PharMerica 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PHARMERICA CORP
Entity Central Index Key	1,388,195
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		30,432,246
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) [Abstract]
Revenues	$ 497.5	$ 448.6	$ 1,009	$ 900.8
Cost of goods sold	416.3	366.7	839.2	738.9
Gross profit	81.2	81.9	169.8	161.9
Selling, general and administrative expenses	55.4	57.9	114.4	115.1
Amortization expense	7	4.3	13.6	8.7
Merger, acquisition, integration costs and other charges	3.4	1.5	7.2	6.5
Settlement, litigation and other related charges	6.9	26.6	9.2	27.8
Restructuring and impairment charges	0	1.2	0.1	3.1
Hurricane Sandy disaster costs	0	0.1	0	0.1
Operating income (loss)	8.5	(9.7)	25.3	0.6
Interest expense, net	1.9	2.3	3.3	4.8
Income (loss) before income taxes	6.6	(12)	22	(4.2)
Provision (benefit) for income taxes	4.3	(2.3)	10.1	0.7
Net income (loss)	$ 2.3	$ (9.7)	$ 11.9	$ (4.9)
Earnings per common share:
Basic (in dollars per share)	$ 0.08	$ (0.32)	$ 0.39	$ (0.16)
Diluted (in dollars per share)	$ 0.07	$ (0.32)	$ 0.38	$ (0.16)
Shares used in computing earnings per common share:
Basic (in shares)	30,388,902	30,004,950	30,287,638	29,879,683
Diluted (in shares)	30,829,724	30,004,950	30,748,072	29,879,683

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 21.3	$ 33.3
Accounts receivable, net	199.1	195.4
Inventory	135.2	135.6
Deferred tax assets, net	38.4	42.2
Income tax receivable	8.7	0
Prepaids and other assets	47.5	90.3
Total current assets	450.2	496.8
Equipment and leasehold improvements	204.3	196.4
Accumulated depreciation	(133.5)	(125)
Total Equipment and leasehold improvements	70.8	71.4
Goodwill	336.8	318.5
Intangible assets, net	172.2	177.6
Other	26.7	4.1
Total assets	1,056.7	1,068.4
Current liabilities:
Accounts payable	80.1	96
Salaries, wages and other compensation	32.2	35.1
Current portion of long-term debt	11.6	6.4
Income taxes payable	0	2.3
Other accrued liabilities	31.3	36.4
Total current liabilities	155.2	176.2
Long-term debt	338.2	344.9
Other long-term liabilities	60.6	57.6
Deferred tax liabilities	$ 10.6	$ 11.6
Commitments and contingencies (See Note 5)
Stockholders' equity:
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized and no shares issued, December 31, 2014 and June 30, 2015	$ 0	$ 0
Common stock, $0.01 par value per share; 175,000,000 shares authorized; 32,725,786 and 33,188,915 shares issued as of December 31, 2014 and June 30, 2015, respectively	0.3	0.3
Capital in excess of par value	400.1	394.1
Retained earnings	128.9	117
Treasury stock at cost, 2,617,305 and 2,761,719 shares at December 31, 2014 and June 30, 2015, respectively	(37.2)	(33.3)
Total stockholders' equity	492.1	478.1
Total liabilities and stockholders' equity	$ 1,056.7	$ 1,068.4

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	33,188,915	32,725,786
Treasury stock at cost, shares (in shares)	2,761,719	2,617,305

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 2.3	$ (9.7)	$ 11.9	$ (4.9)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	5.7	4.8	11.5	9.6
Amortization	7	4.3	13.6	8.7
Merger, acquisition, integration costs and other charges	0	0	0	2.5
Stock-based compensation and deferred compensation	1.7	1.8	3.7	3.9
Amortization of deferred financing fees	0.2	0.6	0.3	1.3
Deferred income taxes	0.2	(3.3)	2.5	0.7
Loss (gain) on disposition of equipment	0	0	0.1	(0.1)
Loss (gain) on acquisition/disposition	0	0	0	(0.3)
Other	0.1	0	0.1	0.1
Change in operating assets and liabilities:
Accounts receivable, net	0.1	(1)	(2.2)	12.1
Inventory	(12.6)	(34)	0.6	(31.2)
Prepaids and other assets	(7.4)	(9)	20	(11.1)
Accounts payable	(1.4)	1.3	(15.5)	(20.5)
Salaries, wages and other compensation	(0.6)	(3.2)	(3)	(7.9)
Other accrued liabilities	(8.2)	24.2	(10.4)	22.3
Change in income taxes payable (receivable)	(9.1)	(2.8)	(9)	(4.1)
Excess tax benefit from stock-based compensation	(0.2)	(0.5)	(2.1)	(3.2)
Net cash provided by (used in) operating activities	(22.2)	(26.5)	22.1	(22.1)
Cash flows provided by (used in) investing activities:
Purchase of equipment and leasehold improvements	(6.4)	(6.8)	(11)	(12.8)
Acquisitions, net of cash acquired	(0.1)	(6.9)	(20.6)	(17.6)
Cash proceeds from the sale of assets	0	0.1	0	0.1
Cash proceeds from dispositions	0	0	0.1	0.4
Net cash used in investing activities	(6.5)	(13.6)	(31.5)	(29.9)
Cash flows provided by (used in) financing activities:
Repayments of long-term debt	0	(3.2)	0	(6.3)
Net activity of long-term revolving credit facility	24	41.1	(1)	43.9
Issuance of common stock	0.4	0.5	0.7	3
Treasury stock at cost	0.5	(0.4)	(3.9)	(4.9)
Excess tax benefit from stock-based compensation	0.2	0.5	2.1	3.2
Repayments of capital lease obligations	(0.3)	0	(0.5)	0
Net cash (used in) provided by financing activities	24.8	38.5	(2.6)	38.9
Change in cash and cash equivalents	(3.9)	(1.6)	(12)	(13.1)
Cash and cash equivalents at beginning of period	25.2	12.7	33.3	24.2
Cash and cash equivalents at end of period	21.3	11.1	21.3	11.1
Supplemental information:
Cash paid for interest	0.9	1.9	3	3.7
Cash paid for taxes	$ 12.3	$ 4.3	$ 17	$ 4.7

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning Balance (in shares) at Dec. 31, 2014	30,108,481
Beginning Balance at Dec. 31, 2014	$ 0.3	$ 394.1	$ 117	$ (33.3)	$ 478.1
Net income (loss)			11.9		11.9
Exercise of stock options and tax components of stock-based awards, net (in shares)	132,522
Exercise of stock options and tax components of stock-based awards, net	$ 0	2.5	0	0	2.5
Vested restricted stock units (in shares)	187,600
Vested restricted stock units	$ 0	0	0	0	0
Vested performance stock units (in shares)	143,007
Vested performance stock units	$ 0	0	0	0	0
Treasury stock at cost (in shares)	(144,414)
Treasury stock at cost, value	$ 0	0	0	(3.9)	(3.9)
Stock-based compensation - non-vested restricted stock	0	3.4	0	0	3.4
Stock-based compensation - stock options	$ 0	0.1	0	0	0.1
Ending Balance (in shares) at Jun. 30, 2015	30,427,196
Ending Balance at Jun. 30, 2015	$ 0.3	$ 400.1	$ 128.9	$ (37.2)	$ 492.1

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1—ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business PharMerica Corporation together with its subsidiaries (the "Corporation"), is a leading provider of pharmacy services. The Corporation serves the long-term care, hospital pharmacy management services, specialty home infusion and specialty oncology pharmacy markets. The Corporation operates 96 institutional pharmacies, 15 specialty home infusion pharmacies, and 5 specialty oncology pharmacies in 45 states. The Corporation's customers are institutional healthcare providers, such as skilled nursing facilities, assisted living facilities, hospitals, individuals receiving in-home care and patients with cancer. Operating Segments The Corporation consists of three operating segments: institutional pharmacy, specialty infusion services and specialty oncology pharmacy. Management believes the nature of the products and services are similar, the payers for the products and services are common among the segments and all segments operate in the healthcare regulatory environment. In addition, the segments are economically similar. Accordingly, management has aggregated the three operating segments into one reporting segment. Principles of Consolidation All intercompany transactions have been eliminated. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. Accordingly, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Corporation and related footnotes for the year ended December 31, 2014, included in the Corporation's Annual Report on Form 10-K. The balance sheet as of December 31, 2014 has been derived from the audited consolidated financial statements adjusted for acquisition related measurement period adjustments. The results of operations for the interim periods are not necessarily indicative of results of operations for a full year. It is the opinion of management that all necessary adjustments for a fair presentation of the condensed consolidated financial statements for the interim periods have been made and are of a normal recurring nature. Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates are involved in collectability of accounts receivable, revenue recognition, inventory valuation, supplier rebates, the valuation of long-lived assets and goodwill, and accounting for income taxes. Actual amounts may differ from these estimates. Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Corporation follows a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which require the Corporation to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: A. Market approach: B. Cost approach: C. Income approach: The financial liabilities recorded at fair value at December 31, 2014 and June 30, 2015 are set forth in the tables below (dollars in millions): As of December 31, 2014 Liability Level 1 Level 2 Level 3 Valuation Technique Financial Liability Deferred Compensation Plan $ (8.0 ) $ - $ (8.0 ) $ - A Contingent Consideration (1.1 ) - - (1.1 ) C Mandatorily Redeemable Interest (8.3 ) - - (8.3 ) C As of June 30, 2015 Liability Level 1 Level 2 Level 3 Valuation Technique Financial Liability Deferred Compensation Plan $ (8.1 ) $ - $ (8.1 ) $ - A Contingent Considerations (9.0 ) - - (9.0 ) C Mandatorily Redeemable Interest (7.1 ) - - (7.1 ) C The deferred compensation plan liability represents an unfunded obligation associated with the deferred compensation plan offered to eligible employees and members of the Board of Directors of the Corporation. The fair value of the liability associated with the deferred compensation plan is derived using pricing and other relevant information for investments in phantom shares of certain available investment options, primarily mutual funds. This liability is classified as other long-term liabilities in the accompanying condensed consolidated balance sheets. The contingent consideration represents future earn-outs associated with the Corporation's acquisition of an institutional pharmacy business purchased in 2013 and two infusion businesses purchased in 2014 and 2015. The fair values of the liabilities associated with the contingent consideration were derived using the income approach with unobservable inputs, which included future gross profit forecasts and present value assumptions, and there was little or no market data. The Corporation assessed the fair values of the liabilities as of the acquisition date and will assess quarterly thereafter until settlement. These liabilities are classified as current and other long-term liabilities in the accompanying condensed consolidated balance sheets. The mandatorily redeemable interest represents a future obligation associated with the Corporation's acquisition of a specialty pharmacy business, OncoMed Specialty, LLC ("Onco"), purchased on December 6, 2013. The mandatorily redeemable interest is classified as a long-term liability and measured at fair value. The fair value was derived using the income approach with unobservable inputs, which included a future gross profit forecast and present value assumptions, and there was little or no market data. The Corporation assessed and adjusted the mandatorily redeemable interest's fair value of the liability at June 30, 2015. For the year ended December 31, 2014 and the six months ended June 30, 2015, there were no transfers between the valuation hierarchy Levels 1, 2, and 3. The following table summarizes the change in fair value of the Corporation's contingent consideration and mandatorily redeemable interest identified as Level 3 for the year ended December 31, 2014 and the six months ended June 30, 2015 (in millions): Contingent Consideration Mandatorily Redeemable Interest Beginning balance, December 31, 2013 $ 0.7 $ 8.2 Additions from business acquisitions 1.1 - Change in fair value (0.7 ) 0.1 Balance, December 31, 2014 1.1 8.3 Additions from business acquisitions 7.9 - Change in fair value - (1.2 ) Balance, June 30, 2015 $ 9.0 $ 7.1 The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, inventory and accounts payable approximate fair value because of the short-term maturity of these instruments. The carrying amount of the Corporation's debt approximates fair value due to the interest being set at variable market interest rates (Level 2). Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily consist of amounts due from Prescription Drug Plans ("PDPs") under Medicare Part D, institutional healthcare providers, the respective state Medicaid programs, third party insurance companies, and private payers. The Corporation's ability to collect outstanding receivables is critical to its results of operations and cash flows. To provide for accounts receivable that could become uncollectible in the future, the Corporation establishes an allowance for doubtful accounts to reduce the carrying value of such receivables to the extent it is probable that a portion or all of a particular account will not be collected. The Corporation has an established a process to determine the adequacy of the allowance for doubtful accounts, which relies on analytical tools, specific identification, and benchmarks to arrive at a reasonable allowance. No single statistic or measurement determines the adequacy of the allowance for doubtful accounts. The Corporation monitors and reviews trends by payer classification along with the composition of the Corporation's aging accounts receivable. This review is focused primarily on trends in private and other payers, PDP's, dual eligible co-payments, historic payment patterns of long-term care institutions, and monitoring respective credit risks. In addition, the Corporation analyzes other factors such as revenue days in accounts receivables, denial trends by payer types, payment patterns by payer types, subsequent cash collections, and current events that may impact payment patterns of the Corporation's long-term care institutional customers. Accounts receivable are written off after collection efforts have been completed in accordance with the Corporation's policies. The Corporation's accounts receivable and summarized aging categories are as follows (dollars in millions): (As Adjusted) December 31, 2014 June 30, 2015 Institutional healthcare providers $ 153.2 $ 155.4 Medicare Part D 30.5 30.1 Private payer and other 30.6 31.6 Insured 24.5 27.0 Medicaid 11.7 10.4 Medicare 3.0 3.4 Allowance for doubtful accounts (58.1 ) (58.8 ) $ 195.4 $ 199.1 0 to 60 days 58.8 % 60.0 % 61 to 120 days 17.2 % 15.7 % Over 120 days 24.0 % 24.3 % 100.0 % 100.0 % The following is a summary of activity in the Corporation's allowance for doubtful accounts (dollars in millions): Beginning Balance Charges to Costs and Expenses Write-offs Ending Balance Allowance for doubtful accounts: Year ended December 31, 2014 $ 56.7 $ 23.2 $ (21.8 ) $ 58.1 Six months ended June 30, 2015 $ 58.1 $ 8.0 $ (7.3 ) $ 58.8 Goodwill and Other Intangibles The Corporation's policy is to perform a quantitative assessment of its institutional pharmacy and specialty infusion reporting units to determine whether it is more likely than not (defined as having a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. The Corporation performed a quantitative assessment as of December 31, 2014. The institutional pharmacy and specialty infusion reporting unit's fair values as calculated for the analysis were approximately 48.2% and 13.1%, respectively, greater than book value as of December 31, 2014. The Corporation also performed a qualitative assessment of its specialty oncology reporting unit as of December 31, 2014 and did not find it necessary to perform the first step of the two-step impairment test based on that analysis. There were no impairment triggering events during the six months ended June 30, 2015. The Corporation's finite-lived intangible assets are comprised primarily of trade names, customer relationship assets, limited distributor relationships, doctor and insurer relationships and non-compete agreements. Finite-lived intangible assets are amortized on a straight-line basis over the course of their lives ranging from 5 to 20 years. For impairment reviews, intangible assets are reviewed on a specific pharmacy basis or as a group of pharmacies depending on the intangible assets under review. The Corporation's goodwill and intangible assets are further described in Note 3. Restructuring and Impairment Charges Restructuring and impairment charges in the condensed consolidated financial statements represent amounts expensed for purposes of realigning corporate and pharmacy locations. Mandatorily Redeemable Interest The Corporation acquired 37.5% of the membership interests of Onco while also obtaining control of the business. The subsidiary is consolidated in the Corporation's condensed consolidated financial statements and the mandatorily redeemable interest is classified as debt within other long-term liabilities in the condensed consolidated balance sheets. Measurement Period Adjustments For the six months ended June 30, 2015, the Corporation has adjusted certain amounts on the condensed consolidated balance sheet as of December 31, 2014 as a result of measurement period adjustments related to acquisitions completed in the prior year (See Note 2).

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2015
ACQUISITIONS [Abstract]
ACQUISITIONS	NOTE 2—ACQUISITIONS 2015 Acquisition The Corporation through its wholly owned subsidiary, Amerita, acquired Coastal Pharmaceutical Services Corporation ("InfusionRx Acquisition") on January 28, 2015. The InfusionRx Acquisition had an estimated purchase price of $27.9 million, comprised of a net cash payment of $20.0 million and an estimated fair value of contingent consideration of $7.9 million. The resulting amount of goodwill and identifiable intangibles related to this transaction in the aggregate were $18.3 million and $8.2 million, respectively. The Corporation believes the resulting amount of goodwill reflects its expectation of synergistic benefits of the acquisition. Tax deductible goodwill associated with the acquisition was $18.3 million as of June 30, 2015. The net assets and operating results of the acquisition have been included in the Corporation's condensed consolidated financial statements from the date of acquisition. Amounts contingently payable related to the InfusionRx Acquisition, representing potential payments originating from an earn-out provision were $7.9 million as of June 30, 2015. 2014 Acquisitions During the year ended December 31, 2014, the Corporation completed acquisitions of four long-term care businesses and one infusion business (collectively the "2014 Acquisitions"), none of which were individually significant to the Corporation. The 2014 Acquisitions required cash payments of approximately $114.9 million in the aggregate. The resulting amount of goodwill and identifiable intangibles related to these transactions in the aggregate were $35.7 million and $61.4 million, respectively. The Corporation believes the resulting amount of goodwill reflects its expectation of synergistic benefits of the acquisitions. Tax deductible goodwill associated with the 2014 Acquisitions was $29.8 million as of June 30, 2015. The net assets and operating results of the 2014 Acquisitions have been included in the Corporation's condensed consolidated financial statements from their respective dates of acquisition. Amounts contingently payable related to the 2014 Acquisitions, representing payments originating from an earn-out provision of the infusion acquisition, were $1.1 million as of December 31, 2014 and June 30, 2015. The amounts recognized as of the acquisition dates for the 2014 Acquisitions, on a combined basis, for assets acquired and liabilities assumed are as follows (dollars in millions): Amounts Recognized as of Acquisition Date Measurement Period Adjustments As Adjusted Accounts receivable $ 24.7 $ (0.3 ) $ 24.4 Inventory 8.8 (0.1 ) 8.7 Deferred tax assets – current 1.8 - 1.8 Other current assets 3.1 (0.1 ) 3.0 Equipment and leasehold improvements 4.8 - 4.8 Deferred tax assets 8.2 - 8.2 Identifiable intangibles 61.4 - 61.4 Goodwill 34.9 0.8 35.7 Total Assets 147.7 0.3 148.0 Current liabilities* 26.4 (0.2 ) 26.2 Other long-term liabilities* 6.9 - 6.9 Total Liabilities 33.3 (0.2 ) 33.1 Total purchase price, less cash acquired $ 114.4 $ 0.5 $ 114.9 * Included in current liabilities and other long-term liabilities are $0.8 million and $0.5 million, respectively, of capital lease obligations acquired as a part of the 2014 Acquisitions. Pro forma financial statements are not presented on the 2014 and 2015 acquisitions as the results are not material to the Corporation's condensed consolidated financial statements. Other For the three months ended June 30, 2014 and June 30, 2015, the Corporation incurred $1.4 million and $3.3 million, respectively, and $6.3 million and $7.0 million for the six months ended June 30, 2014 and June 30, 2015, respectively, of acquisition-related costs, which have been classified as a component of merger, acquisition, integration costs and other charges.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	6 Months Ended
	Jun. 30, 2015
GOODWILL AND INTANGIBLES [Abstract]
GOODWILL AND INTANGIBLES	NOTE 3—GOODWILL AND INTANGIBLES As of December 31, 2014 (as adjusted) and June 30, 2015 the carrying amount of goodwill was $318.5 million and $336.8 million, respectively. The following table presents the components of the Corporation's finite lived intangible assets (dollars in millions): Finite Lived Intangible Assets Balance at December 31, 2014 Additions Balance at June 30, 2015 Customer relationships $ 177.5 $ 7.0 $ 184.5 Trade name 62.2 0.6 62.8 Non-compete agreements 19.9 0.6 20.5 Sub Total 259.6 8.2 267.8 Accumulated amortization (82.0 ) (13.6 ) (95.6 ) Net intangible assets $ 177.6 $ (5.4 ) $ 172.2 Amortization expense relating to finite-lived intangible assets was $4.3 million and $7.0 million for the three months ended June 30, 2014 and 2015, respectively. Amortization expense relating to finite-lived intangible assets was $8.7 million and $13.6 million for the six months ended June 30, 2014 and 2015, respectively.

CREDIT AGREEMENT

CREDIT AGREEMENT	6 Months Ended
	Jun. 30, 2015
CREDIT AGREEMENT [Abstract]
CREDIT AGREEMENT	NOTE 4—CREDIT AGREEMENT On September 17, 2014, the Corporation entered into a credit agreement by and among the Corporation, the lenders named therein (the "Lenders"), Bank of America, N.A., as administrative agent, JP Morgan Chase Bank N.A., as syndication agent, and U.S. Bank, National Association, Citibank, N.A., MUFG Union Bank, N.A., BBVA Compass Bank and SunTrust Bank as co-documentation agents (the "Credit Agreement"). The Credit Agreement consists of a $225.0 million term loan facility and a $310.0 million revolving credit facility. The terms and conditions of the Credit Agreement are customary to facilities of this nature. As of June 30, 2015, $225.0 million was outstanding under the term loan facility and $124.0 million was outstanding under the revolving credit facility. Indebtedness under the Credit Agreement matures on September 17, 2019, at which time the commitments of the Lenders to make revolving loans also expire. The table below summarizes the total outstanding debt of the Corporation (dollars in millions): December 31, 2014 June 30, 2015 Term Debt - payable to lenders at LIBOR plus applicable margin (2.19% as of June 30, 2015), matures September 17, 2019 $ 225.0 $ 225.0 Revolving Credit Facility payable to lenders, interest at LIBOR plus applicable margin (2.15% of June 30, 2015), matures September 17, 2019 125.0 124.0 Capital lease obligations 1.3 0.8 Total debt 351.3 349.8 Less: Current portion of long-term debt 6.4 11.6 Total long-term debt $ 344.9 $ 338.2 The Corporation's indebtedness has the following maturities as of June 30, 2015 (dollars in millions): Year Ending December 31, Term Debt Revolving Credit Facility Capital Lease Obligations Total Maturities 2015 $ 5.6 $ - $ 0.3 $ 5.9 2016 11.3 - 0.1 11.4 2017 11.3 - 0.1 11.4 2018 11.3 - 0.3 11.6 2019 185.5 124.0 - 309.5 $ 225.0 $ 124.0 $ 0.8 $ 349.8 The Credit Agreement provides for the issuance of letters of credit which, when issued, reduce availability under the revolving credit facility. The aggregate amount of letters of credit outstanding as of June 30, 2015 was $2.5 million. After giving effect to the letters of credit, total availability under the revolving credit facility was $183.5 million as of June 30, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5—COMMITMENTS AND CONTINGENCIES Legal Action and Regulatory The Corporation maintains liabilities for certain of its outstanding investigations and litigation. In accordance with the provisions of U.S. GAAP for contingencies, the Corporation records a liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. To the extent that the resolution of contingencies result in actual losses that differ from the Corporation's recorded liabilities, earnings will be charged or credited accordingly. The Corporation cannot know the ultimate outcome of the pending matters described below, and there can be no assurance that the resolution of these matters will not have a material adverse impact on the Corporation's consolidated results of operations, financial position or cash flows. As a part of its ongoing operations, the Corporation is subject to various inspections, audits, inquiries, investigations and similar actions by third parties, as well as by government/regulatory authorities responsible for enforcing the laws and regulations to which the Corporation is subject. Further, under the federal False Claims Act, private parties have the right to bring qui tam, or "whistleblower," suits against companies that submit false claims for payments to, or improperly retain overpayments from, the government. The inherently unpredictable nature of legal proceedings may be impacted by various factors, including: (i) the damages sought in the proceedings are unsubstantiated or indeterminate; (ii) discovery is not complete; (iii) the proceeding is in its early stages; (iv) the matters present legal uncertainties; (v) significant facts are in dispute; (vi) a large number of parties are participating in the proceedings (including where it is uncertain how liability, if any, will be shared among defendants); or (vii) the proceedings present a wide range of potential outcomes. The Corporation is the subject of certain investigations and is a defendant in a number of cases, including those discussed below. On April 15, 2013, the U.S. Department of Justice, through the U.S. Attorney's Office for the Eastern District of Virginia, filed a complaint in the United States District Court for the Eastern District of Virginia against the Corporation's two pharmacies in Virginia Beach, Virginia and Fredericksburg, Virginia alleging that these two pharmacies failed to comply with the Controlled Substances Act ("CSA") by dispensing Schedule II drugs without a proper prescription. The parties reached a settlement in December 2013 and filed a stipulation for dismissal of the case in January 2014. Under the settlement, the Corporation paid $1.0 million and entered into a Memorandum of Agreement ("MOA") with the DEA through which it agreed to certain CSA compliance obligations. In connection with the settlement, the Corporation did not admit liability for the alleged CSA violations. On June 10, 2013, the United States District Court On May 12, 2015 and May 14, 2015, the Corporation entered into settlements with relator for the retaliatory termination claim and with the relator and the United States, respectively, settling the alleged CSA violations and the associated FCA claims. In addition, the Corporation entered into the aforementioned MOA with the DEA. The court entered its order of dismissal on June 15, 2015. In connection with the settlement of this matter, the Company also entered into a corporate integrity agreement ("CIA") with the Department of Health and Human Services Office of the Inspector General ("OIG") with a term of five years from May 11, 2015. Pursuant to the CIA, the Company is required, among other things, to (i) create procedures designed to ensure that it complies with the CSA and related regulations; (ii) retain an independent review organization to review the Company's compliance with the terms of the CIA and report to OIG regarding that compliance; and (iii) provide training for certain Company employees as to the Company's requirements under the CSA. The requirements of the CIA will result in increased costs to maintain the Company's compliance program and greater scrutiny by federal regulatory authorities. Violations of the CIA could subject the Company to significant monetary penalties. On October 29, 2013, a complaint was filed in the United States District Court for the Southern District of Florida by Pines Nursing Homes (77), Inc. as a putative class action against the Corporation. The complaint alleged that the Corporation sent unsolicited advertisements promoting the Corporation's goods or services by facsimile to individuals or entities, and that such communications did not include an opt-out clause, all in violation of the federal Telephone Consumer Protection Act ("TCPA"). The Complaint did not specify the amount of damages sought, but the TCPA provides a statutory remedy of $500 per facsimile communication sent in violation of the statute, which may be trebled in the event of a willful violation. On August 18, 2014, the Corporation entered into a Settlement Agreement with the putative class and class counsel resolving all claims raised in the complaint. The parties moved on September 8, 2014 for, among other things, certification of the putative class for the purposes of effectuating the settlement and preliminary approval of the parties' settlement, and have requested a hearing on that motion. On June 26, 2015 the court granted the Joint Motion for Preliminary Approval of the parties settlement and the court has scheduled the final approval hearing for November 12, 2015. On November 20, 2013 a complaint filed by a relator, Robert Gadbois, on behalf of the U.S. Government and various state governments, was unsealed by the United States District for the District of Rhode Island against the Corporation alleging that the Corporation dispensed controlled and non-controlled substances in violation of the CSA and the dispenses were not eligible for payment and that the claims the Corporation submitted to the Government were false within the meaning of the FCA. The U.S. Government and the various state governments declined to intervene in this case. On October 3, 2014, the Corporation's motion to On March 4, 2011, a relator, Mark Silver, on behalf of the U.S. Government and various state governments, filed a complaint in the United States District Court for the District of New Jersey against the Corporation alleging that the Corporation violated the FCA and Federal Anti-Kickback Statute through its agreements to provide prescription drugs to nursing homes under certain Medicare and Medicaid programs. On February 19, 2013, the U.S. Government declined to intervene in the case. The complaint has been amended several times, most recently on November 12, 2013, and thereafter served upon the Corporation. On December 6, 2013, the Corporation moved to dismiss the amended complaint for failure to state a claim upon which relief may be granted and on September 29, 2014, the court declined to dismiss the case, but limited the relevant time period for which claims could be brought against the Corporation. The Corporation intends to vigorously defend itself against these allegations. On January 31, 2014, a relator, Frank Kurnik, on behalf of the U.S. Government and various state governments served its complaint filed in the United States District for the District of South Carolina alleging that the Corporation solicited and received remuneration in violation of the Federal Anti-Kickback Statute from drug manufacturer Amgen in exchange for preferring and promoting Amgen's drug Aranesp over a competing drug called Procrit. The U.S. Government and the various states declined to intervene in the case. On April 7, 2014, the Corporation moved to dismiss the complaint and on July 23, 2014, the motion was denied. On January 13, 2015, the Corporation again moved to dismiss the complaint and on March 23, 2015, the second motion was denied. On April 2, 2015, the Corporation moved the court to reconsider its denial of the second motion to dismiss. That motion is pending. The Corporation intends to vigorously defend itself against these allegations. The U.S. Department of Justice, through the U.S. Attorney's Office for the Western District of Virginia, investigated whether the Company's activities in connection with the agreements it had with the manufacturer of the pharmaceutical Depakote violated the False Claims Act or the Anti-Kickback Statute. The Company cooperated with this investigation and believes that it has complied with applicable laws and regulations with respect to this matter. On May 29, 2014, the United States District Court for the Western District of Virginia entered an order (the "May 29 Order") unsealing two previously partially sealed qui tam complaints, entitled United States, et al., ex rel. Spetter v. Abbott Laboratories. Inc., Omnicare, Inc., and PharMerica Corp., No. 1:07-cv-00006 and United States, et al., ex rel. McCoyd v. Abbott Laboratories, Omnicare, Inc., PharMerica Corp., and Miles White, No. 1:07-cv-0008. The May 29 Order also unsealed the government's notice of intervention and granted the Government 120 days to serve its Complaint in Intervention. That deadline has since been extended to August 3, 2015 as to PharMerica only based on the parties having reached a proposed resolution of the monetary and other terms of a potential settlement agreement. The government has requested that the intervention deadline be extended further to September 4, 2015 and the Corporation expects the request to be granted. Resolution of the matter is subject to various contingencies, including final approval by authorized officials at the Department of Justice, approval and releases from the National Association of Medicaid Fraud Control Units, and conclusion of negotiations with the Department of Health and Human Services Office of Inspector General regarding its administrative enforcement authority. On September 10, 2014, the Corporation filed a Complaint in Jefferson Circuit Court in Louisville, Kentucky against AmerisourceBergen Drug Corporation ("ABDC") for failure of ABDC to comply with certain pricing and rebate provisions of the Amended Prime Vendor Agreement ("Amended PVA"). The Corporation subsequently filed a First Amended Verified Complaint on September 26, 2014 asserting additional breaches of the Amended PVA . As a result of ABDC's failure to comply with certain pricing and rebate provisions, the Corporation had recorded a receivable of $40.8 million related to these disputes at December 31, 2014. Separately, as of December 31, 2014, the Corporation had recorded $12.2 million for additional rebates owing from ABDC which at that time the Corporation believed were not in dispute and had previously been paid by ABDC in all the prior quarters. All these receivables totaled $53.0 million and were included in prepaids and other assets in the accompanying condensed consolidated balance sheet as of December 31, 2014. During the period of January 1, 2015 through March 31, 2015, an additional $18.5 million, net of payments received, of certain rebates and guarantees owed by ABDC under the Amended PVA were recognized which brought the total receivable to $71.5 million at March 31, 2015 and June 30, 2015. On March, 2, 2015, the Corporation notified ABDC of its intent to terminate the Amended PVA effective April 1, 2015. The Corporation also announced that it had entered into a Prime Vendor Agreement with Cardinal Health ("Cardinal") effective April 1, 2015. On March 3, 2015, the Corporation received a letter from ABDC terminating the Amended PVA effective immediately based upon the Corporation's alleged failure to pay certain disputed miscellaneous charges and the Corporation's signing of the Cardinal PVA. The Corporation believes ABDC did not have the right to immediately terminate the contract pursuant to the terms of the Amended PVA. On March 6 and March 13, 2015, the Corporation withheld from ABDC normal recurring payments for drug purchases of approximately $48.8 million. The following table represents all receivables, whether previously disputed or not, due and owing from ABDC at June 30, 2015 and the related amounts allegedly payable to ABDC, which have been offset resulting in a net receivable at June 30, 2015 of $22.7 million. This net receivable is included in other assets in the accompanying condensed consolidated balance sheet as of June 30, 2015. Presented in the condensed consolidated balance sheet, the following amounts are offset as of June 30, 2015 (in millions): Description Gross Amount of Recognized Asset Gross Liability Offset in the Condensed Consolidated Balance Sheet Net Amount of Asset Presented in the Condensed Consolidated Balance Sheet Rebates & Other Receivables $ 71.5 $ (48.8 ) $ 22.7 Total $ 71.5 $ (48.8 ) $ 22.7 The Corporation will have claims for additional damages resulting from ABDC's breaches of the Amended PVA. The Corporation intends to vigorously pursue its claims. At this time, the Corporation is unable to determine the ultimate impact of these litigation proceedings on its consolidated financial condition, results of operations, or liquidity. The litigation with ABDC could continue for an extended period of time, likely longer than 12 months. The Corporation cannot provide any assurances about the outcome of the litigation. In addition, the Corporation is involved in certain legal actions and regulatory investigations arising in the ordinary course of business. At June 30, 2015, the Corporation had accrued approximately $39.8 million in the aggregate related to the legal actions and investigations described in the preceeding paragraphs.. California Medicaid On August 14, 2013, the California Department of Health Care Service ("DHCS") announced its intent to implement a ten percent (10%) reimbursement reduction for numerous healthcare providers, including long term care pharmacies. The DHCS implemented the reduction prospectively beginning in the first quarter of 2014. In addition, the DHCS has announced that, beginning August 2015, it will recoup a percentage of provider payments representing a ten percent (10%) reduction on certain drug reimbursements retroactive to June 1, 2011 through February 6, 2014. The Corporation has previously recorded a $3.3 million liability and reduction of revenue for the expected amount of recoveries from June 1, 2011 through December 31, 2013.

MERGER, ACQUISITION, INTEGRATIO

MERGER, ACQUISITION, INTEGRATION COSTS AND OTHER CHARGES	6 Months Ended
	Jun. 30, 2015
MERGER, ACQUISITION, INTEGRATION COSTS AND OTHER CHARGES [Abstract]
MERGER, ACQUISITION, INTEGRATION COST AND OTHER CHARGES	NOTE 6—MERGER, ACQUISITION, INTEGRATION COSTS AND OTHER CHARGES Merger, acquisition, integration costs and other charges combined were $1.5 million and $3.4 million for the three months ended June 30, 2014 and 2015, respectively, and $6.5 million and $7.2 million for the six months ended June 30, 2014 and 2015, respectively. Merger, integration costs and other charges for the three months ended June 30, 2014 and 2015 were $0.1 million and less than $0.1 million, respectively, and $0.2 million for the six months ended June 30, 2014 and 2015. Acquisition related costs for the three months ended June 30, 2014 and 2015 were $1.4 million and $3.3 million, respectively, and $6.3 million and $7.0 million for the six months ended June 30, 2014 and 2015, respectively.

RESTRUCTURING COSTS AND OTHER C

RESTRUCTURING COSTS AND OTHER CHARGES	6 Months Ended
	Jun. 30, 2015
RESTRUCTURING COSTS AND OTHER CHARGES [Abstract]
RESTRUCTURING COSTS AND OTHER CHARGES	NOTE 7—RESTRUCTURING COSTS AND OTHER CHARGES In July 2013, the Corporation commenced the implementation of its restructuring plan as a result of the loss of two of the Corporation's significant customers, Kindred Healthcare ("Kindred") and Golden Living. The plan is a major initiative primarily designed to optimize operational efficiency while ensuring that the Corporation remains well-positioned to serve its clients and achieve sustainable, long-term growth. The Corporation's restructuring plan includes steps to right size its cost structure by adjusting its workforce and facility plans to reflect anticipated business needs. The Corporation recorded restructuring costs and other related charges of approximately of $1.2 million and less than $0.1 million during the three months ended June 30, 2014 and 2015, respectively, and $3.1 million and $0.1 million for the six months ended June 30, 2014 and 2015, respectively. The restructuring charges primarily included severance pay, the buy-out of employment agreements, lease terminations, and other exit-related asset disposals, professional fees and facility exit costs. The following table presents the components of the Corporation's restructuring liability (dollars in millions): Balance at December 31, 2014 Accrual Utilized Amounts Balance at June 30, 2015 Employee Severance and related costs $ 0.3 $ 0.1 $ (0.3 ) $ 0.1 Facility costs 1.1 - (0.2 ) 0.9 $ 1.4 $ 0.1 $ (0.5 ) $ 1.0 The liability at June 30, 2015 represents amounts not yet paid relating to actions taken in connection with the restructuring plan (primarily lease payments and severance costs).

COMMON STOCK, PREFERRED STOCK,

COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS	6 Months Ended
	Jun. 30, 2015
COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS [Abstract]
COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS	NOTE 8—COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS 2015 Omnibus Incentive Plan Effective April 29, 2015, the Corporation adopted the Pharmerica Corporation 2015 Omnibus Incentive Plan (the "Omnibus Plan") under which the Corporation is authorized to grant equity-based and other awards to its employees, officers, directors, and consultants. The Omnibus Plan replaced the Amended and Restated PharMerica Corporation 2007 Omnibus Incentive Plan (the "Prior Plan"). The Corporation has reserved 2,000,000 shares of its common stock for awards to be granted under the Omnibus Plan, subject to certain increases and reductions for grants under the Prior Plan. The following shares shall be added back to the number of shares available for grant under the Omnibus Plan: (i) shares covered by an award that expire or are forfeited, canceled, surrendered, or otherwise terminated without the issuance of such shares; (ii) shares covered by an award that are settled only in cash; and (iii) shares withheld by the Corporation or any subsidiary to satisfy a tax withholding obligation with respect to full value awards granted pursuant to the Omnibus Plan. However, shares surrendered for the payment of the exercise price under stock options (or options outstanding under the Prior Plan), shares repurchased by us with option proceeds (or option proceeds under the Prior Plan), and shares withheld for taxes upon exercise or vesting of an award other than a full value award (or an award other than a full value award under the Prior Plan), will not again be available for issuance under the Omnibus Plan. In addition, if a stock appreciation right ("SAR") (or SAR under the Prior Plan) is exercised and settled in shares, all of the shares underlying the SAR will be counted against the Omnibus Plan limit regardless of the number of shares used to settle the SAR. The Omnibus Plan provides for certain limits on issuances of certain types of awards and awards to certain recipients. The Omnibus Plan prohibits share recycling for stock options and stock appreciation rights, meaning that shares used to pay the exercise price or tax withholding for those awards are not added back to the share reserve. The Corporation's Compensation Committee administers the Omnibus Plan and has the authority to determine the recipient of the awards, the types of awards, the number of shares covered, and the terms and conditions of the awards. The Omnibus Plan allows for grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted share and restricted stock units, deferred shares, performance awards, including cash bonus awards, and other stock-based awards. The Corporation's Compensation Committee may condition the vesting, exercise or settlement of any award upon the achievement of one or more performance objectives. Stock options granted to officers and employees under the Omnibus Plan generally vest in four equal annual installments and have a term of seven years. The restricted stock units granted to officers generally vest in three equal annual installments. The restricted stock units granted to members of the Board of Directors vest in one annual installment. The performance share units granted under the Omnibus Plan vest based upon the achievement of a target amount of the Corporation's adjusted earnings before interest, income taxes, depreciation and amortization, which reinforces the importance of achieving the Corporation's profitability objectives. The performance is generally measured over a three-year period. As of June 30, 2015, total shares available for grants of stock-based awards pursuant to the Omnibus Plan were 1,835,899 shares. Treasury Stock Purchases In August 2010, the Board of Directors authorized a share repurchase of up to $25.0 million of the Corporation's common stock, of which $10.5 million was used. On July 2, 2012 the Board of Directors authorized an increase to the remaining portion of the existing share repurchase program that allows the Corporation to again repurchase up to a maximum of $25.0 million of the Corporation's common stock. Approximately $19.7 million remained available under the program as of June 30, 2015. Share repurchases under this authorization may be made in the open market through unsolicited or solicited privately negotiated transactions, or in such other appropriate manner, and may be funded from available cash or the revolving credit facility. The amount and timing of the repurchases, if any, would be determined by the Corporation's management and would depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions. Common stock acquired through the share repurchase program would be held as treasury shares and may be used for general corporate purposes, including reissuance in connection with acquisitions, employee stock option exercises or other employee stock plans. The share repurchase program does not have an expiration date and may be limited, terminated or extended at any time without prior notice. During the six months ended June 30, 2015, the Corporation repurchased no shares of common stock. The Corporation may redeem shares from employees upon the vesting of the Corporation's stock awards for minimum statutory tax withholding purposes and to cover option exercise costs. The Corporation redeemed 144,414 shares from the vesting of certain awards and exercise of certain stock options, for an aggregate price of approximately $3.9 million during the six months ended June 30, 2015. These shares have also been designated by the Corporation as treasury stock. Stock Option Activity Stock options were not granted to officers and employees during 2014 or the six months ended June 30, 2015. The following table summarizes option activity for the periods presented: Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in millions) Outstanding shares at December 31, 2014 913,209 $ 14.62 2.1 years $ 5.6 Exercised (132,522 ) 15.14 Canceled (116,218 ) 11.74 Expired (303 ) 13.42 Outstanding shares at June 30, 2015 664,166 $ 14.43 1.8 years $ 12.5 Exercisable shares at June 30, 2015 663,581 $ 14.43 1.8 years $ 12.5 Nonvested Shares The following table summarizes nonvested share activity for the periods presented: Number of Shares Weighted- Average Grant Date Fair Value Outstanding shares at December 31, 2014 941,570 $ 18.00 Granted - Restricted Stock Units 171,304 28.86 Granted - Performance Share Units 155,516 26.58 Forfeited (3,659 ) 19.40 Vested (330,607 ) 16.41 Outstanding shares at June 30, 2015 934,124 $ 21.98 The weighted average remaining term and intrinsic value of non-vested shares as of June 30, 2015 was 3.1 years and $31.1 million, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 9—INCOME TAXES The provision for income taxes is based upon the Corporation's estimate of annual taxable income or loss for each respective accounting period. The following table summarizes our provision for income taxes for the periods presented (dollars in millions): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Provision for income taxes $ (2.3 ) $ 4.3 $ 0.7 $ 10.1 Total provision as a percentage of pre-tax income NM* 65.7 % NM* 46.2 % * Not meaningful The increase in our provision for income taxes as a percentage of pre-tax income for the six months ended June 30, 2015 compared to the comparable 2014 period was due primarily to increases in the amount of pre-tax income as well as certain non-deductible employee compensation costs and discrete events. The provision for income taxes for the three and six months ended June 30, 2014 was significantly impacted by the Corporation's $26.6 million of legal charges. Accordingly, the total provision as a percentage of pre-tax income is not meaningful for these periods. The effective tax rates in 2015 are higher than the federal statutory rate largely as a result of the combined impact of state and local taxes, various non-deductible expenses, and discrete events. The discrete events for the three months ended June 30, 2015 included a non-deductible $4.4 million legal charge. The Corporation derives a current federal and state income tax benefit from the impact of deductions associated with the amortization of tax deductible goodwill acquired through business combinations. The tax basis of the Corporation's tax deductible goodwill was approximately $145.3 million and $138.4 million at December 31, 2014 and June 30, 2015, respectively. The future tax benefits of the tax-deductible goodwill are included in the Corporation's deferred tax assets. The Corporation recognizes an asset or liability for the deferred tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of the assets are recovered or liabilities are settled. The Corporation also recognizes as deferred tax assets the future tax benefits from net operating loss carryforwards. As of June 30, 2015, the Corporation has $5.2 million ($1.8 million tax benefit) of federal net operating loss carryforwards available related to a 2013 acquisition and $31.4 million ($11.0 million deferred tax benefit) related to a 2014 acquisition. The Corporation's ability to utilize these loss carryovers is limited, but the Corporation expects that is will be able to use the recorded amount which takes into account the limitations of the carryforwards. Accordingly, the Corporation has not recorded any valuation allowance for the associated deferred tax asset. The Corporation has state net operating loss carryforwards representing a tax benefit of $3.3 million, net of valuation allowances. The net operating losses have carryforward periods ranging from 1 to 20 years depending on the taxing jurisdiction. A valuation allowance is provided for the Corporation's deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Corporation recognized net deferred tax assets totaling $30.6 million at December 31, 2014 and $27.8 million at June 30, 2015, net of state valuation allowances of $4.1 million as of both periods. As of December 31, 2014 and June 30, 2015, the Corporation had no reserves recorded for unrecognized tax benefits for U.S. federal and state tax jurisdictions. The federal statute of limitations remains open for tax years 2012 through 2014. The IRS completed its audit of the Corporation's consolidated U.S. income tax return for the 2011 tax year in February 2014. State tax jurisdictions generally have statutes of limitation ranging from three to five years. The Corporation is generally no longer subject to state and local income tax examinations by tax authorities for years before 2009. The state income tax impact of federal income tax changes remains subject to examination by various states for a period of up to one year after formal notification of IRS settlement to the states.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 10—EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings per share (dollars in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Numerator: Numerator for basic and diluted earnings (loss) per share - net income $ (9.7 ) $ 2.3 $ (4.9 ) $ 11.9 Denominator: Denominator for basic earnings per share - weighted average shares 30,004,950 30,388,902 29,879,683 30,287,638 Effect of dilutive securities (stock options, restricted stock units and performance share units) - 440,822 - 460,434 Denominator for earnings per diluted share - adjusted weighted average shares 30,004,950 30,829,724 29,879,683 30,748,072 Basic earnings (loss) per share $ (0.32 ) $ 0.08 $ (0.16 ) $ 0.39 Earnings (loss) per diluted share $ (0.32 ) $ 0.07 $ (0.16 ) $ 0.38 Unexercised employee stock options and unvested restricted shares excluded from the effect of dilutive securities above (a) 486,208 4,028 488,943 2,526 (a) These unexercised employee stock options, unvested restricted shares and performance shares that have not yet met performance conditions are not included in the computation of diluted earnings per share because to do so would be anti-dilutive for the periods presented. Stock options and restricted shares and units granted by the Corporation are treated as potential common shares outstanding in computing earnings per diluted share. Performance share units are treated as potential common shares outstanding in computing earnings per diluted share only when the performance conditions are met. Common shares repurchased by the Corporation reduce the number of basic shares used in the denominator for basic and diluted earnings per share.

ORGANIZATION AND SUMMARY OF S17

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Nature of Business	Nature of Business PharMerica Corporation together with its subsidiaries (the "Corporation"), is a leading provider of pharmacy services. The Corporation serves the long-term care, hospital pharmacy management services, specialty home infusion and specialty oncology pharmacy markets. The Corporation operates 96 institutional pharmacies, 15 specialty home infusion pharmacies, and 5 specialty oncology pharmacies in 45 states. The Corporation's customers are institutional healthcare providers, such as skilled nursing facilities, assisted living facilities, hospitals, individuals receiving in-home care and patients with cancer.
Operating Segments	Operating Segments The Corporation consists of three operating segments: institutional pharmacy, specialty infusion services and specialty oncology pharmacy. Management believes the nature of the products and services are similar, the payers for the products and services are common among the segments and all segments operate in the healthcare regulatory environment. In addition, the segments are economically similar. Accordingly, management has aggregated the three operating segments into one reporting segment.
Principles of Consolidation	Principles of Consolidation All intercompany transactions have been eliminated.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. Accordingly, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Corporation and related footnotes for the year ended December 31, 2014, included in the Corporation's Annual Report on Form 10-K. The balance sheet as of December 31, 2014 has been derived from the audited consolidated financial statements adjusted for acquisition related measurement period adjustments. The results of operations for the interim periods are not necessarily indicative of results of operations for a full year. It is the opinion of management that all necessary adjustments for a fair presentation of the condensed consolidated financial statements for the interim periods have been made and are of a normal recurring nature.
Use of Estimates	Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates are involved in collectability of accounts receivable, revenue recognition, inventory valuation, supplier rebates, the valuation of long-lived assets and goodwill, and accounting for income taxes. Actual amounts may differ from these estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Corporation follows a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which require the Corporation to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: A. Market approach: B. Cost approach: C. Income approach: The financial liabilities recorded at fair value at December 31, 2014 and June 30, 2015 are set forth in the tables below (dollars in millions): As of December 31, 2014 Liability Level 1 Level 2 Level 3 Valuation Technique Financial Liability Deferred Compensation Plan $ (8.0 ) $ - $ (8.0 ) $ - A Contingent Consideration (1.1 ) - - (1.1 ) C Mandatorily Redeemable Interest (8.3 ) - - (8.3 ) C As of June 30, 2015 Liability Level 1 Level 2 Level 3 Valuation Technique Financial Liability Deferred Compensation Plan $ (8.1 ) $ - $ (8.1 ) $ - A Contingent Considerations (9.0 ) - - (9.0 ) C Mandatorily Redeemable Interest (7.1 ) - - (7.1 ) C The deferred compensation plan liability represents an unfunded obligation associated with the deferred compensation plan offered to eligible employees and members of the Board of Directors of the Corporation. The fair value of the liability associated with the deferred compensation plan is derived using pricing and other relevant information for investments in phantom shares of certain available investment options, primarily mutual funds. This liability is classified as other long-term liabilities in the accompanying condensed consolidated balance sheets. The contingent consideration represents future earn-outs associated with the Corporation's acquisition of an institutional pharmacy business purchased in 2013 and two infusion businesses purchased in 2014 and 2015. The fair values of the liabilities associated with the contingent consideration were derived using the income approach with unobservable inputs, which included future gross profit forecasts and present value assumptions, and there was little or no market data. The Corporation assessed the fair values of the liabilities as of the acquisition date and will assess quarterly thereafter until settlement. These liabilities are classified as current and other long-term liabilities in the accompanying condensed consolidated balance sheets. The mandatorily redeemable interest represents a future obligation associated with the Corporation's acquisition of a specialty pharmacy business, OncoMed Specialty, LLC ("Onco"), purchased on December 6, 2013. The mandatorily redeemable interest is classified as a long-term liability and measured at fair value. The fair value was derived using the income approach with unobservable inputs, which included a future gross profit forecast and present value assumptions, and there was little or no market data. The Corporation assessed and adjusted the mandatorily redeemable interest's fair value of the liability at June 30, 2015. For the year ended December 31, 2014 and the six months ended June 30, 2015, there were no transfers between the valuation hierarchy Levels 1, 2, and 3. The following table summarizes the change in fair value of the Corporation's contingent consideration and mandatorily redeemable interest identified as Level 3 for the year ended December 31, 2014 and the six months ended June 30, 2015 (in millions): Contingent Consideration Mandatorily Redeemable Interest Beginning balance, December 31, 2013 $ 0.7 $ 8.2 Additions from business acquisitions 1.1 - Change in fair value (0.7 ) 0.1 Balance, December 31, 2014 1.1 8.3 Additions from business acquisitions 7.9 - Change in fair value - (1.2 ) Balance, June 30, 2015 $ 9.0 $ 7.1 The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, inventory and accounts payable approximate fair value because of the short-term maturity of these instruments. The carrying amount of the Corporation's debt approximates fair value due to the interest being set at variable market interest rates (Level 2).
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily consist of amounts due from Prescription Drug Plans ("PDPs") under Medicare Part D, institutional healthcare providers, the respective state Medicaid programs, third party insurance companies, and private payers. The Corporation's ability to collect outstanding receivables is critical to its results of operations and cash flows. To provide for accounts receivable that could become uncollectible in the future, the Corporation establishes an allowance for doubtful accounts to reduce the carrying value of such receivables to the extent it is probable that a portion or all of a particular account will not be collected. The Corporation has an established a process to determine the adequacy of the allowance for doubtful accounts, which relies on analytical tools, specific identification, and benchmarks to arrive at a reasonable allowance. No single statistic or measurement determines the adequacy of the allowance for doubtful accounts. The Corporation monitors and reviews trends by payer classification along with the composition of the Corporation's aging accounts receivable. This review is focused primarily on trends in private and other payers, PDP's, dual eligible co-payments, historic payment patterns of long-term care institutions, and monitoring respective credit risks. In addition, the Corporation analyzes other factors such as revenue days in accounts receivables, denial trends by payer types, payment patterns by payer types, subsequent cash collections, and current events that may impact payment patterns of the Corporation's long-term care institutional customers. Accounts receivable are written off after collection efforts have been completed in accordance with the Corporation's policies. The Corporation's accounts receivable and summarized aging categories are as follows (dollars in millions): (As Adjusted) December 31, 2014 June 30, 2015 Institutional healthcare providers $ 153.2 $ 155.4 Medicare Part D 30.5 30.1 Private payer and other 30.6 31.6 Insured 24.5 27.0 Medicaid 11.7 10.4 Medicare 3.0 3.4 Allowance for doubtful accounts (58.1 ) (58.8 ) $ 195.4 $ 199.1 0 to 60 days 58.8 % 60.0 % 61 to 120 days 17.2 % 15.7 % Over 120 days 24.0 % 24.3 % 100.0 % 100.0 % The following is a summary of activity in the Corporation's allowance for doubtful accounts (dollars in millions): Beginning Balance Charges to Costs and Expenses Write-offs Ending Balance Allowance for doubtful accounts: Year ended December 31, 2014 $ 56.7 $ 23.2 $ (21.8 ) $ 58.1 Six months ended June 30, 2015 $ 58.1 $ 8.0 $ (7.3 ) $ 58.8
Goodwill and Other Intangibles	Goodwill and Other Intangibles The Corporation's policy is to perform a quantitative assessment of its institutional pharmacy and specialty infusion reporting units to determine whether it is more likely than not (defined as having a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. The Corporation performed a quantitative assessment as of December 31, 2014. The institutional pharmacy and specialty infusion reporting unit's fair values as calculated for the analysis were approximately 48.2% and 13.1%, respectively, greater than book value as of December 31, 2014. The Corporation also performed a qualitative assessment of its specialty oncology reporting unit as of December 31, 2014 and did not find it necessary to perform the first step of the two-step impairment test based on that analysis. There were no impairment triggering events during the six months ended June 30, 2015. The Corporation's finite-lived intangible assets are comprised primarily of trade names, customer relationship assets, limited distributor relationships, doctor and insurer relationships and non-compete agreements. Finite-lived intangible assets are amortized on a straight-line basis over the course of their lives ranging from 5 to 20 years. For impairment reviews, intangible assets are reviewed on a specific pharmacy basis or as a group of pharmacies depending on the intangible assets under review. The Corporation's goodwill and intangible assets are further described in Note 3.
Restructuring and Impairment Charges	Restructuring and Impairment Charges Restructuring and impairment charges in the condensed consolidated financial statements represent amounts expensed for purposes of realigning corporate and pharmacy locations.
Mandatorily Redeemable Interest	Mandatorily Redeemable Interest The Corporation acquired 37.5% of the membership interests of Onco while also obtaining control of the business. The subsidiary is consolidated in the Corporation's condensed consolidated financial statements and the mandatorily redeemable interest is classified as debt within other long-term liabilities in the condensed consolidated balance sheets.
Measurement Period Adjustments	Measurement Period Adjustments For the six months ended June 30, 2015, the Corporation has adjusted certain amounts on the condensed consolidated balance sheet as of December 31, 2014 as a result of measurement period adjustments related to acquisitions completed in the prior year (See Note 2).

ORGANIZATION AND SUMMARY OF S18

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2015
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of Financial Liabilities and Non-Financial Assets Recorded at Fair Value	The financial liabilities recorded at fair value at December 31, 2014 and June 30, 2015 are set forth in the tables below (dollars in millions): As of December 31, 2014 Liability Level 1 Level 2 Level 3 Valuation Technique Financial Liability Deferred Compensation Plan $ (8.0 ) $ - $ (8.0 ) $ - A Contingent Consideration (1.1 ) - - (1.1 ) C Mandatorily Redeemable Interest (8.3 ) - - (8.3 ) C As of June 30, 2015 Liability Level 1 Level 2 Level 3 Valuation Technique Financial Liability Deferred Compensation Plan $ (8.1 ) $ - $ (8.1 ) $ - A Contingent Considerations (9.0 ) - - (9.0 ) C Mandatorily Redeemable Interest (7.1 ) - - (7.1 ) C
Schedule of Contingent Consideration and Mandatorily Redeemable Interest Identified as Level 3	For the year ended December 31, 2014 and the six months ended June 30, 2015, there were no transfers between the valuation hierarchy Levels 1, 2, and 3. The following table summarizes the change in fair value of the Corporation's contingent consideration and mandatorily redeemable interest identified as Level 3 for the year ended December 31, 2014 and the six months ended June 30, 2015 (in millions): Contingent Consideration Mandatorily Redeemable Interest Beginning balance, December 31, 2013 $ 0.7 $ 8.2 Additions from business acquisitions 1.1 - Change in fair value (0.7 ) 0.1 Balance, December 31, 2014 1.1 8.3 Additions from business acquisitions 7.9 - Change in fair value - (1.2 ) Balance, June 30, 2015 $ 9.0 $ 7.1
Schedule of Accounts Receivable and Summarized Aging Categories	The Corporation's accounts receivable and summarized aging categories are as follows (dollars in millions): (As Adjusted) December 31, 2014 June 30, 2015 Institutional healthcare providers $ 153.2 $ 155.4 Medicare Part D 30.5 30.1 Private payer and other 30.6 31.6 Insured 24.5 27.0 Medicaid 11.7 10.4 Medicare 3.0 3.4 Allowance for doubtful accounts (58.1 ) (58.8 ) $ 195.4 $ 199.1 0 to 60 days 58.8 % 60.0 % 61 to 120 days 17.2 % 15.7 % Over 120 days 24.0 % 24.3 % 100.0 % 100.0 %
Allowance for Doubtful Accounts	The following is a summary of activity in the Corporation's allowance for doubtful accounts (dollars in millions): Beginning Balance Charges to Costs and Expenses Write-offs Ending Balance Allowance for doubtful accounts: Year ended December 31, 2014 $ 56.7 $ 23.2 $ (21.8 ) $ 58.1 Six months ended June 30, 2015 $ 58.1 $ 8.0 $ (7.3 ) $ 58.8

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2015
ACQUISITIONS [Abstract]
Schedule of Purchase Price Allocation	The amounts recognized as of the acquisition dates for the 2014 Acquisitions, on a combined basis, for assets acquired and liabilities assumed are as follows (dollars in millions): Amounts Recognized as of Acquisition Date Measurement Period Adjustments As Adjusted Accounts receivable $ 24.7 $ (0.3 ) $ 24.4 Inventory 8.8 (0.1 ) 8.7 Deferred tax assets – current 1.8 - 1.8 Other current assets 3.1 (0.1 ) 3.0 Equipment and leasehold improvements 4.8 - 4.8 Deferred tax assets 8.2 - 8.2 Identifiable intangibles 61.4 - 61.4 Goodwill 34.9 0.8 35.7 Total Assets 147.7 0.3 148.0 Current liabilities* 26.4 (0.2 ) 26.2 Other long-term liabilities* 6.9 - 6.9 Total Liabilities 33.3 (0.2 ) 33.1 Total purchase price, less cash acquired $ 114.4 $ 0.5 $ 114.9 * Included in current liabilities and other long-term liabilities are $0.8 million and $0.5 million, respectively, of capital lease obligations acquired as a part of the 2014 Acquisitions.

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2015
GOODWILL AND INTANGIBLES [Abstract]
Finite Lived Intangible Assets	The following table presents the components of the Corporation's finite lived intangible assets (dollars in millions): Finite Lived Intangible Assets Balance at December 31, 2014 Additions Balance at June 30, 2015 Customer relationships $ 177.5 $ 7.0 $ 184.5 Trade name 62.2 0.6 62.8 Non-compete agreements 19.9 0.6 20.5 Sub Total 259.6 8.2 267.8 Accumulated amortization (82.0 ) (13.6 ) (95.6 ) Net intangible assets $ 177.6 $ (5.4 ) $ 172.2

CREDIT AGREEMENT (Tables)

CREDIT AGREEMENT (Tables)	6 Months Ended
	Jun. 30, 2015
CREDIT AGREEMENT [Abstract]
Term Debt and Revolving Credit Facility	The table below summarizes the total outstanding debt of the Corporation (dollars in millions): December 31, 2014 June 30, 2015 Term Debt - payable to lenders at LIBOR plus applicable margin (2.19% as of June 30, 2015), matures September 17, 2019 $ 225.0 $ 225.0 Revolving Credit Facility payable to lenders, interest at LIBOR plus applicable margin (2.15% of June 30, 2015), matures September 17, 2019 125.0 124.0 Capital lease obligations 1.3 0.8 Total debt 351.3 349.8 Less: Current portion of long-term debt 6.4 11.6 Total long-term debt $ 344.9 $ 338.2
Indebtedness Maturities	The Corporation's indebtedness has the following maturities as of June 30, 2015 (dollars in millions): Year Ending December 31, Term Debt Revolving Credit Facility Capital Lease Obligations Total Maturities 2015 $ 5.6 $ - $ 0.3 $ 5.9 2016 11.3 - 0.1 11.4 2017 11.3 - 0.1 11.4 2018 11.3 - 0.3 11.6 2019 185.5 124.0 - 309.5 $ 225.0 $ 124.0 $ 0.8 $ 349.8

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
Summary of offset amounts related to Rebates and Other Receivables	Presented in the condensed consolidated balance sheet, the following amounts are offset as of June 30, 2015 (in millions): Description Gross Amount of Recognized Asset Gross Liability Offset in the Condensed Consolidated Balance Sheet Net Amount of Asset Presented in the Condensed Consolidated Balance Sheet Rebates & Other Receivables $ 71.5 $ (48.8 ) $ 22.7 Total $ 71.5 $ (48.8 ) $ 22.7

RESTRUCTURING COSTS AND OTHER23

RESTRUCTURING COSTS AND OTHER CHARGES (Tables)	6 Months Ended
	Jun. 30, 2015
RESTRUCTURING COSTS AND OTHER CHARGES [Abstract]
Restructuring Liability	The following table presents the components of the Corporation's restructuring liability (dollars in millions): Balance at December 31, 2014 Accrual Utilized Amounts Balance at June 30, 2015 Employee Severance and related costs $ 0.3 $ 0.1 $ (0.3 ) $ 0.1 Facility costs 1.1 - (0.2 ) 0.9 $ 1.4 $ 0.1 $ (0.5 ) $ 1.0

COMMON STOCK, PREFERRED STOCK24

COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2015
COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS [Abstract]
Stock Option Activity	Stock options were not granted to officers and employees during 2014 or the six months ended June 30, 2015. The following table summarizes option activity for the periods presented: Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in millions) Outstanding shares at December 31, 2014 913,209 $ 14.62 2.1 years $ 5.6 Exercised (132,522 ) 15.14 Canceled (116,218 ) 11.74 Expired (303 ) 13.42 Outstanding shares at June 30, 2015 664,166 $ 14.43 1.8 years $ 12.5 Exercisable shares at June 30, 2015 663,581 $ 14.43 1.8 years $ 12.5
Nonvested Share Activity	The following table summarizes nonvested share activity for the periods presented: Number of Shares Weighted- Average Grant Date Fair Value Outstanding shares at December 31, 2014 941,570 $ 18.00 Granted - Restricted Stock Units 171,304 28.86 Granted - Performance Share Units 155,516 26.58 Forfeited (3,659 ) 19.40 Vested (330,607 ) 16.41 Outstanding shares at June 30, 2015 934,124 $ 21.98

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2015
INCOME TAXES [Abstract]
Provision for Income Taxes	The provision for income taxes is based upon the Corporation's estimate of annual taxable income or loss for each respective accounting period. The following table summarizes our provision for income taxes for the periods presented (dollars in millions): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Provision for income taxes $ (2.3 ) $ 4.3 $ 0.7 $ 10.1 Total provision as a percentage of pre-tax income NM* 65.7 % NM* 46.2 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (dollars in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Numerator: Numerator for basic and diluted earnings (loss) per share - net income $ (9.7 ) $ 2.3 $ (4.9 ) $ 11.9 Denominator: Denominator for basic earnings per share - weighted average shares 30,004,950 30,388,902 29,879,683 30,287,638 Effect of dilutive securities (stock options, restricted stock units and performance share units) - 440,822 - 460,434 Denominator for earnings per diluted share - adjusted weighted average shares 30,004,950 30,829,724 29,879,683 30,748,072 Basic earnings (loss) per share $ (0.32 ) $ 0.08 $ (0.16 ) $ 0.39 Earnings (loss) per diluted share $ (0.32 ) $ 0.07 $ (0.16 ) $ 0.38 Unexercised employee stock options and unvested restricted shares excluded from the effect of dilutive securities above (a) 486,208 4,028 488,943 2,526 (a) These unexercised employee stock options, unvested restricted shares and performance shares that have not yet met performance conditions are not included in the computation of diluted earnings per share because to do so would be anti-dilutive for the periods presented.

ORGANIZATION AND SUMMARY OF S27

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)PharmacySegmentAcquisition	Dec. 31, 2014
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of operating institutional pharmacies	96
Number of specialty infusion pharmacies	15
Number of specialty oncology pharmacies	5
Number of states in which there are institutional pharmacies	45
Number of operating segments | Segment	3
Infusion businesses purchased in 2014 and 2015 | Acquisition	2
Impairment triggers of goodwill and other intangible assets | $	$ 0
Minimum [Member]
Segment Reporting Information [Line Items]
Finite-lived intangible assets useful lives	5 years
Maximum [Member]
Segment Reporting Information [Line Items]
Finite-lived intangible assets useful lives	20 years
Institutional Pharmacy [Member]
Segment Reporting Information [Line Items]
Percentage by which discounted cash flows were greater than current book value (in hundredths)		48.20%
Specialty Infusion [Member]
Segment Reporting Information [Line Items]
Percentage by which discounted cash flows were greater than current book value (in hundredths)		13.10%
OncoMed Speciality, LLC [Member]
Business Acquisition [Line Items]
Percentage of ownership acquired (in hundredths)		37.50%

ORGANIZATION AND SUMMARY OF S28

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Fair Value of Financial Instruments (Details) - Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan	$ (8.1)	$ (8)
Income Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration	(9)	(1.1)
Mandatorily Redeemable Interest	(7.1)	(8.3)
Level 1 [Member] | Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan	0	0
Level 1 [Member] | Income Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration	0	0
Mandatorily Redeemable Interest	0	0
Level 2 [Member] | Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan	(8.1)	(8)
Level 2 [Member] | Income Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration	0	0
Mandatorily Redeemable Interest	0	0
Level 3 [Member] | Market Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan	0	0
Level 3 [Member] | Income Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration	(9)	(1.1)
Mandatorily Redeemable Interest	$ (7.1)	$ (8.3)

ORGANIZATION AND SUMMARY OF S29

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Accounts Receivable and Summarized Aging Categories (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (58.8)	$ (58.1)	$ (56.7)
Accounts receivable, net	$ 199.1	$ 195.4
0 to 60 days	60.00%	58.80%
61 to 120 days	15.70%	17.20%
Over 120 days	24.30%	24.00%
Total accounts receivable recorded percentage due	100.00%	100.00%
Institutional Health Care Providers [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 155.4	$ 153.2
Medicare Part D [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	30.1	30.5
Private Payor And Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	31.6	30.6
Insured [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	27	24.5
Medicaid [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	10.4	11.7
Medicare [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 3.4	$ 3

ORGANIZATION AND SUMMARY OF S30

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance for doubtful accounts, Beginning Balance	$ 58.1	$ 56.7
Allowance for doubtful accounts, Charges to Costs and Expenses	8	23.2
Allowance for doubtful accounts, Write-offs	(7.3)	(21.8)
Allowance for doubtful accounts, Ending Balance	$ 58.8	$ 58.1

ORGANIZATION AND SUMMARY OF S31

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Summary of contingent consideration (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Contingent Consideration [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Beginning balance	$ 1.1	$ 0.7
Additions from business acquisitions	7.9	1.1
Change in fair value	0	(0.7)
Ending balance	9	1.1
Mandatorily Redeemable Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Beginning balance	8.3	8.2
Additions from business acquisitions	0	0
Change in fair value	(1.2)	0.1
Ending balance	$ 7.1	$ 8.3

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)Acquisition
Business Acquisition [Line Items]
Cash payments for acquisitions	$ 0.1	$ 6.9	$ 20.6	$ 17.6
Tax deductible goodwill	138.4		138.4		$ 145.3
Acquisition costs	3.3	$ 1.4	7	$ 6.3
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Cash payments for acquisitions			20
Tax deductible goodwill	18.3		18.3
Contingent payable originating from earnout provisions of acquisition	7.9		7.9
Purchase price of the acquisition			27.9
Recorded goodwill in transaction	18.3		18.3
Identifiable intangibles acquired	$ 8.2		$ 8.2
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Number of acquisitions of long-term care businesses completed | Acquisition					4
Number of Acquisitions of Infusion Business Completed | Acquisition					1
Cash payments for acquisitions					$ 114.9
Tax deductible goodwill					29.8
Contingent payable originating from earnout provisions of acquisition					1.1
Recorded goodwill in transaction					$ 35.7

ACQUISITIONS, Schedule of Purch

ACQUISITIONS, Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 336.8	$ 318.5
Amounts Recognized As Of Acquisition Date [Member]
Business Acquisition [Line Items]
Accounts receivable		24.4
Inventory		8.7
Deferred tax assets - current		1.8
Other current assets		3
Equipment and leasehold improvements		4.8
Deferred tax assets		8.2
Identifiable intangibles		61.4
Goodwill		35.7
Total Assets		148
Current liabilities	[1]	26.2
Other long-term liabilities	[1]	6.9
Total Liabilities		33.1
Total purchase price, less cash acquired		114.9
Capital Lease Obligations [Member]
Business Acquisition [Line Items]
Current liabilities			0.8
Other long-term liabilities			0.5
2014 Acquisitions [Member] | Amounts Previously Recognized As Of Acquisition Date [Member]
Business Acquisition [Line Items]
Accounts receivable			24.7
Inventory			8.8
Deferred tax assets - current			1.8
Other current assets			3.1
Equipment and leasehold improvements			4.8
Deferred tax assets			8.2
Identifiable intangibles			61.4
Goodwill			34.9
Total Assets			147.7
Current liabilities	[1]		26.4
Other long-term liabilities	[1]		6.9
Total Liabilities			33.3
Total purchase price, less cash acquired			$ 114.4
2014 Acquisitions [Member] | Measurement Period Adjustments [Member]
Business Acquisition [Line Items]
Accounts receivable		(0.3)
Inventory		(0.1)
Deferred tax assets - current		0
Other current assets		(0.1)
Equipment and leasehold improvements		0
Deferred tax assets		0
Identifiable intangibles		0
Goodwill		0.8
Total Assets		0.3
Current liabilities	[1]	(0.2)
Other long-term liabilities	[1]	0
Total Liabilities		(0.2)
Total purchase price, less cash acquired		$ 0.5
[1]	Included in current liabilities and other long-term liabilities are $0.8 million and $0.5 million, respectively, of capital lease obligations acquired as a part of the 2014 acquisitions.

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
GOODWILL AND INTANGIBLES [Abstract]
Carrying amount of goodwill	$ 336.8		$ 336.8		$ 318.5
Amortization expense	$ 7	$ 4.3	$ 13.6	$ 8.7

GOODWILL AND INTANGIBLES, Sched

GOODWILL AND INTANGIBLES, Schedule of Finite Lived Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross, Beginning Balance	$ 259.6
Finite Lived Intangible Assets Gross, Additions	8.2
Finite Lived Intangible Assets Gross, Ending Balance	267.8
Accumulated amortization, Beginning Balance	(82)
Accumulated amortization, Additions	(13.6)
Accumulated amortization, Ending Balance	(95.6)
Net intangible assets, Beginning Balance	177.6
Net intangible assets, Additions	(5.4)
Net intangible assets, Impairments	172.2
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross, Beginning Balance	177.5
Finite Lived Intangible Assets Gross, Additions	7
Finite Lived Intangible Assets Gross, Ending Balance	184.5
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross, Beginning Balance	62.2
Finite Lived Intangible Assets Gross, Additions	0.6
Finite Lived Intangible Assets Gross, Ending Balance	62.8
Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross, Beginning Balance	19.9
Finite Lived Intangible Assets Gross, Additions	0.6
Finite Lived Intangible Assets Gross, Ending Balance	$ 20.5

CREDIT AGREEMENT (Details)

CREDIT AGREEMENT (Details) - USD ($) $ in Millions	Sep. 17, 2014	Jun. 30, 2015
Line of Credit Facility [Line Items]
Letters of Credit outstanding		$ 2.5
Term Debt [Member]
Line of Credit Facility [Line Items]
Credit agreement maximum borrowing capacity	$ 225
Credit agreement outstanding		$ 225
Debt instrument maturity date	Sep. 17, 2019
Debt instrument interest rate		2.19%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit agreement maximum borrowing capacity	$ 310
Credit agreement outstanding		$ 124
Debt instrument maturity date	Sep. 17, 2019
Total availability under the revolving credit facility		$ 183.5
Debt instrument interest rate		2.15%

CREDIT AGREEMENT, Schedule of T

CREDIT AGREEMENT, Schedule of Term Debt and Revolving Credit Facility (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Total debt	$ 349.8	$ 351.3
Less: Current portion of long-term debt	11.6	6.4
Total long-term debt	338.2	344.9
Term Debt [Member] | 2014 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Total debt	225	225
Revolving Credit Facility [Member] | 2014 Credit Agreement [Member]
Line of Credit Facility [Line Items]
Total debt	124	125
Capital Lease Obligations [Member]
Line of Credit Facility [Line Items]
Total debt	$ 0.8	$ 1.3

CREDIT AGREEMENT, Schedule of I

CREDIT AGREEMENT, Schedule of Indebtedness Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 5.9
2,016	11.4
2,017	11.4
2,018	11.6
2,019	309.5
Total debt	349.8	$ 351.3
Term Debt [Member] | 2014 Credit Agreement [Member]
Debt Instrument [Line Items]
2,015	5.6
2,016	11.3
2,017	11.3
2,018	11.3
2,019	185.5
Total debt	225	225
Revolving Credit Facility [Member] | 2014 Credit Agreement [Member]
Debt Instrument [Line Items]
2,015	0
2,016	0
2,017	0
2,018	0
2,019	124
Total debt	124	125
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
2,015	0.3
2,016	0.1
2,017	0.1
2,018	0.3
2,019	0
Total debt	$ 0.8	$ 1.3

COMMITMENTS AND CONTINGENCIES39

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Jun. 30, 2015USD ($)PharmacyComplaint	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Number of pharmacies | Pharmacy	2
DEA settlement	$ 1,000,000
Number of complaints | Complaint	2
Statutory Remedy Expenses Per Facsimile	$ 500
Notice period of complaint in intervention	120 days
Accrual Settlement, litigation and other related charges	$ 39,800,000
Gain Contingencies [Line Items]
Rebate receivable - ABDC litigation	22,700,000
Total rebate receivable end of period	71,500,000
Gross liability offset to the condensed consolidated balance sheet	$ (48,800,000)
California Medicaid [Member]
Loss Contingencies [Line Items]
Reimbursement reduction for healthcare providers (in hundredths)	10.00%
Liability recorded representing best estimate of expected amount of recovery	$ 3,300,000
ABDC litigation [Member]
Gain Contingencies [Line Items]
Rebate receivable - ABDC litigation		$ 40,800,000
Additional rebate receivable not in dispute		$ 12,200,000
Total rebate receivable beginning of period	53,000,000
Increase in rebates and Guarantees	18,500,000
Total rebate receivable end of period	71,500,000
Gross liability offset to the condensed consolidated balance sheet	(48,800,000)
Net rebate receivable	$ 22,700,000

MERGER, ACQUISITION, INTEGRAT40

MERGER, ACQUISITION, INTEGRATION COSTS AND OTHER CHARGES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
MERGER, ACQUISITION, INTEGRATION COSTS AND OTHER CHARGES [Abstract]
Merger, acquisition, integration costs and other charges	$ 3.4	$ 1.5	$ 7.2	$ 6.5
Integration costs and other charges	0.1	0.1	0.2	0.2
Acquisition costs	$ 3.3	$ 1.4	$ 7	$ 6.3

RESTRUCTURING COSTS AND OTHER41

RESTRUCTURING COSTS AND OTHER CHARGES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 0	$ 1.2	$ 0.1	$ 3.1
Restructuring Reserve [Roll Forward]
Beginning Balance			1.4
Accrual			0.1
Utilized amounts			(0.5)
Ending Balance	1		1
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	0.1
Employee Severance and Related Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning Balance			0.3
Accrual			0.1
Utilized amounts			(0.3)
Ending Balance	0.1		0.1
Facility Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning Balance			1.1
Accrual			0
Utilized amounts			(0.2)
Ending Balance	$ 0.9		$ 0.9

COMMON STOCK, PREFERRED STOCK42

COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Aug. 31, 2010	Jun. 30, 2015	Dec. 31, 2014	Jul. 02, 2012
Class of Stock [Line Items]
Weighted average remaining term of nonvested shares		3 years 1 month 6 days
Intrinsic value of nonvested shares		$ 31.1
Treasury stock (in shares)		2,761,719	2,617,305
Omnibus Plan 2015 [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		1,835,899
Treasury Stock [Member]
Class of Stock [Line Items]
Common stock shares repurchase authorized, value				$ 25
Common stock shares repurchased	$ 10.5
Common stock shares repurchase authorized, value that remains available		$ 19.7
Aggregate price of shares redeemed		$ 3.9
Vested awards redeemed (in shares)		144,414
Treasury Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Common stock shares repurchase authorized, value	$ 25

COMMON STOCK, PREFERRED STOCK43

COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS, Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Number of Shares [Abstract]
Outstanding, Beginning Balance (in shares)		913,209
Exercised (in shares)		(132,522)
Canceled (in shares)		(116,218)
Expired (in shares)		(303)
Outstanding, Ending Balance (in shares)	664,166	664,166	913,209
Exercisable Options at end of year (in shares)	663,581	663,581
Weighted Average Exercise Price Per Share [Abstract]
Weighted-Average Exercise Price Per Share, Outstanding, Beginning (in dollars per share)		$ 14.62
Weighted-Average Exercise Price Per Share, Exercised (in dollars per share)		15.14
Weighted-Average Exercise Price Per Share, Canceled (in dollars per share)		11.74
Weighted-Average Exercise Price Per Share, Expired (in dollars per share)		13.42
Weighted-Average Exercise Price Per Share, Outstanding, Ending (in dollars per share)	$ 14.43	14.43	$ 14.62
Weighted-Average Exercise Price Per Share, Exercisable (in dollars per share)	$ 14.43	$ 14.43
Weighted Average Remaining Term and Aggregate Intrinsic Value [Abstract]
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	1 year 9 months 18 days		2 years 1 month 6 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	1 year 9 months 18 days		2 years 1 month 6 days
Weighted-Average Remaining Term, Exercisable		1 year 9 months 18 days
Aggregate Intrinsic Value, Outstanding, Beginning		$ 5.6
Aggregate Intrinsic Value, Outstanding, Ending	$ 12.5	12.5	$ 5.6
Aggregate Intrinsic Value, Exercisable	$ 12.5	$ 12.5

COMMON STOCK, PREFERRED STOCK44

COMMON STOCK, PREFERRED STOCK, TREASURY STOCK, STOCK-BASED COMPENSATION AND OTHER BENEFITS, Schedule of Nonvested Share Activity (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Number of Shares [Abstract]
Number of Shares, Outstanding, Beginning (in shares)	941,570
Number of Shares, Forfeited (in shares)	(3,659)
Number of Shares, Vested (in shares)	(330,607)
Number of Shares, Outstanding, Ending (in shares)	934,124
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, Beginning (in dollars per share)	$ 18
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share)	19.40
Weighted-Average Grant Date Fair Value, Vested (in dollars per share)	16.41
Weighted-Average Grant Date Fair Value, Outstanding, Ending (in dollars per share)	$ 21.98
Nonvested Restricted Stock Units [Member]
Number of Shares [Abstract]
Number of Shares, Granted (in shares)	171,304
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	$ 28.86
Performance Share Units [Member]
Number of Shares [Abstract]
Number of Shares, Granted (in shares)	155,516
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	$ 26.58

INCOME TAXES, Schedule of Provi

INCOME TAXES, Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
INCOME TAXES [Abstract]
Provision (benefit) for income taxes	$ 4.3	$ (2.3)	$ 10.1	$ 0.7
Total provision as a percentage of pre-tax income (in hundredths)	65.70%		46.20%
Settlement, litigation and other related charges	$ 6.9	$ 26.6	$ 9.2	$ 27.8
Tax deductible goodwill	138.4		$ 138.4		$ 145.3
Nondeductible legal expense	$ 4.4

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Deferred tax assets, total	$ 27.8	$ 30.6
Unrecognized tax benefits	$ 0	0
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforward period	1 year
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforward period	20 years
Related to 2014 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 31.4
Tax benefit from net operating loss carryforwards	11
U.S. Federal Tax Jurisdictions [Member] | Related to 2013 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	5.2
Tax benefit from net operating loss carryforwards	1.8
State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3.3
Valuation allowances	$ 4.1	$ 4.1
State [Member] | Minimum [Member]
Operating Loss Carryforwards [Line Items]
Statute of limitations for tax examinations	3 years
State [Member] | Maximum [Member]
Operating Loss Carryforwards [Line Items]
Statute of limitations for tax examinations	5 years

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator: [Abstract]
Numerator for basic and earnings per diluted share - net income		$ 2.3	$ (9.7)	$ 11.9	$ (4.9)
Denominator: [Abstract]
Denominator for basic earnings per share - weighted average shares (in shares)		30,388,902	30,004,950	30,287,638	29,879,683
Effective of dilutive securities (stock options, restricted stock units and performance share units) (in shares)		440,822	0	460,434	0
Denominator for earnings per diluted share - adjusted weighted average shares (in shares)		30,829,724	30,004,950	30,748,072	29,879,683
Basic earnings per share (in dollars per share)		$ 0.08	$ (0.32)	$ 0.39	$ (0.16)
Earnings per diluted share (in dollars per share)		$ 0.07	$ (0.32)	$ 0.38	$ (0.16)
Unexercised employee stock options and unvested restricted shares excluded from the effect of dilutive securities above (a) (in shares)	[1]	4,028	486,208	2,526	488,943
[1]	These unexercised employee stock options, nonvested restricted shares and performance shares that have not yet met performance conditions are not included in the computation of diluted earnings per share because to do so would be anti-dilutive for the periods presented.