Change in valuation allowance | 0.30% | 0.60% | (1.70%) |
Outside basis difference in investments | 0.50% | 1.40% | 1.40% |
Other | 0.40% | 0.30% | 0.30% |
Effective income tax rate | 34.30% | 44.90% | 25.20% |
Note 16 - Income Tax - Earnings
Note 16 - Income Tax - Earnings Before Income Tax by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Before Income Tax by Jurisdiction | $ 139,400 | $ 72,467 | $ 72,114 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Earnings Before Income Tax by Jurisdiction | 23,309 | (31,818) | (11,751) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Earnings Before Income Tax by Jurisdiction | 40,435 | 27,301 | 14,242 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | |||
Earnings Before Income Tax by Jurisdiction | $ 75,656 | $ 76,984 | $ 69,623 |
Note 16 - Income Tax - Provisio
Note 16 - Income Tax - Provision for (Recovery of) Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | $ 37,831 | $ 29,799 | $ 19,084 |
Deferred | 9,998 | 2,753 | (879) |
Total | 47,829 | 32,552 | 18,205 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Current | 5,091 | (770) | (6,343) |
Deferred | 2,278 | (875) | (336) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Current | 2,090 | 1,555 | (3,474) |
Deferred | 12,753 | 5,980 | 2,728 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | |||
Current | 30,650 | 29,014 | 28,901 |
Deferred | $ (5,033) | $ (2,352) | $ (3,271) |
Note 16 - Income Tax - Deferred
Note 16 - Income Tax - Deferred Income Tax Components (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loss carry-forwards and other credits | $ 56,822 | $ 70,952 |
Expenses not currently deductible | 22,525 | 22,018 |
Stock-based compensation | 474 | 210 |
Investments | 17,303 | 15,470 |
Provision for doubtful accounts | 4,990 | 3,601 |
Financing fees | 376 | 267 |
Net unrealized foreign exchange | (399) | |
Net unrealized foreign exchange | 3,097 | |
Depreciation and amortization | (21,713) | (18,932) |
Less: valuation allowance | (12,707) | (15,603) |
Net deferred income tax asset | $ 67,671 | $ 81,080 |
Note 16 - Income Tax - Gross Op
Note 16 - Income Tax - Gross Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Gross net operating loss carry forward | $ 37,428 | $ 49,924 |
Gross net operating loss not recognized | 153 | 141 |
Net operating loss carry foward | 37,275 | 49,783 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 183 | 369 |
Gross capital loss not recognized | 108 | 369 |
Net capital loss carry forward | 75 | |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Gross net operating loss carry forward | 85,550 | 118,224 |
Gross net operating loss not recognized | 4,100 | 4,100 |
Net operating loss carry foward | 81,450 | 114,124 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 54 | |
Net capital loss carry forward | 54 | |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Gross net operating loss carry forward | 45,988 | 41,333 |
Gross net operating loss not recognized | 31,543 | 31,902 |
Net operating loss carry foward | 14,445 | 9,431 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 6,521 | 6,489 |
Gross capital loss not recognized | $ 6,521 | $ 6,489 |
Note 16 - Income Tax - Unrecogn
Note 16 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 2,519 | $ 3,624 |
Gross increases for tax positions of current period | 111 | 174 |
Gross increases for tax positions of prior periods | 41 | 365 |
Amount recognized on acquisitions | 613 | |
Reduction for settlements with taxing authorities | (335) | |
Reduction for lapses in applicable statutes of limitations | (1,031) | (967) |
Foreign currency translation, increase | 39 | |
Foreign currency translation, decrease | (342) | |
Balance | $ 2,292 | $ 2,519 |
Note 17 - Pension Plan (Details
Note 17 - Pension Plan (Details Textual) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Pension Plan, Number of Plans | 1 |
Defined Benefit Plan, Actual Return on Plan Assets | $ 3,079 |
Defined Benefit Plan, Expected Return on Plan Assets | 787 |
Defined Benefit Plan, Actuarial Gain on Plan Assets | $ 2,292 |
Note 17 - Pension Plan - Net Pe
Note 17 - Pension Plan - Net Periodic Pension Cost (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Gross employer service cost | $ 1,378 |
Plan participant contributions | (336) |
Interest cost on service cost | 34 |
Employer's service cost | 1,076 |
Interest cost | 794 |
Expected net return on plan assets | (787) |
Other costs | 168 |
Total employer's pension expense | $ 1,251 |
Note 17 - Pension Plan - Change
Note 17 - Pension Plan - Changes in Benefit Obligations (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Projected benefit obligation | $ 31,421 |
Current service cost | 1,076 |
Plan participants | 336 |
Interest cost | 794 |
Benefits paid | (438) |
Foreign exchange | (969) |
Expected projected benefit obligation, December 31, 2016 | 32,220 |
Actuarial loss, net of foreign exchange | 4,438 |
Projected benefit obligation | $ 36,659 |
Note 17 - Pension Plan - Chan95
Note 17 - Pension Plan - Changes in Plan Assets (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair value of plan assets | $ 30,627 |
Expected net return on plan assets | 787 |
Employer | 603 |
Plan participants | 336 |
Benefits paid | (438) |
Other costs | (168) |
Foreign exchange | (916) |
Expected fair value of plan assets - December 31, 2016 | 30,830 |
Actuarial gain, net of foreign exchange | 2,185 |
Fair value of plan assets | $ 33,016 |
Note 17 - Pension Plan - Amount
Note 17 - Pension Plan - Amounts Recognized in Balance Sheet (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Present value of accumulated benefit obligation | $ (34,934) | |
Effect of future compensation increases | (1,724) | |
Present value of projected benefit obligation | (36,659) | $ (31,421) |
Fair value of plan assets | 33,016 | $ 30,627 |
Net liability for pension benefits | $ 3,643 |
Note 17 - Pension Plan - Amou97
Note 17 - Pension Plan - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total loss recognized in other comprehensive income | $ 1,690 | ||
Pension Plan [Member] | |||
Actuarial loss on remeasurement of projected benefit obligation | 4,654 | ||
Actuarial gain on remeasurement of fair value of assets | (2,292) | ||
Total loss recognized in other comprehensive income | $ 2,362 |
Note 17 - Pension Plan - Assump
Note 17 - Pension Plan - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Discount rate used in determining present values | 1.80% |
Annual increase in future compensation levels | 2.00% |
Discount rate used in determining present values | 1.80% |
Annual increase in future compensation levels | 2.00% |
Expected long-term rate of return on assets | 1.80% |
Note 17 - Pension Plan - Assets
Note 17 - Pension Plan - Assets Measured at Fair Value (Details) - Pension Plan [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Defined benefit plan, Assets | $ 33,016 |
Fair Value, Inputs, Level 1 [Member] | |
Defined benefit plan, Assets | 32,894 |
Fair Value, Inputs, Level 3 [Member] | |
Defined benefit plan, Assets | 122 |
Equity Funds [Member] | |
Defined benefit plan, Assets | 2,693 |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |
Defined benefit plan, Assets | 2,693 |
US Government Agencies Debt Securities [Member] | |
Defined benefit plan, Assets | 30,117 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |
Defined benefit plan, Assets | 30,117 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Defined benefit plan, Assets | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |
Defined benefit plan, Assets | |
Cash [Member] | |
Defined benefit plan, Assets | 83 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |
Defined benefit plan, Assets | 83 |
Other Plan Assets[Member] | |
Defined benefit plan, Assets | 122 |
Other Plan Assets[Member] | Fair Value, Inputs, Level 3 [Member] | |
Defined benefit plan, Assets | $ 122 |
Note 17 - Pension Plan - Expect
Note 17 - Pension Plan - Expected Future Payments of Pension Benefit (Details) - Pension Plan [Member] $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 464 |
2,018 | 546 |
2,019 | 617 |
2,020 | 644 |
2,021 | 687 |
2022 - 2026 | $ 4,375 |
Note 18 - Net Earnings (Loss101
Note 18 - Net Earnings (Loss) Per Common Share - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares issued and outstanding at beginning of year (in shares) | 38,504,311 | 35,806,955 | 35,801,732 |
Issued during the year (in shares) | 91,754 | 1,389,361 | 335,253 |
Repurchased during the year (in shares) | (220,333) | ||
Weighted average number of shares used in computing basic earnings per share (in shares) | 38,596,065 | 37,196,316 | 35,916,652 |
Assumed exercise of stock options acquired under the treasury stock method (in shares) | 271,771 | 389,937 | 392,326 |
Number of shares used in computing diluted earnings per share (in shares) | 38,867,836 | 37,586,253 | 36,308,978 |
Note 19 - Other Supplemental102
Note 19 - Other Supplemental Information - Summary of Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income taxes, net of refunds | $ 36,349 | $ 35,679 | $ 34,904 |
Interest | 7,980 | 8,057 | 9,002 |
Increases in capital lease obligations | 988 | 1,021 | 2,581 |
Dividends declared but not paid | 1,932 | 1,540 | 3,581 |
Rent expense | $ 57,850 | $ 52,561 | $ 53,873 |
Note 20 - Financial Instrume103
Note 20 - Financial Instruments (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Number of Interest Rate Derivatives Held | 0 |
Contingent Consideration Liability [Member] | |
Fair Value Inputs, Weighted Average Discount Rate Increase | 2.00% |
Reduction in Fair Value of Contingent Consideration Liability | $ 1 |
Contingent Consideration Liability [Member] | Minimum [Member] | |
Fair Value Inputs, Discount Rate | 4.00% |
Fair Value Inputs, Discount Rate Data Point Concentration | 9.40% |
Contingent Consideration Liability [Member] | Maximum [Member] | |
Fair Value Inputs, Discount Rate | 10.10% |
Fair Value Inputs, Discount Rate Data Point Concentration | 10.10% |
Contingent Consideration Liability [Member] | Weighted Average [Member] | |
Fair Value Inputs, Discount Rate | 9.30% |
Note 20 - Financial Instrume104
Note 20 - Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Contingent consideration liability | $ 32,266 | |
Fair Value, Inputs, Level 1 [Member] | ||
Contingent consideration liability | ||
Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration liability | ||
Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration liability | $ 32,266 | $ 29,119 |
Note 20 - Financial Instrume105
Note 20 - Financial Instruments - Change in Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair value adjustments (note 5) | $ (591) | $ (1,421) | $ (19,785) |
Balance | 32,266 | ||
Less: current portion | 4,884 | 1,552 | |
Non-current portion | 27,382 | 27,567 | |
Fair Value, Inputs, Level 3 [Member] | |||
Balance | 29,119 | ||
Amounts recognized on acquisitions | 12,056 | ||
Fair value adjustments (note 5) | (4,591) | ||
Resolved and settled in cash | (1,434) | ||
Other | (2,884) | ||
Balance | 32,266 | $ 29,119 | |
Less: current portion | 4,884 | ||
Non-current portion | $ 27,382 |
Note 20 - Financial Instrume106
Note 20 - Financial Instruments - Estimated of Fair Values for Other Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other receivables | $ 10,203 | $ 3,922 |
Other receivables, fair value | 10,203 | 3,922 |
Revolving credit facility | 262,498 | 260,947 |
Long-term debt, fair value | $ 262,498 | $ 260,947 |
Note 21 - Commitments and Co107
Note 21 - Commitments and Contingencies - Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 63,378 |
2,018 | 53,367 |
2,019 | 43,620 |
2,020 | 38,600 |
2,021 | 33,068 |
Thereafter | 61,959 |
$ 293,992 |
Note 21 - Commitments and Co108
Note 21 - Commitments and Contingencies - Minimum Contractual Purchase Commitments Obligation Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 5,016 |
2,018 | 3,412 |
$ 8,428 |
Note 22 - Related Party Tran109
Note 22 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 57,850 | $ 52,561 | $ 53,873 |
Revenue from Related Parties | 715 | 372 | 154 |
Due from Related Parties | 4,897 | 728 | |
Due to Related Parties | 0 | 43 | |
Minority Shareholders of Subsidiaries [Member] | |||
Operating Leases, Rent Expense | $ 643 | 478 | $ 1,080 |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | ||
Minority Shareholders of Subsidiaries [Member] | Minimum [Member] | |||
Property Management Contract Term | 1 year | ||
Debt Instrument, Term | 1 year | ||
Minority Shareholders of Subsidiaries [Member] | Maximum [Member] | |||
Property Management Contract Term | 3 years | ||
Debt Instrument, Term | 10 years | ||
First Service [Member] | |||
Due from Related Parties | 307 | ||
Rental Income, Nonoperating | $ 344 | $ 265 |
Note 23 - Segmented Informat110
Note 23 - Segmented Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Operating Segments | 3 | |
Americas Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 4,753 | $ 4,215 |
EMEA Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,610 | 2,023 |
Asia Pacific Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 7 | $ 0 |
Note 23 - Segmented Informat111
Note 23 - Segmented Information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 1,896,724 | $ 1,721,986 | $ 1,582,271 |
Depreciation and amortization | 44,924 | 38,624 | 36,033 |
Operating earnings (loss) | 146,173 | 80,384 | 78,156 |
Other income, net | 2,417 | 1,122 | 1,262 |
Interest expense, net | (9,190) | (9,039) | (7,304) |
Income tax expense | (47,829) | (32,552) | (18,205) |
Net earnings from continuing operations | 91,571 | 39,915 | 53,909 |
Net earnings from discontinued operations | 1,104 | 23,807 | |
Net earnings | 91,571 | 41,019 | 77,716 |
Total assets | 1,194,779 | 1,092,421 | 1,023,883 |
Total additions to long-lived assets | 124,068 | 97,200 | 176,318 |
Operating Segments [Member] | Americas Segment [Member] | |||
Revenues | 1,021,317 | 889,738 | 823,146 |
Depreciation and amortization | 21,612 | 18,100 | 14,959 |
Operating earnings (loss) | 85,255 | 69,247 | 60,473 |
Other income, net | |||
Interest expense, net | |||
Income tax expense | |||
Net earnings from continuing operations | |||
Net earnings from discontinued operations | |||
Net earnings | |||
Total assets | 559,295 | 488,228 | 421,423 |
Total additions to long-lived assets | 50,948 | 78,124 | 23,988 |
Operating Segments [Member] | EMEA Segment [Member] | |||
Revenues | 474,868 | 446,146 | 352,363 |
Depreciation and amortization | 15,121 | 12,429 | 12,371 |
Operating earnings (loss) | 34,275 | 38,777 | 22,009 |
Other income, net | |||
Interest expense, net | |||
Income tax expense | |||
Net earnings from continuing operations | |||
Net earnings from discontinued operations | |||
Net earnings | |||
Total assets | 443,945 | 396,789 | 425,461 |
Total additions to long-lived assets | 67,325 | 12,997 | 134,587 |
Operating Segments [Member] | Asia Pacific Segment [Member] | |||
Revenues | 399,368 | 385,123 | 405,957 |
Depreciation and amortization | 5,479 | 5,263 | 5,651 |
Operating earnings (loss) | 45,614 | 41,092 | 47,392 |
Other income, net | |||
Interest expense, net | |||
Income tax expense | |||
Net earnings from continuing operations | |||
Net earnings from discontinued operations | |||
Net earnings | |||
Total assets | 181,425 | 176,521 | 183,436 |
Total additions to long-lived assets | 4,654 | 4,402 | 15,763 |
Corporate, Non-Segment [Member] | |||
Revenues | 1,171 | 979 | 805 |
Depreciation and amortization | 2,712 | 2,832 | 3,052 |
Operating earnings (loss) | (18,971) | (68,732) | (51,718) |
Other income, net | |||
Interest expense, net | |||
Income tax expense | |||
Net earnings from continuing operations | |||
Net earnings from discontinued operations | |||
Net earnings | |||
Total assets | 10,114 | 30,883 | (6,437) |
Total additions to long-lived assets | $ 1,141 | $ 1,677 | $ 1,980 |
Note 23 - Segment Information -
Note 23 - Segment Information - Revenues and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 1,896,724 | $ 1,721,986 | $ 1,582,271 |
Total long-lived assets | 552,837 | 489,195 | 466,124 |
UNITED STATES | |||
Revenues | 734,488 | 628,954 | 522,641 |
Total long-lived assets | 178,908 | 152,326 | 90,276 |
CANADA | |||
Revenues | 253,529 | 229,551 | 263,215 |
Total long-lived assets | 52,547 | 51,473 | 53,241 |
Euro Currency Countries [Member] | |||
Revenues | 261,626 | 207,495 | 135,482 |
Total long-lived assets | 174,932 | 152,833 | 169,963 |
AUSTRALIA | |||
Revenues | 219,406 | 206,254 | 231,029 |
Total long-lived assets | 43,808 | 44,936 | 51,083 |
UNITED KINGDOM | |||
Revenues | 137,216 | 164,204 | 150,933 |
Total long-lived assets | 69,565 | 56,076 | 60,046 |
Other Geographic Locations [Member] | |||
Revenues | 290,459 | 285,528 | 278,971 |
Total long-lived assets | $ 33,077 | $ 31,551 | $ 41,514 |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 18, 2017USD ($) | Jan. 17, 2017USD ($) | Jun. 01, 2015USD ($) | |
Number of Businesses Acquired | 10 | 9 | 9 | ||||
Payments to Acquire Businesses, Gross | $ 82,073 | $ 44,108 | $ 91,559 | ||||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 525,000 | ||||||
Americas [Member] | |||||||
Number of Businesses Acquired | 6 | ||||||
EMEA [Member] | |||||||
Number of Businesses Acquired | 4 | ||||||
Subsequent Event [Member] | |||||||
Number of Businesses Acquired | 3 | ||||||
Payments to Acquire Businesses, Gross | $ 66,400 | ||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Syndicate of Banks [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000 | $ 525,000 | |||||
Subsequent Event [Member] | Americas [Member] | |||||||
Number of Businesses Acquired | 1 | ||||||
Subsequent Event [Member] | EMEA [Member] | |||||||
Number of Businesses Acquired | 2 |