|
|
|
|
|
|
• | updates guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the consideration should be allocated; |
• | requires an entity to allocate revenue in an arrangement using the best estimated selling price of deliverables if a vendor does not have vendor-specific objective evidence of selling price or third-party evidence of selling price; and |
• | eliminates the use of the residual method and requires an entity to allocate revenue using the relative selling price method. |
• | Cash, Short-Term and Other Investments, Investments Held in Rabbi Trusts and Accounts Payable. The carrying values for cash, short-term and other investments, investments held in rabbi trusts and accounts payable approximate their fair values. |
• | Forward Currency Forward Contracts and Options. Forward currency forward contracts and options, including premiums paid on options, are recognized at fair value based on quoted market prices of comparable instruments or, if none are available, on pricing models or formulas using current market and model assumptions, including adjustments for credit risk. |
• | Level 1 — Quoted prices for identical instruments in active markets. | ||
• | Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | ||
• | Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
|
Total | ||||
Cash
|
$ | 141,161 | ||
Common stock
|
136,673 | |||
|
||||
|
$ | 277,834 | ||
|
February 2, 2010 | Measurement | February 2, 2010 | ||||||||||
(As initially | Period | (As | ||||||||||
reported) | Adjustments | adjusted) | ||||||||||
Cash and cash equivalents
|
$ | 63,987 | $ | — | $ | 63,987 | ||||||
Receivables
|
75,890 | — | 75,890 | |||||||||
Income tax receivable
|
2,844 | (1,941 | ) | 903 | ||||||||
Prepaid expenses
|
4,846 | — | 4,846 | |||||||||
Other current assets
|
4,950 | 149 | 5,099 | |||||||||
|
||||||||||||
Total current assets
|
152,517 | (1,792 | ) | 150,725 | ||||||||
Property and equipment
|
57,910 | — | 57,910 | |||||||||
Goodwill
|
90,123 | 7,647 | 97,770 | |||||||||
Intangibles
|
60,310 | — | 60,310 | |||||||||
Deferred charges and other assets
|
7,978 | (3,965 | ) | 4,013 | ||||||||
|
||||||||||||
Short-term debt
|
(10,000 | ) | — | (10,000 | ) | |||||||
Accounts payable
|
(12,412 | ) | (168 | ) | (12,580 | ) | ||||||
Accrued employee compensation and benefits
|
(23,873 | ) | (1,309 | ) | (25,182 | ) | ||||||
Income taxes payable
|
(2,451 | ) | 2,013 | (438 | ) | |||||||
Other accrued expenses and current liabilities
|
(10,951 | ) | (464 | ) | (11,415 | ) | ||||||
|
||||||||||||
Total current liabilities
|
(59,687 | ) | 72 | (59,615 | ) | |||||||
Deferred grants
|
(706 | ) | — | (706 | ) | |||||||
Long-term income tax liabilities
|
(5,573 | ) | (19,924 | ) | (25,497 | ) | ||||||
Other long-term liabilities (1)
|
(25,038 | ) | 17,962 | (7,076 | ) | |||||||
|
||||||||||||
|
$ | 277,834 | $ | — | $ | 277,834 | ||||||
|
(1) | Includes primarily long-term deferred tax liabilities. |
Americas | EMEA | Other | Consolidated | |||||||||||||
Net assets (liabilities)
|
$ | 278,703 | $ | (869 | ) | $ | — | $ | 277,834 | |||||||
|
Weighted | ||||||||
Average | ||||||||
Amount | Amortization | |||||||
Assigned | Period (years) | |||||||
Customer relationships
|
$ | 57,900 | 8 | |||||
Trade name
|
1,000 | 3 | ||||||
Proprietary software
|
850 | 2 | ||||||
Non-compete agreements
|
560 | 1 | ||||||
|
||||||||
|
$ | 60,310 | 8 | |||||
|
Three Months Ended | Nine Months Ended | |||||||
September 30, 2010 | September 30, 2010 | |||||||
Revenues
|
$ | 294,455 | $ | 889,700 | ||||
Income from continuing operations, net of taxes
|
$ | 15,946 | $ | 33,588 | ||||
Income from continuing operations per common share:
|
||||||||
Basic
|
$ | 0.34 | $ | 0.72 | ||||
Diluted
|
$ | 0.34 | $ | 0.72 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Severance costs:
|
||||||||||||||||
Americas
|
$ | — | $ | 183 | $ | — | $ | 1,333 | ||||||||
Corporate
|
— | — | 126 | 13,926 | ||||||||||||
|
||||||||||||||||
|
— | 183 | 126 | 15,259 | ||||||||||||
|
||||||||||||||||
Lease termination and other costs: (1)
|
||||||||||||||||
Americas
|
— | 2,558 | 249 | 2,558 | ||||||||||||
EMEA
|
— | — | 523 | — | ||||||||||||
|
||||||||||||||||
|
— | 2,558 | 772 | 2,558 | ||||||||||||
|
||||||||||||||||
Transaction and integration costs:
|
||||||||||||||||
Corporate
|
— | 351 | 13 | 9,027 | ||||||||||||
|
||||||||||||||||
|
— | 351 | 13 | 9,027 | ||||||||||||
|
||||||||||||||||
Depreciation and amortization: (2)
|
||||||||||||||||
Americas
|
2,988 | 3,213 | 9,040 | 8,562 | ||||||||||||
EMEA
|
— | 9 | — | 24 | ||||||||||||
|
||||||||||||||||
|
2,988 | 3,222 | 9,040 | 8,586 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total acquisition-related costs
|
$ | 2,988 | $ | 6,314 | $ | 9,951 | $ | 35,430 | ||||||||
|
(1) | Amounts related to the Third Quarter 2010 Exit Plan and the Fourth Quarter 2010 Exit Plan. See Note 4. | |
(2) | Depreciation resulted from the adjustment to fair values of the acquired property and equipment and amortization of the fair values of the acquired intangibles. |
|
Three Months Ended | Nine Months Ended | |||||||
September 30, 2010 | September 30, 2010 | |||||||
Revenues
|
$ | 12,495 | $ | 31,772 | ||||
|
||||||||
|
||||||||
(Loss) from discontinued operations before income taxes
|
$ | (410 | ) | $ | (3,190 | ) | ||
Income taxes (1)
|
— | — | ||||||
|
||||||||
(Loss) from discontinued operations, net of taxes
|
$ | (410 | ) | $ | (3,190 | ) | ||
|
(1) | There were no income taxes on the loss from discontinued operations as any tax benefit from the losses would be offset by a valuation allowance. |
|
Charges for the | ||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual | |||||||||||||||||||||||||
Accrual at July 1, | September 30, | Cash | Cash | at September 30, | ||||||||||||||||||||||||
2011 | 2011(1) | Payments | Changes | 2011 | Short-term(2) | Long-term(3) | ||||||||||||||||||||||
Lease obligations and facility
exit costs
|
$ | 5,049 | $ | — | $ | (627 | ) | $ | — | $ | 4,422 | $ | 1,589 | $ | 2,833 | |||||||||||||
|
Charges for the | ||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual | |||||||||||||||||||||||||
Accrual at July 1, | September 30, | Cash | Cash | at September 30, | ||||||||||||||||||||||||
2010 | 2010(1) | Payments | Changes | 2010 | Short-term(2) | Long-term(3) | ||||||||||||||||||||||
Lease obligations and facility
exit costs
|
$ | — | $ | 2,444 | $ | (504 | ) | $ | — | $ | 1,940 | $ | 929 | $ | 1,011 | |||||||||||||
|
(1) | During 2010, the Company recorded charges related to the initiation of the Third Quarter 2010 Exit Plan (no charges in the 2011 period). | |
(2) | Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheet. | |
(3) | Included in “Other long-term liabilities” in the accompanying Condensed Consolidated Balance Sheet. |
Charges for the | ||||||||||||||||||||
Nine Months | ||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual | |||||||||||||||||
Accrual at January 1, | September 30, | Cash | Cash | at September 30, | ||||||||||||||||
2011 | 2011(1) | Payments | Changes(2) | 2011 | ||||||||||||||||
Lease obligations
and facility
exit costs
|
$ | 6,141 | $ | 249 | $ | (1,973 | ) | $ | 5 | $ | 4,422 | |||||||||
|
Charges for the | ||||||||||||||||||||
Nine Months | ||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual | |||||||||||||||||
Accrual at January 1, | September 30, | Cash | Cash | at September 30, | ||||||||||||||||
2010 | 2010(1) | Payments | Changes(2) | 2010 | ||||||||||||||||
Lease obligations and facility
exit costs
|
$ | — | $ | 2,444 | $ | (504 | ) | $ | — | $ | 1,940 | |||||||||
|
(1) | During 2011, the Company recorded additional lease termination costs, which are included in “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. During 2010, the Company recorded charges related to the initiation of the Third Quarter 2010 Exit Plan. | |
(2) | Effect of foreign currency translation. |
Charges for the | ||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual at | |||||||||||||||||||||||||
Accrual at July 1, | September 30, | Cash | Cash | September 30, | ||||||||||||||||||||||||
2011 | 2011 | Payments | Changes(1) | 2011 | Short-term(2) | Long-term(3) | ||||||||||||||||||||||
Lease obligations and facility exit
costs
|
$ | 1,652 | $ | — | $ | (8 | ) | $ | (93 | ) | $ | 1,551 | $ | 1,010 | $ | 541 | ||||||||||||
|
(1) | Effect of foreign currency translation. | |
(2) | Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheet. | |
(3) | Included in “Other long-term liabilities” in the accompanying Condensed Consolidated Balance Sheet. |
Charges for the | ||||||||||||||||||||
Nine Months | ||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual at | |||||||||||||||||
Accrual at January 1, | September 30, | Cash | Cash | September 30, | ||||||||||||||||
2011 | 2011(1) | Payments | Changes(2) | 2011 | ||||||||||||||||
Lease obligations and facility exit
costs
|
$ | 1,711 | $ | 523 | $ | (671 | ) | $ | (12 | ) | $ | 1,551 | ||||||||
|
(1) | During 2011, the Company recorded additional lease termination costs, which are included in “General and administrative” costs in the accompanying Condensed Consolidated Statement of Operations. | |
(2) | Effect of foreign currency translation. |
Charges for the | ||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual at | |||||||||||||||||||||||||
Accrual at July 1, | September 30, | Cash | Cash | September 30, | ||||||||||||||||||||||||
2011 | 2011 | Payments | Changes(1) | 2011 | Short-term(2) | Long-term(3) | ||||||||||||||||||||||
Lease obligations and facility exit
costs
|
$ | 507 | $ | — | $ | (28 | ) | $ | (13 | ) | $ | 466 | $ | 466 | $ | — | ||||||||||||
|
Charges for the | ||||||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual at | |||||||||||||||||||||||||
Accrual at July 1, | September 30, | Cash | Cash | September 30, | ||||||||||||||||||||||||
2010 | 2010 | Payments | Changes(1) | 2010 | Short-term(2) | Long-term(3) | ||||||||||||||||||||||
Lease obligations and facility exit
costs
|
$ | 2,197 | $ | — | $ | (476 | ) | $ | — | $ | 1,721 | $ | 1,721 | $ | — | |||||||||||||
|
(1) | Effect of foreign currency translation. | |
(2) | Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. | |
(3) | Included in “Other long-term liabilities” in the accompanying Condensed Consolidated Balance Sheets. |
Charges for the | ||||||||||||||||||||
Nine Months | ||||||||||||||||||||
Beginning | Ended | Other Non- | Ending Accrual at | |||||||||||||||||
Accrual at January 1, | September 30, | Cash | Cash | September 30, | ||||||||||||||||
2011 | 2011(1) | Payments | Changes(2) | 2011 | ||||||||||||||||
Lease obligations and facility exit
costs
|
$ | 1,462 | $ | (262 | ) | $ | (721 | ) | $ | (13 | ) | $ | 466 | |||||||
|
Accrual | ||||||||||||||||||||
Assumed Upon | ||||||||||||||||||||
Acquisition of | ||||||||||||||||||||
Beginning | ICT on | Other Non- | Ending Accrual at | |||||||||||||||||
Accrual at January 1, | February 2, | Cash | Cash | September 30, | ||||||||||||||||
2010 | 2010(1) | Payments | Changes(2) | 2010 | ||||||||||||||||
Lease obligations and facility exit
costs
|
$ | — | $ | 2,197 | $ | (476 | ) | $ | — | $ | 1,721 | |||||||||
|
(1) | During 2011, the Company reversed accruals related to the final settlement of termination costs, which reduced “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. During 2010, upon acquisition of ICT on February 2, 2010, the Company assumed ICT’s restructuring accruals. | |
(2) | Effect of foreign currency translation. |
|
Fair Value Measurements at September 30, 2011 Using: | ||||||||||||||||
Quoted Prices | Significant | |||||||||||||||
in Active | Other | Significant | ||||||||||||||
Markets For | Observable | Unobservable | ||||||||||||||
Balance at | Identical Assets | Inputs | Inputs | |||||||||||||
September 30, 2011 | Level (1) | Level (2) | Level (3) | |||||||||||||
Assets:
|
||||||||||||||||
Money market funds and open-end mutual
funds included in “Cash and cash equivalents"(1)
|
$ | 36,115 | $ | 36,115 | $ | — | $ | — | ||||||||
Money market funds and open-end mutual
funds in “Deferred charges and other assets"(1)
|
1,118 | 1,118 | — | — | ||||||||||||
Foreign currency forward contracts(2)
|
3,090 | — | 3,090 | — | ||||||||||||
Foreign currency option contracts (2)
|
236 | — | 236 | — | ||||||||||||
Equity investments held in a rabbi trust
for the Deferred Compensation Plan (3)
|
2,502 | 2,502 | — | — | ||||||||||||
Debt investments held in a rabbi trust
for the Deferred Compensation Plan(3)
|
1,249 | 1,249 | — | — | ||||||||||||
Guaranteed investment certificates(4)
|
65 | — | 65 | — | ||||||||||||
|
||||||||||||||||
|
$ | 44,375 | $ | 40,984 | $ | 3,391 | $ | — | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Foreign currency forward contracts(5)
|
$ | 1,429 | $ | — | $ | 1,429 | $ | — | ||||||||
|
||||||||||||||||
|
$ | 1,429 | $ | — | $ | 1,429 | $ | — | ||||||||
|
(1) | In the accompanying Condensed Consolidated Balance Sheet. | |
(2) | Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheet. See Note 7. | |
(3) | Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheet. See Note 8. | |
(4) | Included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheet. | |
(5) | Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheet. See Note 7. |
Fair Value Measurements at December 31, 2010 Using: | ||||||||||||||||
Quoted Prices | Significant | |||||||||||||||
in Active | Other | Significant | ||||||||||||||
Markets For | Observable | Unobservable | ||||||||||||||
Balance at | Identical Assets | Inputs | Inputs | |||||||||||||
December 31, 2010 | Level (1) | Level (2) | Level (3) | |||||||||||||
Assets:
|
||||||||||||||||
Money market funds and open-end mutual
funds included in “Cash and cash equivalents” (1)
|
$ | 5,893 | $ | 5,893 | $ | — | $ | — | ||||||||
Money market funds and open-end mutual
funds in “Deferred charges and other assets” (1)
|
747 | 747 | — | — | ||||||||||||
Foreign currency forward contracts (2)
|
1,283 | — | 1,283 | — | ||||||||||||
Foreign currency option contracts (2)
|
4,951 | — | 4,951 | — | ||||||||||||
Equity investments held in a rabbi trust
for the Deferred Compensation Plan (3)
|
2,647 | 2,647 | — | — | ||||||||||||
Debt investments held in a rabbi trust
for the Deferred Compensation Plan (3)
|
789 | 789 | — | — | ||||||||||||
U.S. Treasury Bills held in a rabbi trust for the
former ICT chief executive officer (3)
|
118 | 118 | — | — | ||||||||||||
Guaranteed investment certificates (4)
|
53 | — | 53 | — | ||||||||||||
|
||||||||||||||||
|
$ | 16,481 | $ | 10,194 | $ | 6,287 | $ | — | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Foreign currency forward contracts (5)
|
$ | 735 | $ | — | $ | 735 | $ | — | ||||||||
|
||||||||||||||||
|
$ | 735 | $ | — | $ | 735 | $ | — | ||||||||
|
(1) | In the accompanying Condensed Consolidated Balance Sheet. | |
(2) | Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheet. See Note 7. | |
(3) | Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheet. See Note 8. | |
(4) | Included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheet. | |
(5) | Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheet. See Note 7. |
Three Months | Nine Months | Three Months | Nine Months | |||||||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||
2011 | 2011 | 2010 | 2010 | |||||||||||||||||||||
Balance at | Total | Total | Balance at | Total | Total | |||||||||||||||||||
September 30, | Impairment | Impairment | December 31, | Impairment | Impairment | |||||||||||||||||||
2011 | (Losses) | (Losses) | 2010 | (Losses) | (Losses) | |||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Americas:
|
||||||||||||||||||||||||
Property and equipment, net (1)
|
$ | 82,435 | $ | (38 | ) | $ | (764 | ) | $ | 99,089 | $ | (3,103 | ) | $ | (3,103 | ) | ||||||||
|
||||||||||||||||||||||||
EMEA:
|
||||||||||||||||||||||||
Goodwill (1)
|
— | — | — | — | (84 | ) | (84 | ) | ||||||||||||||||
Intangibles, net (1)
|
— | — | — | — | (278 | ) | (278 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
|
— | — | — | — | (362 | ) | (362 | ) | ||||||||||||||||
Property and equipment, net (1)
|
13,164 | — | — | 14,614 | — | — | ||||||||||||||||||
|
||||||||||||||||||||||||
|
$ | 95,599 | $ | (38 | ) | $ | (764 | ) | $ | 113,703 | $ | (3,465 | ) | $ | (3,465 | ) | ||||||||
|
(1) | See Note 1 for additional information regarding the fair value measurement. |
|
Weighted Average | ||||||||||||||||
Accumulated | Amortization | |||||||||||||||
Gross Intangibles | Amortization | Net Intangibles | Period (years) | |||||||||||||
Customer relationships
|
$ | 57,534 | $ | (12,137 | ) | $ | 45,397 | 8 | ||||||||
Trade name
|
1,000 | (556 | ) | 444 | 3 | |||||||||||
Non-compete agreements
|
560 | (560 | ) | — | 1 | |||||||||||
Proprietary software
|
850 | (657 | ) | 193 | 2 | |||||||||||
|
||||||||||||||||
|
$ | 59,944 | $ | (13,910 | ) | $ | 46,034 | 8 | ||||||||
|
Weighted Average | ||||||||||||||||
Accumulated | Amortization | |||||||||||||||
Gross Intangibles | Amortization | Net Intangibles | Period (years) | |||||||||||||
Customer relationships
|
$ | 58,471 | $ | (6,839 | ) | $ | 51,632 | 8 | ||||||||
Trade name
|
1,000 | (306 | ) | 694 | 3 | |||||||||||
Non-compete agreements
|
560 | (513 | ) | 47 | 1 | |||||||||||
Proprietary software
|
850 | (471 | ) | 379 | 2 | |||||||||||
|
||||||||||||||||
|
$ | 60,881 | $ | (8,129 | ) | $ | 52,752 | 8 | ||||||||
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Amortization expense
|
$ | 1,978 | $ | 2,147 | $ | 6,010 | $ | 5,723 | ||||||||
|
Years Ending December 31, | Amount | |||
2011 (remaining three months)
|
$ | 1,801 | ||
2012
|
7,622 | |||
2013
|
7,224 | |||
2014
|
7,162 | |||
2015
|
7,159 | |||
2016
|
7,159 | |||
2017 and thereafter
|
7,907 |
Accumulated | ||||||||||||
Impairment | ||||||||||||
Gross Amount | Losses | Net Amount | ||||||||||
Americas:
|
||||||||||||
Balance at January 1, 2011
|
$ | 122,932 | $ | (629 | ) | $ | 122,303 | |||||
Foreign currency translation
|
(2,199 | ) | — | (2,199 | ) | |||||||
|
||||||||||||
Balance at September 30, 2011
|
120,733 | (629 | ) | 120,104 | ||||||||
|
||||||||||||
|
||||||||||||
EMEA:
|
||||||||||||
Balance at January 1, 2011
|
84 | (84 | ) | — | ||||||||
Foreign currency translation
|
— | — | — | |||||||||
|
||||||||||||
Balance at September 30, 2011
|
84 | (84 | ) | — | ||||||||
|
||||||||||||
|
$ | 120,817 | $ | (713 | ) | $ | 120,104 | |||||
|
|
September 30, 2011 | December 31, 2010 | |||||||
Deferred gains (losses) in AOCI
|
$ | (2,699 | ) | $ | 2,674 | |||
Tax on deferred gains (losses) in AOCI
|
427 | (528 | ) | |||||
|
||||||||
Deferred gains (losses), net of taxes in AOCI
|
$ | (2,272 | ) | $ | 2,146 | |||
|
||||||||
|
||||||||
Deferred gains (losses) expected to be reclassified to
|
||||||||
“Revenues” from AOCI during the next twelve months
|
$ | (2,699 | ) | |||||
|
As of September 30, 2011 | As of December 31, 2010 | |||||||||||||||
Notional | Notional | |||||||||||||||
Amount in | Settle Through | Amount in | Settle Through | |||||||||||||
Contract Type | USD | Date | USD | Date | ||||||||||||
Cash flow hedges: (1)
|
||||||||||||||||
Options:
|
||||||||||||||||
Philippine Pesos
|
$ | 111,500 | September 2012 | $ | 81,100 | December 2011 | ||||||||||
|
||||||||||||||||
Forwards:
|
||||||||||||||||
Philippine Pesos
|
$ | 18,500 | March 2012 | $ | 28,000 | September 2011 | ||||||||||
Canadian Dollars
|
$ | 1,800 | December 2011 | $ | 7,200 | December 2011 | ||||||||||
Costa Rican Colones
|
$ | 24,000 | June 2012 | $ | — | — | ||||||||||
|
||||||||||||||||
Non-designated hedges: (2)
|
||||||||||||||||
Forwards
|
$ | 55,667 | March 2012 | $ | 57,791 | February 2011 |
(1) | Cash flow hedge as defined under ASC 815. Purpose is to protect against the risk that eventual cash flows resulting from such transactions will be adversely affected by changes in exchange rates. | |
(2) | Foreign currency hedge contract not designated as a hedge as defined under ASC 815. Purpose is to reduce the effects on the Company’s operating results and cash flows from fluctuations caused by volatility in currency exchange rates, primarily related to intercompany loan payments and cash held in non-functional currencies. |
Derivative Assets | ||||||||||||||||
September 30, 2011 | December 31, 2010 | |||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||
Location | Fair Value | Location | Fair Value | |||||||||||||
Derivatives designated as cash flow
hedging instruments under ASC
815:
|
||||||||||||||||
Foreign currency forward contracts
|
Other current assets | $ | 215 | Other current assets | $ | 1,009 | ||||||||||
Foreign currency options
|
Other current assets | 236 | Other current assets | 4,951 | ||||||||||||
|
||||||||||||||||
|
451 | 5,960 | ||||||||||||||
Derivatives not designated as
hedging instruments under ASC
815:
|
||||||||||||||||
Foreign currency forward contracts
|
Other current assets | 2,875 | Other current assets | 274 | ||||||||||||
|
||||||||||||||||
Total derivative assets
|
$ | 3,326 | $ | 6,234 | ||||||||||||
|
Derivative Liabilities | ||||||||||||||||
September 30, 2011 | December 31, 2010 | |||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||
Location | Fair Value | Location | Fair Value | |||||||||||||
Derivatives designated as cash flow
hedging instruments under ASC
815:
|
||||||||||||||||
Foreign currency forward contracts
|
Other accrued expenses and current liabilities | $ | 495 | Other accrued expenses and current liabilities | $ | 27 | ||||||||||
Foreign currency options
|
Other accrued expenses and current liabilities | 830 | — | |||||||||||||
|
||||||||||||||||
|
1,325 | 27 | ||||||||||||||
|
||||||||||||||||
Derivatives not designated as
hedging instruments under ASC
815:
|
||||||||||||||||
Foreign currency forward contracts
|
Other accrued expenses and current liabilities | 104 | Other accrued expenses and current liabilities | 708 | ||||||||||||
|
||||||||||||||||
Total derivative liabilities
|
$ | 1,429 | $ | 735 | ||||||||||||
|
Gain (Loss) | ||||||||||||||||||||||||||||
Gain (Loss) | Reclassified From | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in AOCI | Statement of | Accumulated AOCI | Recognized in Income | |||||||||||||||||||||||||
on Derivatives | Operations | Into Income | on Derivatives | |||||||||||||||||||||||||
(Effective Portion) | Location | (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||
Derivatives designated as cash flow
hedging instruments under ASC
815:
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Foreign currency forward contracts
|
$ | (511 | ) | $ | 1,606 | Revenues | $ | 929 | $ | 1,103 | $ | — | $ | — | ||||||||||||||
|
||||||||||||||||||||||||||||
Foreign currency option contracts
|
(1,482 | ) | 2,771 | Revenues | 449 | (22 | ) | — | — | |||||||||||||||||||
|
||||||||||||||||||||||||||||
|
(1,993 | ) | 4,377 | 1,378 | 1,081 | — | — | |||||||||||||||||||||
Derivatives designated as a net
investment hedge under ASC 815:
|
||||||||||||||||||||||||||||
Foreign currency forward contracts
|
— | (4,697 | ) | — | — | — | — | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
$ | (1,993 | ) | $ | (320 | ) | $ | 1,378 | $ | 1,081 | $ | — | $ | — | ||||||||||||||
|
Gain (Loss) Recognized | ||||||||||||
Statement of | in Income on Derivatives | |||||||||||
Operations | September 30, | |||||||||||
Location | 2011 | 2010 | ||||||||||
Derivatives not designated as
hedging instruments under ASC
815:
|
||||||||||||
Foreign currency forward contracts
|
Other income and (expense) | $ | 3,835 | $ | (2,307 | ) | ||||||
|
$ | 3,835 | $ | (2,307 | ) | |||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in AOCI | Statement of | Reclassified From | Recognized in Income | |||||||||||||||||||||||||
on Derivatives | Operations | Accumulated AOCI | on Derivatives | |||||||||||||||||||||||||
(Effective Portion) | Location | Into Income | (Ineffective Portion) | |||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Derivatives designated as cash flow
hedging instruments under ASC
815:
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Foreign currency forward contracts
|
$ | (124 | ) | $ | 1,917 | Revenues | $ | 1,124 | $ | 3,102 | $ | — | $ | — | ||||||||||||||
|
||||||||||||||||||||||||||||
Foreign currency option contracts
|
(2,809 | ) | 1,042 | Revenues | 1,306 | (75 | ) | — | — | |||||||||||||||||||
|
||||||||||||||||||||||||||||
|
(2,933 | ) | 2,959 | 2,430 | 3,027 | — | — | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Derivatives designated as a net
investment hedge under ASC 815:
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Foreign currency forward contracts
|
— | (3,265 | ) | — | — | — | — | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
$ | (2,933 | ) | $ | (306 | ) | $ | 2,430 | $ | 3,027 | $ | — | $ | — | ||||||||||||||
|
Gain (Loss) Recognized | ||||||||||||
Statement of | in Income on Derivatives | |||||||||||
Operations | September 30, | |||||||||||
Location | 2011 | 2010 | ||||||||||
Derivatives not designated as
hedging instruments under ASC
815:
|
||||||||||||
|
||||||||||||
Foreign currency forward contracts
|
Other income and (expense) | $ | 103 | $ | (3,737 | ) | ||||||
|
||||||||||||
|
$ | 103 | $ | (3,737 | ) | |||||||
|
|
As of September 30, 2011 | As of December 31, 2010 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Mutual funds
|
$ | 3,776 | $ | 3,751 | $ | 3,058 | $ | 3,436 | ||||||||
U.S. Treasury Bills (1)
|
— | — | 118 | 118 | ||||||||||||
|
$ | 3,776 | $ | 3,751 | $ | 3,176 | $ | 3,554 | ||||||||
(1) | Matured in January 2011. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Gross realized gains from sale of trading securities
|
$ | 1 | $ | 2 | $ | 9 | $ | 12 | ||||||||
Gross realized (losses) from sale of trading securities
|
(20 | ) | — | (20 | ) | (5 | ) | |||||||||
Dividend and interest income
|
9 | 9 | 27 | 22 | ||||||||||||
Net unrealized holding gains (losses)
|
(568 | ) | 259 | (418 | ) | 119 | ||||||||||
Net investment income (losses)
|
$ | (578 | ) | $ | 270 | $ | (402 | ) | $ | 148 | ||||||
|
|
September 30, 2011 | December 31, 2010 | |||||||
Future service
|
$ | 24,258 | $ | 23,919 | ||||
Estimated potential penalties and holdbacks
|
7,417 | 7,336 | ||||||
|
||||||||
|
$ | 31,675 | $ | 31,255 | ||||
|
|
September 30, 2011 | December 31,2010 | |||||||
Property grants
|
$ | 8,443 | $ | 9,787 | ||||
Employee grants
|
2,701 | 2,672 | ||||||
|
||||||||
Total deferred grants
|
11,144 | 12,459 | ||||||
Less: Property grants — short-term (1)
|
— | — | ||||||
Less: Employee grants — short-term (1)
|
1,615 | 1,652 | ||||||
|
||||||||
Total long-term deferred grants (2)
|
$ | 9,529 | $ | 10,807 | ||||
|
(1) | Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. | |
(2) | Included in “Deferred grants” in the accompanying Condensed Consolidated Balance Sheets. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Amortization of property grants
|
$ | 235 | $ | 262 | $ | 723 | $ | 785 | ||||||||
Amortization of employment grants
|
18 | 41 | 53 | 61 | ||||||||||||
|
||||||||||||||||
|
$ | 253 | $ | 303 | $ | 776 | $ | 846 | ||||||||
|
|
|
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Foreign | Unrealized | Actuarial Gain | Gain (Loss) on | Gain (Loss) on | ||||||||||||||||||||
Currency | (Loss) on Net | (Loss) Related | Cash Flow | Post | ||||||||||||||||||||
Translation | Investment | to Pension | Hedging | Retirement | ||||||||||||||||||||
Adjustment | Hedge | Liability | Instruments | Obligation | Total | |||||||||||||||||||
Balance at January 1, 2010
|
$ | 4,317 | $ | — | $ | 1,207 | $ | 2,019 | $ | 276 | $ | 7,819 | ||||||||||||
Pre-tax amount
|
9,790 | (3,955 | ) | (31 | ) | 4,936 | 104 | 10,844 | ||||||||||||||||
Tax benefit
|
— | 1,390 | — | 321 | — | 1,711 | ||||||||||||||||||
Reclassification to net loss
|
(7 | ) | — | (52 | ) | (5,173 | ) | (34 | ) | (5,266 | ) | |||||||||||||
Foreign currency translation
|
(108 | ) | — | 65 | 43 | — | — | |||||||||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2010
|
13,992 | (2,565 | ) | 1,189 | 2,146 | 346 | 15,108 | |||||||||||||||||
Pre-tax amount
|
(6,050 | ) | — | 88 | (2,933 | ) | 140 | (8,755 | ) | |||||||||||||||
Tax benefit
|
— | — | — | 952 | — | 952 | ||||||||||||||||||
Reclassification to net income
|
(266 | ) | — | (42 | ) | (2,430 | ) | (18 | ) | (2,756 | ) | |||||||||||||
Foreign currency translation
|
5 | — | 2 | (7 | ) | — | — | |||||||||||||||||
|
||||||||||||||||||||||||
Balance at September 30, 2011
|
$ | 7,681 | $ | (2,565 | ) | $ | 1,237 | $ | (2,272 | ) | $ | 468 | $ | 4,549 | ||||||||||
|
|
|
Amount | ||||
2011 (remaining three months)
|
$ | 3,434 | ||
2012
|
2,350 | |||
2013
|
1,459 | |||
2014
|
343 | |||
2015
|
— | |||
2016
|
— | |||
2017 and thereafter
|
— | |||
|
||||
Total minimum payments required
|
$ | 7,586 | ||
|
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Service cost
|
$ | 65 | $ | 18 | $ | 148 | $ | 53 | ||||||||
Interest cost
|
26 | 17 | 76 | 50 | ||||||||||||
Recognized actuarial (gains)
|
(14 | ) | (13 | ) | (42 | ) | (38 | ) | ||||||||
|
||||||||||||||||
Net periodic benefit cost
|
$ | 77 | $ | 22 | $ | 182 | $ | 65 | ||||||||
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
401(k) plan contributions
|
$ | 208 | $ | 239 | $ | 770 | $ | 607 | ||||||||
|
September 30,2011 | December 31,2010 | |||||||
Post-retirement benefit obligation
|
$ | 120 | $ | 186 | ||||
|
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Stock-based compensation expense (1)
|
$ | 798 | $ | 743 | $ | 3,411 | $ | 3,652 | ||||||||
Income tax benefits (2)
|
$ | 311 | $ | 290 | $ | 1,330 | $ | 1,424 | ||||||||
Excess tax benefits (provision) from the exercise of stock options (3)
|
$ | (87 | ) | $ | — | $ | (52 | ) | $ | 360 |
(1) | Included in “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. | |
(2) | Included in “Income taxes” in the accompanying Condensed Consolidated Statements of Operations. | |
(3) | Included in “Additional paid-in capital” in the accompanying Condensed Consolidated Statements of Changes in Shareholder’s Equity. |
Weighted | ||||||||||||||||
Average | ||||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||||
Average Exercise | Contractual | Intrinsic Value | ||||||||||||||
Stock Options | Shares (000s) | Price | Term (in years) | (000s) | ||||||||||||
Outstanding at January 1, 2011
|
43 | $ | 8.54 | |||||||||||||
Granted
|
— | $ | — | |||||||||||||
Exercised
|
20 | $ | 9.55 | |||||||||||||
Forfeited or expired
|
— | $ | — | |||||||||||||
|
||||||||||||||||
Outstanding at September 30, 2011
|
23 | $ | 7.67 | 1.0 | $ | 170 | ||||||||||
|
||||||||||||||||
Vested or expected to vest at September 30, 2011
|
23 | $ | 7.67 | 1.0 | $ | 170 | ||||||||||
|
||||||||||||||||
Exercisable at September 30, 2011
|
23 | $ | 7.67 | 1.0 | $ | 170 | ||||||||||
|
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Number of stock options exercised
|
20 | 2 | ||||||
Intrinsic value of stock options exercised
|
$ | 71 | $ | 25 | ||||
Cash received upon exercise of stock options
|
$ | 191 | $ | 8 |
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Expected volatility
|
44.3 | % | 45.2 | % | ||||
Weighted-average volatility
|
44.3 | % | 45.2 | % | ||||
Expected dividends
|
— | — | ||||||
Expected term (in years)
|
4.6 | 4.4 | ||||||
Risk-free rate
|
2.0 | % | 2.4 | % |
Weighted | ||||||||||||||||
Average | ||||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||||
Average Exercise | Contractual | Intrinsic Value | ||||||||||||||
Stock Appreciation Rights | Shares (000s) | Price | Term (in years) | (000s) | ||||||||||||
Outstanding at January 1, 2011
|
442 | $ | — | |||||||||||||
Granted
|
215 | $ | — | |||||||||||||
Exercised
|
— | $ | — | |||||||||||||
Forfeited or expired
|
— | $ | — | |||||||||||||
|
||||||||||||||||
Outstanding at September 30, 2011
|
657 | $ | — | 7.8 | $ | 10 | ||||||||||
|
||||||||||||||||
Vested or expected to vest at September 30, 2011
|
657 | $ | — | 7.8 | $ | 10 | ||||||||||
|
||||||||||||||||
Exercisable at September 30, 2011
|
296 | $ | — | 6.6 | $ | 10 | ||||||||||
|
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Weighted average grant-date fair value per SAR
|
$ | 7.10 | $ | 10.21 | ||||
Intrinsic value of SARs exercised
|
$ | — | $ | 591 |
Weighted | ||||||||
Average Grant- | ||||||||
Nonvested Stock Appreciation Rights | Shares (000s) | Date Fair Value | ||||||
Nonvested at January 1, 2011
|
293 | $ | 8.63 | |||||
Granted
|
215 | $ | 7.10 | |||||
Vested
|
(146 | ) | $ | 8.18 | ||||
Forfeited or expired
|
— | $ | — | |||||
|
||||||||
Nonvested at September 30, 2011
|
362 | $ | 7.90 | |||||
|
Weighted | ||||||||
Average Grant- | ||||||||
Nonvested Restricted Shares / RSUs | Shares (000s) | Date Fair Value | ||||||
Nonvested at January 1, 2011
|
587 | $ | 20.30 | |||||
Granted
|
295 | $ | 18.67 | |||||
Vested
|
(187 | ) | $ | 18.01 | ||||
Forfeited or expired
|
— | $ | — | |||||
|
||||||||
Nonvested at September 30, 2011
|
695 | $ | 20.22 | |||||
|
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Weighted average grant-date fair value per Restricted Share/RSU
|
$ | 18.67 | $ | 23.88 | ||||
Fair value of Restricted Stock/RSUs vested
|
$ | 3,920 | $ | 4,223 |
Weighted | ||||||||
Average Grant- | ||||||||
Nonvested Common Stock Units | Shares (000s) | Date Fair Value | ||||||
Nonvested at January 1, 2011
|
66 | $ | 20.33 | |||||
Granted
|
44 | $ | 18.67 | |||||
Vested
|
(26 | ) | $ | 18.11 | ||||
Forfeited or expired
|
— | $ | — | |||||
|
||||||||
Nonvested at September 30, 2011
|
84 | $ | 20.15 | |||||
|
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Weighted average grant-date fair value per CSU
|
$ | 18.67 | $ | 23.88 | ||||
Fair value of CSUs vested
|
$ | 472 | $ | 552 |
Weighted | ||||||||
Average Grant- | ||||||||
Nonvested Common Stock Units and Share Awards | Shares (000s) | Date Fair Value | ||||||
Nonvested at January 1, 2011
|
18 | $ | 18.67 | |||||
Granted
|
21 | $ | 21.83 | |||||
Vested
|
(17 | ) | $ | 19.47 | ||||
Forfeited or expired
|
— | $ | — | |||||
|
||||||||
Nonvested at September 30, 2011
|
22 | $ | 21.08 | |||||
|
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Weighted average grant-date fair value per CSU/share award
|
$ | 21.83 | $ | 19.11 | ||||
Fair value of CSUs/share awards vested
|
$ | 320 | $ | 345 |
Weighted | ||||||||
Average Grant- | ||||||||
Nonvested Common Stock | Shares (000s) | Date Fair Value | ||||||
Nonvested at January 1, 2011
|
8 | $ | 18.00 | |||||
Granted
|
10 | $ | 19.19 | |||||
Vested
|
(9 | ) | $ | 18.57 | ||||
Forfeited or expired
|
— | $ | — | |||||
|
||||||||
Nonvested at September 30, 2011
|
9 | $ | 18.37 | |||||
|
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Weighted average grant-date fair value per common stock
|
$ | 19.19 | $ | 18.74 | ||||
Fair value of common stock vested
|
$ | 141 | $ | 108 | ||||
Cash used to settle the obligation
|
$ | — | $ | 32 |
|
Americas | EMEA | Other (1) | Consolidated | |||||||||||||
Three Months Ended September 30, 2011:
|
||||||||||||||||
Revenues (2)
|
$ | 241,481 | $ | 61,063 | $ | 302,544 | ||||||||||
Percentage of revenues
|
79.8 | % | 20.2 | % | 100.0 | % | ||||||||||
Depreciation and amortization (2)
|
$ | 11,954 | $ | 1,410 | $ | 13,364 | ||||||||||
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 30,950 | $ | 1,322 | $ | (10,761 | ) | $ | 21,511 | |||||||
Other (expense), net
|
(428 | ) | (428 | ) | ||||||||||||
Income taxes
|
(2,969 | ) | (2,969 | ) | ||||||||||||
|
||||||||||||||||
Income from continuing operations, net of taxes
|
18,114 | |||||||||||||||
(Loss) from discontinued operations, net of taxes
|
$ | — | $ | — | — | |||||||||||
|
||||||||||||||||
Net income
|
$ | 18,114 | ||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total assets as of September 30, 2011
|
$ | 1,150,752 | $ | 1,174,224 | $ | (1,544,084 | ) | $ | 780,892 | |||||||
|
||||||||||||||||
|
||||||||||||||||
Three Months Ended September 30, 2010:
|
||||||||||||||||
Revenues (2)
|
$ | 241,353 | $ | 53,102 | $ | 294,455 | ||||||||||
Percentage of revenues
|
82.0 | % | 18.0 | % | 100.0 | % | ||||||||||
|
||||||||||||||||
Depreciation and amortization (2)
|
$ | 13,180 | $ | 1,323 | $ | 14,503 | ||||||||||
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 25,321 | $ | (2,547 | ) | $ | (9,397 | ) | $ | 13,377 | ||||||
Other (expense), net
|
(1,588 | ) | (1,588 | ) | ||||||||||||
Income taxes
|
2,267 | 2,267 | ||||||||||||||
|
||||||||||||||||
Income from continuing operations, net of taxes
|
14,056 | |||||||||||||||
(Loss) from discontinued operations, net of taxes
|
$ | (410 | ) | $ | — | (410 | ) | |||||||||
|
||||||||||||||||
Net income
|
$ | 13,646 | ||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total assets as of September 30, 2010
|
$ | 1,399,185 | $ | 1,103,969 | $ | (1,671,707 | ) | $ | 831,447 | |||||||
|
Americas | EMEA | Other(1) | Consolidated | |||||||||||||
Nine Months Ended September 30, 2011:
|
||||||||||||||||
Revenues (2)
|
$ | 735,558 | $ | 187,056 | $ | 922,614 | ||||||||||
Percentage of revenues
|
79.7 | % | 20.3 | % | 100.0 | % | ||||||||||
|
||||||||||||||||
Depreciation and amortization (2)
|
$ | 37,317 | $ | 4,313 | $ | 41,630 | ||||||||||
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 89,353 | $ | (1,547 | ) | $ | (35,794 | ) | $ | 52,012 | ||||||
Other (expense), net
|
(2,523 | ) | (2,523 | ) | ||||||||||||
Income taxes
|
(6,225 | ) | (6,225 | ) | ||||||||||||
|
||||||||||||||||
Income from continuing operations, net of taxes
|
43,264 | |||||||||||||||
(Loss) from discontinued operations, net of taxes
|
$ | — | $ | — | — | |||||||||||
|
||||||||||||||||
Net income
|
$ | 43,264 | ||||||||||||||
|
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|
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Nine Months Ended September 30, 2010:
|
||||||||||||||||
Revenues (2)
|
$ | 683,571 | $ | 166,001 | $ | 849,572 | ||||||||||
Percentage of revenues
|
80.5 | % | 19.5 | % | 100.0 | % | ||||||||||
|
||||||||||||||||
Depreciation and amortization (2)
|
$ | 37,108 | $ | 3,959 | $ | 41,067 | ||||||||||
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | 78,378 | $ | (7,161 | ) | $ | (53,143 | ) | $ | 18,074 | ||||||
Other (expense), net
|
(9,973 | ) | (9,973 | ) | ||||||||||||
Income taxes
|
1,768 | 1,768 | ||||||||||||||
|
||||||||||||||||
(Loss) from continuing operations, net of taxes
|
9,869 | |||||||||||||||
(Loss) from discontinued operations, net of taxes
|
$ | (3,190 | ) | $ | — | (3,190 | ) | |||||||||
|
||||||||||||||||
Net (loss)
|
$ | 6,679 | ||||||||||||||
|
(1) |
|
Other items (including corporate costs, provision for regulatory penalties, impairment costs, other income and expense,
and income taxes) are shown for purposes of reconciling to the Company’s consolidated totals as shown in the table above
for the three and nine months ended September 30, 2011 and 2010. The accounting policies of the reportable segments
are the same as those described in Note 1 to the consolidated financial statements in the Annual Report on Form 10-K for
the year ended December 31, 2010. Inter-segment revenues are not material to the Americas and EMEA segment results.
The Company evaluates the performance of its geographic segments based on revenue and income (loss) from operations,
and does not include segment assets or other income and expense items for management reporting purposes.
|
|
||
(2) |
|
Revenues and depreciation and amortization include results from continuing operations only.
|
|