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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Service Sales | |||||||||||||||
CDIM | $ | 54,860 | $ | 58,835 | $ | 108,525 | $ | 113,477 | |||||||
MPS | 34,055 | 37,134 | 67,286 | 73,011 | |||||||||||
AIM | 3,666 | 3,367 | 7,405 | 6,173 | |||||||||||
Total service sales | 92,581 | 99,336 | 183,216 | 192,661 | |||||||||||
Equipment and supplies sales | 11,189 | 14,053 | 24,104 | 25,047 | |||||||||||
Total net sales | $ | 103,770 | $ | 113,389 | $ | 207,320 | $ | 217,708 |
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Gross Goodwill | Accumulated Impairment Loss | Net Carrying Amount | |||||||||
January 1, 2015 | $ | 405,558 | $ | 192,950 | $ | 212,608 | |||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
December 31, 2015 | 405,558 | 192,950 | 212,608 | ||||||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | 73,920 | (73,920 | ) | |||||||
June 30, 2016 | $ | 405,558 | $ | 266,870 | $ | 138,688 |
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizable other intangible assets | |||||||||||||||||||||||
Customer relationships | $ | 99,298 | $ | 84,159 | $ | 15,139 | $ | 99,050 | $ | 81,572 | $ | 17,478 | |||||||||||
Trade names and trademarks | 20,314 | 19,873 | 441 | 20,329 | 19,861 | 468 | |||||||||||||||||
$ | 119,612 | $ | 104,032 | $ | 15,580 | $ | 119,379 | $ | 101,433 | $ | 17,946 |
2016 (excluding the six months ended June 30, 2016) | $ | 2,297 | |
2017 | 4,274 | ||
2018 | 3,860 | ||
2019 | 3,139 | ||
2020 | 1,528 | ||
Thereafter | 482 | ||
$ | 15,580 |
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• | Future reversals of existing taxable temporary differences; |
• | Future taxable income exclusive of reversing temporary differences and carryforwards; |
• | Taxable income in prior carryback years; and |
• | Tax-planning strategies. |
• | Nature, frequency, and severity of recent losses; |
• | Duration of statutory carryforward periods; |
• | Historical experience with tax attributes expiring unused; and |
• | Near- and medium-term financial outlook. |
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June 30, 2016 | December 31, 2015 | |||||||
Term A loan facility maturing 2019 net of deferred financing fees of $1,369 and $1,586; 2.65% and 2.50% interest rate at June 30, 2016 and December 31, 2015 | $ | 132,631 | $ | 141,414 | ||||
Various capital leases; weighted average interest rate of 5.6% and 5.8% at June 30, 2016 and December 31, 2015; principal and interest payable monthly through May 2021 | 32,250 | 29,866 | ||||||
Various other notes payable with a weighted average interest rate of 10.7% and 8.5% at June 30, 2016 and December 31, 2015; principal and interest payable monthly through November 2019 | 41 | 112 | ||||||
164,922 | 171,392 | |||||||
Less current portion | (14,863 | ) | (14,374 | ) | ||||
$ | 150,059 | $ | 157,018 |
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Fair Value | |||||||||
Balance Sheet Classification | June 30, 2016 | December 31, 2015 | |||||||
Derivative designated as hedging instrument under ASC 815 | |||||||||
Interest rate cap contracts - current portion | Other current assets | $ | 4 | $ | 48 | ||||
Interest rate cap contracts - long-term portion | Other assets | 12 | 191 | ||||||
Total derivatives designated as hedging instruments | $ | 16 | $ | 239 |
Amount of Loss Recognized in AOCL on Derivative | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Derivative in ASC 815 Cash Flow Hedging Relationship | ||||||||||||||||
Interest rate cap contracts | $ | (2 | ) | $ | (83 | ) | $ | (97 | ) | $ | (194 | ) |
Amount of Gain or (Loss) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion | Effective Portion | Ineffective Portion | Effective Portion | Ineffective Portion | Effective Portion | Ineffective Portion | |||||||||||||||||||||||||
Location of Loss Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
Interest expense | $ | 43 | $ | — | $ | — | $ | — | $ | 64 | $ | — | $ | 1 | $ | — |
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Significant Other Unobservable Inputs | ||||||||
June 30, 2016 | ||||||||
Level 3 | Total Losses | |||||||
Nonrecurring Fair Value Measure | ||||||||
Goodwill | $ | 138,688 | $ | 73,920 | ||||
Significant Other Unobservable Inputs | |||||||||||||||||||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
Level 2 | Level 3 | Total Losses | Level 2 | Level 3 | Total Losses | ||||||||||||||||||||
Recurring Fair Value Measure | |||||||||||||||||||||||||
Interest rate cap contracts | $ | 16 | $ | — | $ | — | $ | 239 | $ | — | $ | — | |||||||||||||
Contingent purchase price consideration for acquired businesses | $ | — | $ | 604 | $ | — | $ | — | $ | 1,059 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Beginning balance | $ | 868 | $ | 1,579 | $ | 1,059 | $ | 1,768 | |||||||
Additions related to acquisitions | — | — | 104 | — | |||||||||||
Payments | (302 | ) | (116 | ) | (367 | ) | (142 | ) | |||||||
Adjustments included in earnings | 27 | (30 | ) | (195 | ) | (30 | ) | ||||||||
Foreign currency translation adjustments | 11 | 46 | 3 | (117 | ) | ||||||||||
Ending balance | $ | 604 | $ | 1,479 | $ | 604 | $ | 1,479 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Service Sales | |||||||||||||||
CDIM | $ | 54,860 | $ | 58,835 | $ | 108,525 | $ | 113,477 | |||||||
MPS | 34,055 | 37,134 | 67,286 | 73,011 | |||||||||||
AIM | 3,666 | 3,367 | 7,405 | 6,173 | |||||||||||
Total service sales | 92,581 | 99,336 | 183,216 | 192,661 | |||||||||||
Equipment and supplies sales | 11,189 | 14,053 | 24,104 | 25,047 | |||||||||||
Total net sales | $ | 103,770 | $ | 113,389 | $ | 207,320 | $ | 217,708 |
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Gross Goodwill | Accumulated Impairment Loss | Net Carrying Amount | |||||||||
January 1, 2015 | $ | 405,558 | $ | 192,950 | $ | 212,608 | |||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
December 31, 2015 | 405,558 | 192,950 | 212,608 | ||||||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | 73,920 | (73,920 | ) | |||||||
June 30, 2016 | $ | 405,558 | $ | 266,870 | $ | 138,688 |
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizable other intangible assets | |||||||||||||||||||||||
Customer relationships | $ | 99,298 | $ | 84,159 | $ | 15,139 | $ | 99,050 | $ | 81,572 | $ | 17,478 | |||||||||||
Trade names and trademarks | 20,314 | 19,873 | 441 | 20,329 | 19,861 | 468 | |||||||||||||||||
$ | 119,612 | $ | 104,032 | $ | 15,580 | $ | 119,379 | $ | 101,433 | $ | 17,946 |
2016 (excluding the six months ended June 30, 2016) | $ | 2,297 | |
2017 | 4,274 | ||
2018 | 3,860 | ||
2019 | 3,139 | ||
2020 | 1,528 | ||
Thereafter | 482 | ||
$ | 15,580 |
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June 30, 2016 | December 31, 2015 | |||||||
Term A loan facility maturing 2019 net of deferred financing fees of $1,369 and $1,586; 2.65% and 2.50% interest rate at June 30, 2016 and December 31, 2015 | $ | 132,631 | $ | 141,414 | ||||
Various capital leases; weighted average interest rate of 5.6% and 5.8% at June 30, 2016 and December 31, 2015; principal and interest payable monthly through May 2021 | 32,250 | 29,866 | ||||||
Various other notes payable with a weighted average interest rate of 10.7% and 8.5% at June 30, 2016 and December 31, 2015; principal and interest payable monthly through November 2019 | 41 | 112 | ||||||
164,922 | 171,392 | |||||||
Less current portion | (14,863 | ) | (14,374 | ) | ||||
$ | 150,059 | $ | 157,018 |
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Fair Value | |||||||||
Balance Sheet Classification | June 30, 2016 | December 31, 2015 | |||||||
Derivative designated as hedging instrument under ASC 815 | |||||||||
Interest rate cap contracts - current portion | Other current assets | $ | 4 | $ | 48 | ||||
Interest rate cap contracts - long-term portion | Other assets | 12 | 191 | ||||||
Total derivatives designated as hedging instruments | $ | 16 | $ | 239 |
Amount of Loss Recognized in AOCL on Derivative | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Derivative in ASC 815 Cash Flow Hedging Relationship | ||||||||||||||||
Interest rate cap contracts | $ | (2 | ) | $ | (83 | ) | $ | (97 | ) | $ | (194 | ) |
Amount of Gain or (Loss) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion | Effective Portion | Ineffective Portion | Effective Portion | Ineffective Portion | Effective Portion | Ineffective Portion | |||||||||||||||||||||||||
Location of Loss Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
Interest expense | $ | 43 | $ | — | $ | — | $ | — | $ | 64 | $ | — | $ | 1 | $ | — |
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Significant Other Unobservable Inputs | ||||||||
June 30, 2016 | ||||||||
Level 3 | Total Losses | |||||||
Nonrecurring Fair Value Measure | ||||||||
Goodwill | $ | 138,688 | $ | 73,920 | ||||
Significant Other Unobservable Inputs | |||||||||||||||||||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
Level 2 | Level 3 | Total Losses | Level 2 | Level 3 | Total Losses | ||||||||||||||||||||
Recurring Fair Value Measure | |||||||||||||||||||||||||
Interest rate cap contracts | $ | 16 | $ | — | $ | — | $ | 239 | $ | — | $ | — | |||||||||||||
Contingent purchase price consideration for acquired businesses | $ | — | $ | 604 | $ | — | $ | — | $ | 1,059 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Beginning balance | $ | 868 | $ | 1,579 | $ | 1,059 | $ | 1,768 | |||||||
Additions related to acquisitions | — | — | 104 | — | |||||||||||
Payments | (302 | ) | (116 | ) | (367 | ) | (142 | ) | |||||||
Adjustments included in earnings | 27 | (30 | ) | (195 | ) | (30 | ) | ||||||||
Foreign currency translation adjustments | 11 | 46 | 3 | (117 | ) | ||||||||||
Ending balance | $ | 604 | $ | 1,479 | $ | 604 | $ | 1,479 |
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