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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||
Service Sales | ||||||||||||||
CDIM | $ | 53,684 | $ | 54,860 | $ | 104,942 | $ | 108,525 | ||||||
MPS | 33,050 | 34,055 | 65,544 | 67,286 | ||||||||||
AIM | 3,136 | 3,666 | 6,348 | 7,405 | ||||||||||
Total service sales | 89,870 | 92,581 | 176,834 | 183,216 | ||||||||||
Equipment and supplies sales | 12,410 | 11,189 | 24,177 | 24,104 | ||||||||||
Total net sales | $ | 102,280 | $ | 103,770 | $ | 201,011 | $ | 207,320 |
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Gross Goodwill | Accumulated Impairment Loss | Net Carrying Amount | |||||||||
January 1, 2016 | $ | 405,558 | $ | 192,950 | $ | 212,608 | |||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | 73,920 | (73,920 | ) | |||||||
December 31, 2016 | 405,558 | 266,870 | 138,688 | ||||||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
June 30, 2017 | $ | 405,558 | $ | 266,870 | $ | 138,688 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizable other intangible assets | |||||||||||||||||||||||
Customer relationships | $ | 99,295 | $ | 88,592 | $ | 10,703 | $ | 99,104 | $ | 86,305 | $ | 12,799 | |||||||||||
Trade names and trademarks | 20,298 | 19,907 | 391 | 20,281 | 19,878 | 403 | |||||||||||||||||
$ | 119,593 | $ | 108,499 | $ | 11,094 | $ | 119,385 | $ | 106,183 | $ | 13,202 |
2017 (excluding the six months ended June 30, 2017) | $ | 2,101 | |
2018 | 3,856 | ||
2019 | 3,135 | ||
2020 | 1,525 | ||
2021 | 170 | ||
Thereafter | 307 | ||
$ | 11,094 |
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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, 2017 | December 31, 2016 | |||||||
Term A loan facility maturing 2019 net of deferred financing fees of $756 and $1,039; 3.26% and 2.86% interest rate at June 30, 2017 and December 31, 2016 | $ | 106,094 | $ | 119,961 | ||||
Borrowings from revolving loan facility under the Term A Credit Agreement; 3.19% and 2.64% interest rate at June 30, 2017 and December 31, 2016 | 3,150 | 950 | ||||||
Various capital leases; weighted average interest rate of 5.2% and 5.6% at June 30, 2017 and December 31, 2016; principal and interest payable monthly through June 2022 | 42,700 | 36,231 | ||||||
Various other notes payable with a weighted average interest rate of 10.8% and 10.7% at June 30, 2017 and December 31, 2016; principal and interest payable monthly through November 2019 | 23 | 31 | ||||||
151,967 | 157,173 | |||||||
Less current portion | (15,162 | ) | (13,773 | ) | ||||
$ | 136,805 | $ | 143,400 |
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Fair Value | |||||||||
Balance Sheet Classification | June 30, 2017 | December 31, 2016 | |||||||
Derivative designated as hedging instrument under ASC 815 | |||||||||
Interest rate cap contracts - current portion | Other current assets | $ | 22 | $ | 39 | ||||
Interest rate cap contracts - long-term portion | Other assets | — | — | ||||||
Total derivatives designated as hedging instruments | $ | 22 | $ | 39 |
Amount of Income (Loss) Recognized in AOCL on Derivative | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Derivative in ASC 815 Cash Flow Hedging Relationship | ||||||||||||||||
Interest rate cap contracts, net of tax | $ | 45 | $ | (2 | ) | $ | 86 | $ | (97 | ) |
Amount of Loss Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||
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 | $ | 88 | $ | — | $ | 43 | $ | — | $ | 158 | $ | — | $ | 64 | $ | — |
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Significant Other Unobservable Inputs | |||||||||||||||
June 30, 2017 | June 30, 2016 | ||||||||||||||
Level 3 | Total Losses | Level 3 | Total Losses | ||||||||||||
Nonrecurring Fair Value Measure | |||||||||||||||
Goodwill | $ | 138,688 | $ | — | $ | 138,688 | $ | 73,920 | |||||||
Significant Other Unobservable Inputs | |||||||||||||||||||||||||
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Level 2 | Level 3 | Total Losses | Level 2 | Level 3 | Total Losses | ||||||||||||||||||||
Recurring Fair Value Measure | |||||||||||||||||||||||||
Interest rate cap contracts | $ | 22 | $ | — | $ | — | $ | 39 | $ | — | $ | — | |||||||||||||
Contingent purchase price consideration for acquired businesses | $ | — | $ | 318 | $ | — | $ | — | $ | 402 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning balance | $ | 350 | $ | 868 | $ | 402 | $ | 1,059 | |||||||
Additions related to acquisitions | 34 | — | 34 | 104 | |||||||||||
Payments | (81 | ) | (302 | ) | (151 | ) | (367 | ) | |||||||
Adjustments included in earnings | 11 | 27 | 23 | (195 | ) | ||||||||||
Foreign currency translation adjustments | 4 | 11 | 10 | 3 | |||||||||||
Ending balance | $ | 318 | $ | 604 | $ | 318 | $ | 604 |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||
Service Sales | ||||||||||||||
CDIM | $ | 53,684 | $ | 54,860 | $ | 104,942 | $ | 108,525 | ||||||
MPS | 33,050 | 34,055 | 65,544 | 67,286 | ||||||||||
AIM | 3,136 | 3,666 | 6,348 | 7,405 | ||||||||||
Total service sales | 89,870 | 92,581 | 176,834 | 183,216 | ||||||||||
Equipment and supplies sales | 12,410 | 11,189 | 24,177 | 24,104 | ||||||||||
Total net sales | $ | 102,280 | $ | 103,770 | $ | 201,011 | $ | 207,320 |
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Gross Goodwill | Accumulated Impairment Loss | Net Carrying Amount | |||||||||
January 1, 2016 | $ | 405,558 | $ | 192,950 | $ | 212,608 | |||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | 73,920 | (73,920 | ) | |||||||
December 31, 2016 | 405,558 | 266,870 | 138,688 | ||||||||
Additions | — | — | — | ||||||||
Goodwill impairment | — | — | — | ||||||||
June 30, 2017 | $ | 405,558 | $ | 266,870 | $ | 138,688 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Amortizable other intangible assets | |||||||||||||||||||||||
Customer relationships | $ | 99,295 | $ | 88,592 | $ | 10,703 | $ | 99,104 | $ | 86,305 | $ | 12,799 | |||||||||||
Trade names and trademarks | 20,298 | 19,907 | 391 | 20,281 | 19,878 | 403 | |||||||||||||||||
$ | 119,593 | $ | 108,499 | $ | 11,094 | $ | 119,385 | $ | 106,183 | $ | 13,202 |
2017 (excluding the six months ended June 30, 2017) | $ | 2,101 | |
2018 | 3,856 | ||
2019 | 3,135 | ||
2020 | 1,525 | ||
2021 | 170 | ||
Thereafter | 307 | ||
$ | 11,094 |
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June 30, 2017 | December 31, 2016 | |||||||
Term A loan facility maturing 2019 net of deferred financing fees of $756 and $1,039; 3.26% and 2.86% interest rate at June 30, 2017 and December 31, 2016 | $ | 106,094 | $ | 119,961 | ||||
Borrowings from revolving loan facility under the Term A Credit Agreement; 3.19% and 2.64% interest rate at June 30, 2017 and December 31, 2016 | 3,150 | 950 | ||||||
Various capital leases; weighted average interest rate of 5.2% and 5.6% at June 30, 2017 and December 31, 2016; principal and interest payable monthly through June 2022 | 42,700 | 36,231 | ||||||
Various other notes payable with a weighted average interest rate of 10.8% and 10.7% at June 30, 2017 and December 31, 2016; principal and interest payable monthly through November 2019 | 23 | 31 | ||||||
151,967 | 157,173 | |||||||
Less current portion | (15,162 | ) | (13,773 | ) | ||||
$ | 136,805 | $ | 143,400 |
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Fair Value | |||||||||
Balance Sheet Classification | June 30, 2017 | December 31, 2016 | |||||||
Derivative designated as hedging instrument under ASC 815 | |||||||||
Interest rate cap contracts - current portion | Other current assets | $ | 22 | $ | 39 | ||||
Interest rate cap contracts - long-term portion | Other assets | — | — | ||||||
Total derivatives designated as hedging instruments | $ | 22 | $ | 39 |
Amount of Income (Loss) Recognized in AOCL on Derivative | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Derivative in ASC 815 Cash Flow Hedging Relationship | ||||||||||||||||
Interest rate cap contracts, net of tax | $ | 45 | $ | (2 | ) | $ | 86 | $ | (97 | ) |
Amount of Loss Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||
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 | $ | 88 | $ | — | $ | 43 | $ | — | $ | 158 | $ | — | $ | 64 | $ | — |
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Significant Other Unobservable Inputs | |||||||||||||||
June 30, 2017 | June 30, 2016 | ||||||||||||||
Level 3 | Total Losses | Level 3 | Total Losses | ||||||||||||
Nonrecurring Fair Value Measure | |||||||||||||||
Goodwill | $ | 138,688 | $ | — | $ | 138,688 | $ | 73,920 | |||||||
Significant Other Unobservable Inputs | |||||||||||||||||||||||||
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Level 2 | Level 3 | Total Losses | Level 2 | Level 3 | Total Losses | ||||||||||||||||||||
Recurring Fair Value Measure | |||||||||||||||||||||||||
Interest rate cap contracts | $ | 22 | $ | — | $ | — | $ | 39 | $ | — | $ | — | |||||||||||||
Contingent purchase price consideration for acquired businesses | $ | — | $ | 318 | $ | — | $ | — | $ | 402 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning balance | $ | 350 | $ | 868 | $ | 402 | $ | 1,059 | |||||||
Additions related to acquisitions | 34 | — | 34 | 104 | |||||||||||
Payments | (81 | ) | (302 | ) | (151 | ) | (367 | ) | |||||||
Adjustments included in earnings | 11 | 27 | 23 | (195 | ) | ||||||||||
Foreign currency translation adjustments | 4 | 11 | 10 | 3 | |||||||||||
Ending balance | $ | 318 | $ | 604 | $ | 318 | $ | 604 |
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