Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'CHEMED CORP | ' | ' |
Trading Symbol | 'CHE | ' | ' |
Entity Central Index Key | '0000019584 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,727,672 | ' |
Entity Public Float | ' | ' | $1,322,373,045 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Consolidated_Statement_Of_Inco
Consolidated Statement Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement Of Income [Abstract] | ' | ' | ' |
Service revenues and sales | $1,413,329 | $1,430,043 | $1,355,970 |
Cost of services provided and goods sold (excluding depreciation) | 1,008,808 | 1,033,321 | 970,484 |
Selling, general and administrative expenses | 212,518 | 208,656 | 202,260 |
Depreciation | 27,698 | 26,009 | 25,247 |
Amortization | 4,690 | 4,512 | 4,252 |
Other operating expenses (Note 21) | 26,221 | 1,126 | ' |
Total costs and expenses | 1,279,935 | 1,273,624 | 1,202,243 |
Income from operations | 133,394 | 156,419 | 153,727 |
Interest expense | -15,035 | -14,723 | -13,888 |
Other income--net (Note 10) | 5,470 | 4,123 | 717 |
Income before income taxes | 123,829 | 145,819 | 140,556 |
Income taxes (Note 11) | -46,602 | -56,515 | -54,577 |
Net Income | $77,227 | $89,304 | $85,979 |
Earnings Per Share (Note 15) | ' | ' | ' |
Net Income | $4.24 | $4.72 | $4.19 |
Average number of shares outstanding | 18,199 | 18,924 | 20,523 |
Diluted Earnings Per Share (Note 15) | ' | ' | ' |
Net Income | $4.16 | $4.62 | $4.10 |
Average number of shares outstanding | 18,585 | 19,339 | 20,945 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents (Note 9) | $84,418 | $69,531 |
Accounts receivable less allowances of $12,590 (2012 - $10,892) | 91,770 | 93,333 |
Inventories | 6,703 | 7,058 |
Current deferred income taxes (Note 11) | 20,257 | 13,659 |
Prepaid income taxes | 3,690 | 2,643 |
Prepaid expenses | 17,818 | 11,447 |
Total current assets | 224,656 | 197,671 |
Investments of deferred compensation plans held in trust (Notes 14 and 16) | 42,465 | 36,089 |
Properties and equipment, at cost, less accumulated depreciation (Note 12) | 92,955 | 91,934 |
Identifiable intangible assets less accumulated amortization of $32,055 (2012 - $30,414) (Note 6) | 56,556 | 57,177 |
Goodwill | 466,871 | 465,832 |
Other assets | 10,198 | 10,923 |
Total Assets | 893,701 | 859,626 |
Current liabilities | ' | ' |
Accounts payable | 41,758 | 48,472 |
Current portion of long-term debt (Note 3) | 183,564 | ' |
Income taxes (Note 11) | 111 | 4,938 |
Accrued insurance | 41,859 | 40,654 |
Accrued compensation | 48,323 | 45,457 |
Accrued legal | 23,210 | 1,161 |
Other current liabilities | 25,161 | 16,140 |
Total current liabilities | 363,986 | 156,822 |
Deferred income taxes (Note 11) | 27,301 | 27,662 |
Long-term debt (Note 3) | ' | 174,890 |
Deferred compensation liabilities (Note 14) | 42,348 | 35,599 |
Other liabilities | 11,176 | 11,362 |
Total Liabilities | 444,811 | 406,335 |
Commitments and contingencies (Notes 13 and 18) | ' | ' |
Stockholders' Equity | ' | ' |
Capital stock - authorized 80,000,000 shares $1 par; issued 32,245,226 shares (2012 - 31,589,366 shares) | 32,245 | 31,589 |
Paid-in capital | 481,011 | 437,364 |
Retained earnings | 686,114 | 623,035 |
Treasury stock - 14,660,427 shares (2012 - 13,057,270 shares), at cost | -752,634 | -640,732 |
Deferred compensation payable in Company stock (Note 14) | 2,154 | 2,035 |
Total Stockholders' Equity | 448,890 | 453,291 |
Total Liabilities and Stockholders' Equity | $893,701 | $859,626 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheet [Abstract] | ' | ' |
Accounts receivable, allowances | $12,590 | $10,892 |
Identifiable intangible assets, accumulated amortization | $32,055 | $30,414 |
Capital stock - authorized | 80,000,000 | 80,000,000 |
Capital stock - par value | $1 | $1 |
Capital stock - issued | 32,245,226 | 31,589,366 |
Treasury stock | 14,660,427 | 13,057,270 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net income | $77,227 | $89,304 | $85,979 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 32,388 | 30,521 | 29,499 |
Provision for uncollectible accounts receivable | 10,907 | 9,111 | 8,563 |
Stock option expense | 6,042 | 8,130 | 8,376 |
Amortization of discount on convertible notes | 8,674 | 8,106 | 7,576 |
Provision for deferred income taxes (Note 11) | -6,988 | -3,151 | 7,242 |
Noncash portion of long-term incentive compensation | 1,301 | 360 | 2,595 |
Amortization of debt issuance costs | 1,751 | 1,265 | 1,137 |
Changes in operating assets and liabilities, excluding amounts acquired in business combinations: | ' | ' | ' |
Decrease/(increase) in accounts receivable | -9,009 | -24,421 | 26,896 |
Decrease/(increase) in inventories | 355 | 1,610 | -940 |
Increase in prepaid expenses | -6,317 | -38 | -1,124 |
Increase/(decrease) in accounts payable and other current liabilities | 40,340 | 4,954 | -1,397 |
Increase/(decrease) in income taxes | -2,461 | 6,020 | 2,708 |
Increase in other assets | -6,507 | -5,203 | -4,009 |
Increase in other liabilities | 6,713 | 8,329 | 4,548 |
Excess tax benefit on share-based compensation | -3,982 | -3,435 | -3,854 |
Other sources | 413 | 306 | 548 |
Net cash provided by operating activities | 150,847 | 131,768 | 174,343 |
Cash Flows from Investing Activities | ' | ' | ' |
Capital expenditures | -29,324 | -35,252 | -29,592 |
Business combinations, net of cash acquired (Note 7) | -2,257 | -5,900 | -3,664 |
Other sources/(uses) | 235 | 468 | -858 |
Net cash used by investing activities | -31,346 | -40,684 | -34,114 |
Cash Flows from Financing Activities | ' | ' | ' |
Purchases of treasury stock | -92,911 | -60,624 | -143,970 |
Capital stock surrendered to pay taxes on stock-based compensation | -5,348 | -4,098 | -3,916 |
Dividends paid | -14,148 | -13,026 | -12,538 |
Proceeds from exercise of stock options (Note 4) | 17,122 | 12,310 | 8,036 |
Excess tax benefit on share-based compensation | 3,982 | 3,435 | 3,854 |
Debt issuance costs | -1,108 | ' | -2,657 |
Increase/(decrease) in cash overdraft payable | -11,415 | 1,924 | -826 |
Other sources/(uses) | -788 | 445 | -48 |
Net cash used by financing activities | -104,614 | -59,634 | -152,065 |
Increase/(decrease) in cash and cash equivalents | 14,887 | 31,450 | -11,836 |
Cash and cash equivalents at beginning of year | 69,531 | 38,081 | 49,917 |
Cash and cash equivalents at end of period | $84,418 | $69,531 | $38,081 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Stockholders' Equity (USD $) | Capital Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock-At Cost [Member] | Deferred Compensation Payable In Company Stock [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2010 | $30,382 | $365,007 | $473,316 | ($408,615) | $1,959 | $462,049 |
Net income | ' | ' | 85,979 | ' | ' | 85,979 |
Dividends paid | ' | ' | -12,538 | ' | ' | -12,538 |
Stock awards and exercise of stock options (Note 4) | 555 | 33,218 | ' | -11,576 | ' | 22,197 |
Purchases of treasury stock (Note 20) | ' | ' | ' | -143,970 | ' | -143,970 |
Other | ' | -131 | ' | 70 | 28 | -33 |
Balance at Dec. 31, 2011 | 30,937 | 398,094 | 546,757 | -564,091 | 1,987 | 413,684 |
Net income | ' | ' | 89,304 | ' | ' | 89,304 |
Dividends paid | ' | ' | -13,026 | ' | ' | -13,026 |
Stock awards and exercise of stock options (Note 4) | 652 | 38,893 | ' | -16,085 | ' | 23,460 |
Purchases of treasury stock (Note 20) | ' | ' | ' | -60,624 | ' | -60,624 |
Other | ' | 377 | ' | 68 | 48 | 493 |
Balance at Dec. 31, 2012 | 31,589 | 437,364 | 623,035 | -640,732 | 2,035 | 453,291 |
Net income | ' | ' | 77,227 | ' | ' | 77,227 |
Dividends paid | ' | ' | -14,148 | ' | ' | -14,148 |
Stock awards and exercise of stock options (Note 4) | 656 | 44,366 | ' | -18,851 | ' | 26,171 |
Purchases of treasury stock (Note 20) | ' | ' | ' | -92,911 | ' | -92,911 |
Other | ' | -719 | ' | -140 | 119 | -740 |
Balance at Dec. 31, 2013 | $32,245 | $481,011 | $686,114 | ($752,634) | $2,154 | $448,890 |
Consolidated_Statement_Of_Chan1
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statement Of Changes In Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends paid per share | $0.76 | $0.68 | $0.60 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ||
Summary Of Significant Accounting Policies | ' | ||
1.Summary of Significant Accounting Policies | |||
NATURE OF OPERATIONS | |||
We operate through our two wholly-owned subsidiaries: VITAS Healthcare Corporation (“VITAS”) and Roto-Rooter Group, Inc. (“Roto-Rooter”). VITAS focuses on hospice care that helps make terminally ill patients' final days as comfortable as possible. Through its team of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter provides plumbing and drain cleaning services to both residential and commercial customers. Through its network of company-owned branches, independent contractors and franchisees, Roto-Rooter offers plumbing and drain cleaning service to over 90% of the U.S. population. | |||
PRINCIPLES OF CONSOLIDATION | |||
The consolidated financial statements include the accounts of Chemed Corporation and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated. | |||
We have analyzed the provisions of the Financial Accounting Standards Board (“FASB”) authoritative guidance on the consolidation of variable interest entities relative to our contractual relationships with Roto-Rooter’s independent contractors and franchisees. The guidance requires the primary beneficiary of a Variable Interest Entity (“VIE”) to consolidate the accounts of the VIE. Based upon the guidance provided by the FASB, we have concluded that neither the independent contractors nor the franchisees are VIEs. | |||
CASH EQUIVALENTS | |||
Cash equivalents comprise short-term, highly liquid investments, including money market funds that have original maturities of three months or less. | |||
ACCOUNTS AND LOANS RECEIVABLE | |||
Accounts and loans receivable are recorded at the principal balance outstanding less estimated allowances for uncollectible accounts. For the Roto-Rooter segment, allowances for trade accounts receivable are generally provided for accounts more than 90 days past due, although collection efforts continue beyond that time. Due to the small number of loans receivable outstanding, allowances for loan losses are determined on a case-by-case basis. For the VITAS segment, allowances for accounts receivable are provided on accounts based on expected collection rates by payer types. The expected collection rate is based on both historical averages and known current trends. Final write-off of overdue accounts or loans receivable is made when all reasonable collection efforts have been made and payment is not forthcoming. We closely monitor our receivables and periodically review procedures for granting credit to attempt to hold losses to a minimum. | |||
As of December 31, 2013, VITAS has approximately $114,000 in unbilled revenue included in accounts receivable (December 31, 2012 - $457,000). The unbilled revenue at VITAS relates to hospice programs currently undergoing various patient file reviews. Surveyors working on behalf of the U.S. Federal government review certain patient files for compliance with Medicare regulations. During the time the patient file is under review, we are unable to bill for care provided to those patients. We make appropriate provisions to reduce our accounts receivable balance for any governmental or other payer reviews resulting in denials of patient service revenue. We believe our hospice programs comply with all payer requirements at the time of billing. However, we cannot predict whether future billing reviews or similar audits by payers will result in material denials or reductions in revenue. | |||
CONCENTRATION OF RISK | |||
As of December 31, 2013 and 2012, approximately 60% and 53%, respectively, of VITAS’ total accounts receivable balance were due from Medicare and 31% and 36%, respectively, of VITAS’ total accounts receivable balance were due from various state Medicaid programs. Combined accounts receivable from Medicare and Medicaid represent 85% of the consolidated net accounts receivable in the accompanying consolidated balance sheet as of December 31, 2013. | |||
As further described in Note 19, we have agreements with one vendor to provide specified pharmacy services for VITAS and its hospice patients. In 2013 and 2012, respectively, purchases made from this vendor represent over 90% | |||
of all pharmacy services used by VITAS. | |||
INVENTORIES | |||
Substantially all of the inventories are either general merchandise or finished goods. Inventories are stated at the lower of cost or market. For determining the value of inventories, cost methods that reasonably approximate the first-in, first-out (“FIFO”) method are used. | |||
DEPRECIATION AND PROPERTIES AND EQUIPMENT | |||
Depreciation of properties and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the remaining lease terms (excluding option terms) or their useful lives. Expenditures for maintenance, repairs, renewals and betterments that do not materially prolong the useful lives of the assets are expensed as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected currently in other income, net. | |||
Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized in accordance with the FASB’s authoritative guidance on accounting for the costs of computer software developed or obtained for internal use. | |||
The weighted average lives of our property and equipment at December 31, 2013, were: | |||
Buildings and building improvements | 9.0 | yrs. | |
Transportation equipment | 13.9 | ||
Machinery and equipment | 5.6 | ||
Computer software | 5.1 | ||
Furniture and fixtures | 4.7 | ||
GOODWILL AND INTANGIBLE ASSETS | |||
Identifiable, definite-lived intangible assets arise from purchase business combinations and are amortized using either an accelerated method or the straight-line method over the estimated useful lives of the assets. The selection of an amortization method is based on which method best reflects the economic pattern of usage of the asset. The weighted average lives of our identifiable, definite-lived intangible assets at December 31, 2013, were: | |||
Covenants not to compete | 6.4 | yrs. | |
Reaquired franchise rights | 6.5 | ||
Referral networks | 10.0 | ||
Customer lists | 13.3 | ||
The date of our annual goodwill and indefinite-lived intangible asset impairment analysis is October 1. The VITAS trade name is considered to have an indefinite life. We also capitalize the direct costs of obtaining licenses to operate either hospice programs or plumbing operations subject to a minimum capitalization threshold. These costs are amortized over the life of the license using the straight line method. Certificates of Need (CON), which are required in certain states for hospice operations, are generally granted without expiration and thus, we believe them to be indefinite-lived assets subject to impairment testing. | |||
We consider that Roto-Rooter Corp. (RRC), Roto-Rooter Services Co. (RRSC) and VITAS are appropriate reporting units for testing goodwill impairment. We consider RRC and RRSC separate reporting units but one operating segment. This is appropriate as they each have their own set of general ledger accounts that can be analyzed at “one level below an operating segment” per the definition of a reporting unit in FASB guidance. | |||
In July 2012, the FASB issued Accounting Standards Update (“ASU”) No. 2012-02 – Intangibles Goodwill and Other which provided additional guidance related to the impairment testing of indefinite-lived intangible assets. ASU No. 2012–02 allows an entity to first assess qualitative factors to determine whether it is necessary to perform further impairment testing. The revised guidance was effective for fiscal years beginning after September 15, 2012 but early adoption was permitted. Our impairment testing date is October 1 of each year and we adopted the new guidelines in the third quarter of 2012. | |||
We completed our qualitative analysis for impairment of goodwill and our indefinite-lived intangible assets as of October 1, 2013. Based on our assessment, we do not believe that it is more likely than not that our reporting units or indefinite-lived assets fair values are less than their carrying values. | |||
LONG-LIVED ASSETS | |||
If we believe a triggering event may have occurred that indicates a possible impairment of our long-lived assets, we perform an estimate and valuation of the future benefits of our long-lived assets (other than goodwill, the VITAS trade name and capitalized CON costs) based on key financial indicators. If the projected undiscounted cash flows of a major business unit indicate that property and equipment or identifiable, definite-lived intangible assets have been impaired, a write-down to fair value is made. | |||
OTHER ASSETS | |||
Debt issuance costs are included in other assets. Issuance costs related to revolving credit agreements are amortized using the straight line method, over the life of the agreement. All other issuance costs are amortized using the effective interest method over the life of the debt. | |||
REVENUE RECOGNITION | |||
Both the VITAS segment and Roto-Rooter segment recognize service revenues and sales when the earnings process has been completed. Generally, this occurs when services are provided or products are delivered. Sales of Roto-Rooter products, including drain cleaning machines and drain cleaning solution, comprise less than 3% of our total service revenues and sales for each of the three years in the period ended December 31, 2013. | |||
CHARITY CARE | |||
VITAS provides charity care, in certain circumstances, to patients without charge when management of the hospice program determines that the patient does not have the financial wherewithal to make payment. There is no revenue or associated accounts receivable in the accompanying consolidated financial statements related to charity care. | |||
The cost of providing charity care during the years ended December 31, 2013, 2012 and 2011, was $7.5 million, $8.4 million and $7.3 million, respectively. The cost of charity care is calculated by taking the ratio of charity care days to total days of care and multiplying by total cost of care. | |||
SALES TAX | |||
The Roto-Rooter segment collects sales tax from customers when required by state and federal laws. We record the amount of sales tax collected net in the accompanying consolidated statement of income. | |||
GUARANTEES | |||
In the normal course of business, Roto-Rooter enters into various guarantees and indemnifications in our relationships with customers and others. These arrangements include guarantees of services for periods ranging from one day to one year and product satisfaction guarantees. Prior to 2012, our technicians were financially responsible for servicing guarantees and warranty claims. During 2012, Roto-Rooter modified its technician compensation program and the Company began assuming financial responsibility for service guarantees and warranty claims. At December 31, 2013 and 2012 our accrual for such claims was $321,000 and $361,000 respectively. | |||
OPERATING EXPENSES | |||
Cost of services provided and goods sold (excluding depreciation) includes salaries, wages and benefits of service providers and field personnel, material costs, medical supplies and equipment, pharmaceuticals, insurance costs, service vehicle costs and other expenses directly related to providing service revenues or generating sales. Selling, general and administrative expenses include salaries, wages, stock option expense and benefits of selling, marketing and administrative employees, advertising expenses, communications and branch telephone expenses, office rent and operating costs, legal, banking and professional fees and other administrative costs. The cost associated with VITAS sales personnel is included in cost of services provided and goods sold (excluding depreciation). | |||
ADVERTISING | |||
We expense the production costs of advertising the first time the advertising takes place. The costs of telephone directory listings are expensed when the directories are placed in circulation. These directories are generally in circulation for approximately one year, at which point they are typically replaced by the publisher with a new directory. We generally pay for directory placement assuming it is in circulation for one year. If the directory is in circulation for less than or greater than one year, we receive a credit or additional billing, as necessary. We do not control the timing of when a new directory is placed in circulation. Advertising expense for the year ended December 31, 2013, was $31.0 million (2012 – $29.2 million; 2011 - $27.2 million). | |||
COMPUTATION OF EARNINGS PER SHARE | |||
Earnings per share are computed using the weighted average number of shares of capital stock outstanding. Diluted earnings per share reflect the dilutive impact of our outstanding stock options and nonvested stock awards. Stock options whose exercise price is greater than the average market price of our stock are excluded from the computation of diluted earnings per share. | |||
STOCK-BASED COMPENSATION PLANS | |||
Stock-based compensation cost is measured at the grant date, based on the fair value of the award and recognized as expense over the employee’s requisite service period on a straight-line basis. | |||
INSURANCE ACCRUALS | |||
For our Roto-Rooter segment and Corporate Office, we self-insure for all casualty insurance claims (workers’ compensation, auto liability and general liability). As a result, we closely monitor and frequently evaluate our historical claims experience to estimate the appropriate level of accrual for self-insured claims. Our third-party administrator (“TPA”) processes and reviews claims on a monthly basis. Currently, our exposure on any single claim is capped at $750,000. In developing our estimates, we accumulate historical claims data for the previous 10 years to calculate loss development factors (“LDF”) by insurance coverage type. LDFs are applied to known claims to estimate the ultimate potential liability for known and unknown claims for each open policy year. LDFs are updated annually. Because this methodology relies heavily on historical claims data, the key risk is whether the historical claims are an accurate predictor of future claims exposure. The risk also exists that certain claims have been incurred and not reported on a timely basis. To mitigate these risks, in conjunction with our TPA, we closely monitor claims to ensure timely accumulation of data and compare claims trends with the industry experience of our TPA. | |||
For the VITAS segment, we self-insure for workers’ compensation claims. Currently, VITAS’ exposure on any single claim is capped at $1,000,000. For VITAS’ self-insurance accruals for workers’ compensation, the valuation methods used are similar to those used internally for our other business units. | |||
Our casualty insurance liabilities are recorded gross before any estimated recovery for amounts exceeding our stop loss limits. Estimated recoveries from insurance carriers are recorded as accounts receivable. | |||
TAXES ON INCOME | |||
Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amount of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized due to insufficient taxable income within the carryback or carryforward period available under the tax laws. Deferred tax assets and liabilities are adjusted for the effects of changes in laws and rates on the date of enactment. | |||
We are subject to income taxes in Canada, U.S. federal and most state jurisdictions. Significant judgment is required to determine our provision for income taxes. Our financial statements reflect expected future tax consequences of such uncertain positions assuming the taxing authorities’ full knowledge of the position and all relevant facts. | |||
CONTINGENCIES | |||
As discussed in Note 18, we are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and estimable. We record legal fees associated with legal and regulatory actions as the costs are incurred. We disclose material loss contingencies that are probable but not reasonably estimable and those that are at least reasonably possible. | |||
ESTIMATES | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Disclosures of aftertax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments. | |||
Hospice_Revenue_Recognition
Hospice Revenue Recognition | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Hospice Revenue Recognition [Abstract] | ' | ||||||||||||||
Hospice Revenue Recognition | ' | ||||||||||||||
2.Hospice Revenue Recognition | |||||||||||||||
VITAS recognizes revenue at the estimated realizable amount due from third-party payers, which are primarily Medicare and Medicaid. Payers may deny payment for services in whole or in part on the basis that such services are not eligible for coverage and do not qualify for reimbursement. We estimate denials each period and make adequate provision in the financial statements. The estimate of denials is based on historical trends and known circumstances and does not vary materially from period to period on an aggregate basis. Medicare billings are subject to certain limitations, as described below. | |||||||||||||||
The allowance for doubtful accounts for VITAS comprises the following (in thousands): | |||||||||||||||
Medicare | Medicaid | Commercial | Other | Total | |||||||||||
Beginning Balance January 1, 2011 | $ | 4,917 | $ | 3,097 | $ | 1,569 | $ | 420 | $ | 10,003 | |||||
Bad debt provision | 1,393 | 4,794 | 2,034 | -12 | 8,209 | ||||||||||
Write-offs | -2,496 | -3,787 | -2,956 | -760 | -9,999 | ||||||||||
Other/Contractual adjustments | 397 | 130 | 542 | 205 | 1,274 | ||||||||||
Ending Balance December 31, 2012 | 4,211 | 4,234 | 1,189 | -147 | 9,487 | ||||||||||
Bad debt provision | 506 | 5,169 | 3,084 | 591 | 9,350 | ||||||||||
Write-offs | -1,304 | -4,361 | -2,691 | -534 | -8,890 | ||||||||||
Other/Contractual adjustments | 462 | 152 | 622 | 112 | 1,348 | ||||||||||
Ending Balance December 31, 2013 | $ | 3,875 | $ | 5,194 | $ | 2,204 | $ | 22 | $ | 11,295 | |||||
VITAS is subject to certain limitations on Medicare payments for services. Specifically, if the number of inpatient care days any hospice program provides to Medicare beneficiaries exceeds 20% of the total days of hospice care such program provided to all Medicare patients for an annual period beginning September 28, the days in excess of the 20% figure may be reimbursed only at the routine homecare rate. None of VITAS’ hospice programs exceeded the payment limits on inpatient services in 2013, 2012 or 2011. | |||||||||||||||
VITAS is also subject to a Medicare annual per-beneficiary cap (“Medicare cap”). Compliance with the Medicare cap is measured in one of two ways based on a provider election. The “streamlined” method compares total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by that Medicare provider number between November 1 of each year and October 31 of the following year with the product of the per-beneficiary cap amount and the number of Medicare beneficiaries electing hospice care for the first time from that hospice program or programs from September 28 through September 27 of the following year. | |||||||||||||||
The “proportional” method compares the total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by the Medicare provider number between September 28 and September 27 of the following year with the product of the per beneficiary cap amount and a pro-rated number of Medicare beneficiaries receiving hospice services from that program during the same period. The pro-rated number of Medicare beneficiaries is calculated based on the ratio of days the beneficiary received hospice services during the measurement period to the the total number of days the beneficiary received hospice services. | |||||||||||||||
We actively monitor each of our hospice programs, by provider number, as to their specific admission, discharge rate and median length of stay data in an attempt to determine whether revenues are likely to exceed the annual per-beneficiary Medicare cap. Should we determine that revenues for a program are likely to exceed the Medicare cap based on projected trends, we attempt to institute corrective actions, which include changes to the patient mix and increased patient admissions. However, should we project our corrective action will not prevent that program from exceeding its Medicare cap, we estimate the amount of revenue recognized during the period that will require repayment to the Federal government under the Medicare cap and record the amount as a reduction to service revenue. | |||||||||||||||
During the year ended December 31, 2013, we reversed the Medicare cap liability for amounts recorded in the fourth quarter of 2012 for three programs’ projected 2013 measurement period liability. During 2013 this reversal was offset by the Medicare cap liability for two programs’ projected 2014 measurement period liability. For the year ended December 31, 2012, we recorded pretax charges in continuing operations for the estimated Medicare cap liability for three programs’ projected liability through year end for the 2013 measurement period. This amount was subsequently reversed during the 2013 fiscal year due to increased admission. The net pretax expense/(income) was $7.0 million, ($1.7 million), and $1.6 million for fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||||
Shown below is the Medicare cap liability activity for the years ended December 31, 2013 and 2012 in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Beginning Balance January 1, | $ 1,261 | $ 2,965 | |||||||||||||
2014 measurement period | 3,881 | - | |||||||||||||
2013 measurement period | 3,181 | 874 | |||||||||||||
2012 measurement period | - | -2,578 | |||||||||||||
2010 measurement period | -63 | - | |||||||||||||
Ending Balance December 31, | $ 8,260 | $ 1,261 | |||||||||||||
LongTerm_Debt_And_Lines_Of_Cre
Long-Term Debt And Lines Of Credit | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Long-Term Debt And Lines Of Credit [Abstract] | ' | ||||||
Long-Term Debt And Lines Of Credit | ' | ||||||
3.Long-Term Debt and Lines of Credit | |||||||
As of December 31, 2013, we have long-term debt of $183.6 million (December 31, 2012 - $174.9 million). This long-term debt is related in its entirety to our Convertible Notes that are due in full in May 2014. | |||||||
2013 REFINANCING | |||||||
On January 18, 2013, we replaced our existing credit agreement with a new Revolving Credit Facility (“2013 Credit Agreement”). Terms of the 2013 Credit Agreement consist of a five-year, $350 million revolving credit facility. This 2013 Credit Agreement also included a $150 million expansion feature. The interest rate on the 2013 Credit Agreement is currently LIBOR plus 125 basis points. Debt issuance costs associated with the existing credit agreement were not material. With respect to the 2013 Credit Agreement, deferred financing costs are immaterial. | |||||||
CONVERTIBLE NOTES | |||||||
In May 2007, we issued $200 million of Senior Convertible Notes due 2014 (the “Notes”) at a price of $1,000 per Note, less an underwriting fee of $27.50 per Note. We received approximately $194 million in net proceeds from the sale of the Notes after paying underwriting fees, legal and other expenses. We pay interest on the Notes on May 15 and November 15 of each year, beginning on November 15, 2007. The Notes mature on May 15, 2014. The Notes are guaranteed on an unsecured senior basis by each of our subsidiaries that are a borrower or a guarantor under any senior credit facility, as defined in the Indenture. The Notes were convertible, under certain circumstances, into our Capital Stock at an initial conversion rate of 12.3874 shares per $1,000 principal amount of Notes. This conversion rate is equivalent to an initial conversion price of approximately $80.73 per share. Prior to March 1, 2014, holders may convert their Notes under certain circumstances. On and after March 1, 2014, the Notes will be convertible at any time prior to the close of business three days prior to the stated maturity date of the Notes. Upon conversion of a Note, if the conversion value is $1,000 or less, holders will receive cash equal to the lesser of $1,000 or the conversion value of the number of shares of our Capital Stock. If the conversion value exceeds $1,000, in addition to this, holders will receive shares of our Capital Stock for the excess amount. The Indenture contains customary terms and covenants that upon certain events of default, including without limitation, failure to pay when due any principal amount, a fundamental change or certain cross defaults in other agreements or instruments, occurring and continuing; either the trustee or the holders of 25% in aggregate principal amount of the Notes may declare the principal of the Notes and any accrued and unpaid interest through the date of such declaration immediately due and payable. In the case of certain events of bankruptcy or insolvency relating to any significant subsidiary or to us, the principal amount of the Notes and accrued interest automatically becomes due and payable. | |||||||
The conversion rate on the Notes is adjusted upon certain corporate events including a quarterly dividend payment in excess of $0.06 per share. We have increased the dividend per share periodically since issuing the Notes. This has the effect of changing the conversion rate to 12.7411 ($78.49 per share) at December 31, 2013. | |||||||
Pursuant to the FASB’s guidance on accounting for derivative instruments indexed to, and potentially settled in a company’s own stock as well as the guidance on the meaning of “indexed to a company’s own stock,” the Notes are accounted for as convertible debt in the accompanying consolidated balance sheet and the embedded options within the Notes have not been accounted for as separate derivatives. FASB’s guidance requires all such convertible debentures to be separately accounted for as debt and equity pieces of the instrument. At inception of the convertible instrument, cash flows related to the convertible instrument are to be discounted using a market rate of interest. | |||||||
The following amounts are included in our consolidated balance sheet related to the Notes (in thousands): | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Principal amount of convertible debentures | $ 186,956 | $ 186,956 | |||||
Unamortized debt discount | -3,392 | -12,066 | |||||
Carrying amount of convertible debentures | $ 183,564 | $ 174,890 | |||||
Additional paid in capital (net of tax) | $ 31,310 | $ 31,310 | |||||
In conjunction with the Notes, we entered into a purchased call transaction (written call) and a sold warrant transaction (sold warrant) with JPMorgan Chase, National Association and Citibank, N.A. (the "Counterparties"). The purchased call options cover approximately 2,477,000 shares of our Capital Stock, which under most circumstances represents the maximum number of shares of Capital Stock that underlie the Notes. Concurrently with entering into the purchased call options, we entered into warrant transactions with each of the Counterparties. Pursuant to the warrant transactions, we sold to the Counterparties warrants to purchase in the aggregate approximately 2,477,000 shares of our Capital Stock. In most cases, the sold warrants may not be exercised prior to the maturity of the Notes. | |||||||
The purchased call options and sold warrants are separate contracts with the Counterparties, are not part of the terms of the Notes and do not affect the rights of holders under the Notes. A holder of the Notes will not have any rights with respect to the purchased call options or the sold warrants. The purchased call options are expected to reduce the potential dilution upon conversion of the Notes if the market value per share of the Capital Stock at the time of exercise is greater than the conversion price of the Notes at time of exercise. The sold warrants have an exercise price of $105.44 and are expected to result in some dilution should the price of our Capital Stock exceed this exercise price. | |||||||
Our net cost for these transactions was approximately $27.3 million. Pursuant to FASB’s authoritative guidance, the purchased call option and the sold warrants are accounted for as equity transactions. Therefore, our net cost was recorded as a decrease in stockholders’ equity in the accompanying consolidated balance sheet. | |||||||
The following amounts comprise interest expense included in our consolidated income statement (in thousands): | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
Cash interest expense | $ 4,610 | $ 5,352 | $ 5,175 | ||||
Non-cash amortization of debt discount | 8,674 | 8,106 | 7,576 | ||||
Amortization of debt costs | 1,751 | 1,265 | 1,137 | ||||
Total interest expense | $ 15,035 | $ 14,723 | $ 13,888 | ||||
The unamortized debt discount is amortized using the effective interest method over the remaining life of the Notes. The effective rate on the Notes after adoption of the standard is 6.875%. The average interest rate for our long-term debt was 1.9% for the years ended December 31, 2013 and 2012. | |||||||
Capitalized interest was not material for any of the periods shown. Summarized below are the total amounts of interest paid during the years ended December 31 (in thousands): | |||||||
2013 | $ | 4,744 | |||||
2012 | 5,547 | ||||||
2011 | 4,754 | ||||||
DEBT COVENANTS | |||||||
Collectively, the 2013 Credit Agreement and the Notes require us to meet certain restrictive non-financial and financial covenants. We are in compliance with all non-financial debt covenants as of December 31, 2013. The restrictive financial covenants are defined in the 2013 Credit Agreement and include maximum leverage ratios, minimum fixed charge coverage and limits on operating leases. We are in compliance with the financial debt covenants as of December 31, 2013, as follows: | |||||||
Description | Requirement | Chemed | |||||
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. | |||||||
EBITDA) | < 3.50 to 1.00 | 1.07 to 1.00 | |||||
Fixed Charge Coverage Ratio (Consolidated Free Cash | |||||||
Flow/Consolidated Fixed Charges | > 1.50 to 1.00 | 2.25 to 1.00 | |||||
Annual Operating Lease Commitment | < $30.0 million | $26.5 million | |||||
We have issued $35.0 million in standby letters of credit as of December 31, 2013, mainly for insurance purposes. Issued letters of credit reduce our available credit under the revolving credit agreement. As of December 31, 2013, we have approximately $315.0 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility, excluding the expansion feature. | |||||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock-Based Compensation Plans [Abstract] | ' | ||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||
4. Stock-Based Compensation Plans | |||||||||||||
We have four stock incentive plans under which 6.7 million shares can be issued to key employees and directors through a grant of stock options, stock awards and/or performance stock units (“PSUs”). The Compensation/Incentive Committee (“CIC”) of the Board of Directors administers these plans. | |||||||||||||
We grant stock options, stock awards and PSUs to our officers, other key employees and directors to better align their long-term interests with those of our shareholders. We grant stock options at an exercise price equal to the market price of our stock on the date of grant. Options generally vest evenly annually over a three-year period and have a contractual life of 10 years. Restricted stock awards generally cliff vest over a three- or four-year period. Unrestricted stock awards generally are granted to our non-employee directors annually at the time of our annual meeting. PSUs are contingent upon achievement of multi-year earnings targets or market targets. Upon achievement of targets, PSUs are converted to unrestricted shares of capital stock. | |||||||||||||
We recognize the cost of stock options, stock awards and PSUs on a straight-line basis over the service life of the award, generally the vesting period. We include the cost of restricted stock awards in amortization expense and the cost of all other stock-based compensation in selling, general and administrative expense. | |||||||||||||
In January and February 2013, the CIC granted 29,992 restricted stock awards to certain key employees. These shares cliff vest in January 2016 or February 2017. In May 2013, the CIC granted 7,032 unrestricted shares of stock to the Company’s outside directors. | |||||||||||||
PERFORMANCE AWARDS | |||||||||||||
In November 2013, the CIC granted 16,149 PSUs contingent upon the achievement of certain total shareholder return (“TSR”) targets as compared to the TSR of a group of peer companies for the three-year period ending December 31, 2015, the date at which such awards may vest. The Company utilized a Monte Carlo simulation approach in a risk-neutral framework with inputs including historical volatility of 30.4% and the risk-free interest rate of 0.36%. The cumulative compensation cost of the TSR-based PSUs award to be recorded over the three year vesting period is $1.2 million. | |||||||||||||
In November 2013, the CIC also granted 16,149 PSUs contingent upon the achievement of certain earnings per share (“EPS”) targets. At end of each reporting period, the Company estimates the number of shares that it believes will ultimately be earned and records that expense over the service period of the award. We currently estimate cumulative compensation cost of the EPS-based PSUs to be recorded over the three year vesting period is $850,000. | |||||||||||||
The EBITDA and market-price PSUs granted in November 2012 expired without any shares being issued as the targets were not achieved. | |||||||||||||
EMPLOYEE STOCK PURCHASE PLAN (“ESPP”) | |||||||||||||
The ESPP allows eligible participants to purchase our shares through payroll deductions at current market value. We pay administrative and broker fees associated with the ESPP. Shares purchased for the ESPP are purchased on the open market and credited directly to participants’ accounts. In accordance with the FASB’s guidance, the ESPP is non-compensatory. | |||||||||||||
The following table summarizes total stock option and stock award activity during 2013: | |||||||||||||
Stock Options | Stock Awards and PSUs | ||||||||||||
Weighted Average | Aggregate | Weighted | |||||||||||
Remaining | Intrinsic | Average | |||||||||||
Number of | Exercise | Contractual | Value | Number of | Grant-Date | ||||||||
Options | Price | Life (Years) | (thousands) | Shares | Price | ||||||||
Outstanding at January 1, 2013 | 2,461,455 | $ | 57.41 | 269,292 | $ | 50.34 | |||||||
Granted | 329,274 | 70.30 | 69,322 | 74.60 | |||||||||
Exercised/Vested | -619,248 | 49.46 | -56,644 | 47.18 | |||||||||
Canceled/ Forfeited | -4,069 | 64.04 | -412 | 65.17 | |||||||||
Outstanding at December 31, 2013 | 2,167,412 | 61.63 | 6.4 | $ | 33,308 | 281,558 | 56.93 | ||||||
Vested and expected to vest at December 31, 2013 | 2,167,412 | 61.63 | 6.4 | 33,308 | 277,524 | 56.74 | |||||||
Exercisable at December 31, 2013 | 1,377,534 | 58.76 | 5.2 | 25,123 | n.a. | n.a. | |||||||
We estimate the fair value of stock options using the Black-Scholes valuation model. We determine expected term, volatility, dividend yield and forfeiture rate based on our historical experience. We believe that historical experience is the best indicator of these factors. | |||||||||||||
Comparative data for stock option and stock award activity include (in thousands, except per-share amounts): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total compensation cost of stock-based compensation | |||||||||||||
plans charged against income | $ | 10,868 | $ | 11,975 | $ | 14,237 | |||||||
Total income tax benefit recognized in income for stock | |||||||||||||
based compensation plans | 3,994 | 4,401 | 5,232 | ||||||||||
Total intrinsic value of stock options exercised | 16,922 | 15,671 | 12,925 | ||||||||||
Total intrinsic value of stock awards vested during the period | 4,298 | 2,786 | 3,757 | ||||||||||
Per-share weighted averaged grant-date fair value of | |||||||||||||
stock awards granted | 74.60 | 41.49 | 64.74 | ||||||||||
The assumptions we used to value stock option grants are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock price on date of issuance | $ | $ | $ | ||||||||||
70.30 | 63.36 | 65.17 | |||||||||||
Grant date fair value per share | $ | $ | $ | ||||||||||
14.79 | 15.98 | 19.08 | |||||||||||
Number of options granted | 329,274 | 442,350 | 513,100 | ||||||||||
Expected term (years) | 4.9 | 4.9 | 4.9 | ||||||||||
Risk free rate of return | 1.39% | 0.89% | 2.35% | ||||||||||
Volatility | 24.90% | 30.80% | 32.80% | ||||||||||
Dividend yield | 1.1% | 1.0% | 1.0% | ||||||||||
Forfeiture rate | - | - | - | ||||||||||
Other data for stock options and stock awards for 2013 include (dollar amounts in thousands): | |||||||||||||
Stock | Stock Awards | ||||||||||||
Options | and PSUs | ||||||||||||
Total unrecognized compensation related to nonvested options and awards at end of year | $ | 7,459 | $ | 6,465 | |||||||||
Weighted average period over which unrecognized compensation cost of nonvested options | |||||||||||||
and awards to be recognized (years) | 2.2 | 2.1 | |||||||||||
Actual income tax benefit realized from options exercised during the year | $ | 6,251 | n.a. | ||||||||||
Aggregate intrinsic value of stock awards and PSUs vested and expected to vest | n.a. | 21,369 | |||||||||||
Segments_And_Nature_Of_The_Bus
Segments And Nature Of The Business | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segments And Nature Of The Business [Abstract] | ' | ||||||||
Segments And Nature Of The Business | ' | ||||||||
5.Segments and Nature of the Business | |||||||||
Our segments include the VITAS segment and the Roto-Rooter segment. Relative contributions of each segment to service revenues and sales were 74% and 26%, respectively, in 2013 and 75% and 25%, respectively, in 2012. The vast majority of our service revenues and sales from continuing operations are generated from business within the United States. | |||||||||
The reportable segments have been defined along service lines, which is consistent with the way the businesses are managed. In determining reportable segments, the RRSC and RRC operating units of the Roto-Rooter segment have been aggregated on the basis of possessing similar operating and economic characteristics. The characteristics of these operating segments and the basis for aggregation are reviewed annually. Accordingly, the reportable segments are defined as follows: | |||||||||
· | The VITAS segment provides hospice services for patients with terminal illnesses. This type of care is aimed at making the terminally ill patient’s end of life as comfortable and pain-free as possible. Hospice care is typically available to patients who have been initially certified or re-certified as terminally ill (i.e., a prognosis of six months or less) by their attending physician, if any, and the hospice physician. VITAS offers all levels of hospice care in a given market, including routine home care, inpatient care and continuous care. Over 90% of VITAS’ revenues are derived through the Medicare and Medicaid reimbursement programs. | ||||||||
· | The Roto-Rooter segment provides repair and maintenance services to residential and commercial accounts using the Roto-Rooter registered service marks. Such services include plumbing and sewer, drain and pipe cleaning. They are delivered through company-owned and operated territories, independent contractor-operated territories and franchised locations. This segment also manufactures and sells products and equipment used to provide such services. | ||||||||
· | We report corporate administrative expenses and unallocated investing and financing income and expense not directly related to either segment as “Corporate”. Corporate administrative expense includes the stewardship, accounting and reporting, legal, tax and other costs of operating a publicly held corporation. Corporate investing and financing income and expenses include the costs and income associated with corporate debt and investment arrangements. | ||||||||
Segment data are set forth below (in thousands): | |||||||||
For the Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Revenues by Type of Service | |||||||||
VITAS | |||||||||
Routine homecare | $ | 791,735 | $ | 778,776 | $ | 718,658 | |||
Continuous care | 155,409 | 172,063 | 158,466 | ||||||
General inpatient | 104,968 | 114,494 | 110,742 | ||||||
Medicare cap | -6,999 | 1,704 | -1,594 | ||||||
Total segment | 1,045,113 | 1,067,037 | 986,272 | ||||||
Roto-Rooter | |||||||||
Sewer and drain cleaning | 141,283 | 138,500 | 138,932 | ||||||
Plumbing repair and maintenance | 172,002 | 172,310 | 177,363 | ||||||
Independent contractors | 33,030 | 28,522 | 26,711 | ||||||
HVAC repair and maintenance | - | 1,109 | 3,410 | ||||||
Other products and services | 21,901 | 22,565 | 23,282 | ||||||
Total segment | 368,216 | 363,006 | 369,698 | ||||||
Total service revenues and sales | $ | 1,413,329 | $ | 1,430,043 | $ | 1,355,970 | |||
Aftertax Segment Earnings/(Loss) | |||||||||
VITAS | $ | 76,144 | $ | 86,577 | $ | 80,358 | |||
Roto-Rooter | 29,243 | 30,905 | 34,879 | ||||||
Total | 105,387 | 117,482 | 115,237 | ||||||
Corporate | -28,160 | -28,178 | -29,258 | ||||||
Net income | $ | 77,227 | $ | 89,304 | $ | 85,979 | |||
Interest Income | |||||||||
VITAS | $ | 5,038 | $ | 3,883 | $ | 4,293 | |||
Roto-Rooter | 2,096 | 1,647 | 2,176 | ||||||
Total | 7,134 | 5,530 | 6,469 | ||||||
Corporate | 56 | 76 | 91 | ||||||
Intercompany eliminations | -6,343 | -4,797 | -6,134 | ||||||
Total interest income | $ | 847 | $ | 809 | $ | 426 | |||
Interest Expense | |||||||||
VITAS | $ | 182 | $ | 233 | $ | 229 | |||
Roto-Rooter | 322 | 433 | 358 | ||||||
Total | 504 | 666 | 587 | ||||||
Corporate | 14,531 | 14,057 | 13,301 | ||||||
Total interest expense | $ | 15,035 | $ | 14,723 | $ | 13,888 | |||
Income Tax Provision | |||||||||
VITAS | $ | 46,910 | $ | 53,092 | $ | 48,835 | |||
Roto-Rooter | 17,560 | 18,770 | 21,353 | ||||||
Total | 64,470 | 71,862 | 70,188 | ||||||
Corporate | -17,868 | -15,347 | -15,611 | ||||||
Total income tax provision | $ | 46,602 | $ | 56,515 | $ | 54,577 | |||
Identifiable Assets | |||||||||
VITAS | $ | 518,316 | $ | 519,555 | $ | 504,677 | |||
Roto-Rooter | 241,679 | 224,735 | 212,234 | ||||||
Total | 759,995 | 744,290 | 716,911 | ||||||
Corporate | 133,706 | 115,336 | 78,994 | ||||||
Total identifiable assets | $ | 893,701 | $ | 859,626 | $ | 795,905 | |||
Additions to Long-Lived Assets | |||||||||
VITAS | $ | 16,219 | $ | 24,735 | $ | 24,298 | |||
Roto-Rooter | 15,202 | 16,132 | 9,426 | ||||||
Total | 31,421 | 40,867 | 33,724 | ||||||
Corporate | 160 | 285 | 72 | ||||||
Total additions to long-lived assets | $ | 31,581 | $ | 41,152 | $ | 33,796 | |||
For the Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Depreciation and Amortization | |||||||||
VITAS | $ | 20,251 | $ | 19,043 | $ | 18,480 | |||
Roto-Rooter | 9,621 | 9,029 | 8,729 | ||||||
Total | 29,872 | 28,072 | 27,209 | ||||||
Corporate | 2,516 | 2,449 | 2,290 | ||||||
Total depreciation and amortization | $ | 32,388 | $ | 30,521 | $ | 29,499 | |||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
6.Intangible Assets | |||||||||
Amortization of definite-lived intangible asset for the years ended December 31, 2013, 2012, 2011 was $1.6 million, $1.5 million and $1.5 million, respectively. The following is a schedule by year of projected amortization expense for definite-lived intangible assets (in thousands): | |||||||||
2014 | $ | 709 | |||||||
2015 | 479 | ||||||||
2016 | 408 | ||||||||
2017 | 256 | ||||||||
2018 | 174 | ||||||||
Thereafter | 377 | ||||||||
The balance in identifiable intangible assets comprises the following (in thousands): | |||||||||
Gross | Accumulated | Net Book | |||||||
Asset | Amortization | Value | |||||||
31-Dec-13 | |||||||||
Referral networks | $ | 22,599 | $ | -21,219 | $ | 1,380 | |||
Covenants not to compete | 9,570 | -9,096 | 474 | ||||||
Customer lists | 1,222 | -1,170 | 52 | ||||||
Reaquired franchise rights | 1,065 | -570 | 495 | ||||||
Subtotal - definite-lived intangibles | 34,456 | -32,055 | 2,401 | ||||||
VITAS trade name | 51,300 | - | 51,300 | ||||||
Rapid Rooter trade name | 150 | - | 150 | ||||||
Operating licenses | 2,705 | - | 2,705 | ||||||
Total | $ | 88,611 | $ | -32,055 | $ | 56,556 | |||
31-Dec-12 | |||||||||
Referral networks | $ | 21,729 | $ | -19,884 | $ | 1,845 | |||
Covenants not to compete | 9,446 | -8,974 | 472 | ||||||
Customer lists | 1,224 | -1,146 | 78 | ||||||
Reaquired franchise rights | 1,037 | -410 | 627 | ||||||
Subtotal - definite-lived intangibles | 33,436 | -30,414 | 3,022 | ||||||
VITAS trade name | 51,300 | - | 51,300 | ||||||
Rapid Rooter trade name | 150 | - | 150 | ||||||
Operating licenses | 2,705 | - | 2,705 | ||||||
Total | $ | 87,591 | $ | -30,414 | $ | 57,177 | |||
Business_Combinations
Business Combinations | 12 Months Ended | ||
Dec. 31, 2013 | |||
Business Combinations [Abstract] | ' | ||
Business Combinations | ' | ||
7.Business Combinations | |||
During 2013, we completed one business combination within the Roto-Rooter segment for $756,000 in cash to increase our market penetration in Pueblo, Colorado. We made one acquisition within the VITAS segment for $1.5 million in cash to increase our market penetration in Houston, Texas during 2013. The purchase price of these acquisitions was allocated as follows (in thousands): | |||
Identifiable intangible assets | $ | 1,023 | |
Goodwill | 1,212 | ||
Other assets and liabilities - net | 22 | ||
$ | 2,257 | ||
During 2012, we completed four business combinations within the Roto-Rooter segment for $5.9 million in cash to increase our market penetration in Bend, Oregon, Boise, Idaho, Shreveport, Louisiana and Ft. Lauderdale, Florida. We made no acquisitions with the VITAS segment during 2012. The purchase price of these acquisitions was allocated as follows (in thousands): | |||
Identifiable intangible assets | $ | 373 | |
Goodwill | 5,094 | ||
Other assets and liabilities - net | 433 | ||
$ | 5,900 | ||
On April 29, 2011, our VITAS segment completed an acquisition of the operating assets of Family Comfort Hospice which is based in Alabama. This acquisition adds three central Alabama locations serving ten counties to VITAS’ network of hospice programs. We made no acquisitions within the Roto-Rooter segment during 2011. The purchase price of this acquisition is allocated as follows (in thousands): | |||
Working capital | $ | 382 | |
Identifiable intangible assets | 951 | ||
Goodwill | 2,320 | ||
Other assets and liabilities - net | 11 | ||
$ | 3,664 | ||
The unaudited pro forma results of operations, assuming purchase business combinations completed in 2013 and 2012 were completed on January 1, 2012, do not materially impact the accompanying consolidated financial statements. The results of operations of each of the above business combinations are included in our results of operations from the date of the respective acquisition. | |||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Discontinued Operations [Abstract] | ' | |||
Discontinued Operations | ' | |||
8.Discontinued Operations | ||||
At December 31, 2013 and 2012, the accrual for our estimated liability for potential environmental cleanup and related costs arising from the 1991 sale of DuBois amounted to $1.7 million. Of the 2013 balance, $826,000 is included in other current liabilities and $901,000 is included in other liabilities (long-term). The estimated timing of payments of these liabilities follows (in thousands): | ||||
2014 | $ | 826 | ||
2015 | 300 | |||
Thereafter | 601 | |||
$ | 1,727 | |||
We are contingently liable for additional DuBois-related environmental cleanup and related costs up to a maximum of $14.9 million. On the basis of a continuing evaluation of the potential liability, we believe it is not probable this additional liability will be paid. Accordingly, no provision for this contingent liability has been recorded. The potential liability is not insured, and the recorded liability does not assume the recovery of insurance proceeds. Also, the environmental liability has not been discounted because it is not possible to reliably project the timing of payments. We believe that any adjustments to our recorded liability will not materially adversely affect our financial position, results of operations or cash flows. | ||||
Cash_Overdrafts_And_Cash_Equiv
Cash Overdrafts And Cash Equivalents | 12 Months Ended |
Dec. 31, 2013 | |
Cash Overdrafts And Cash Equivalents [Abstract] | ' |
Cash Overdrafts And Cash Equivalents | ' |
9. Cash Overdrafts and Cash Equivalents | |
Included in accounts payable are cash overdrafts of $806,000 and $12.2 million as of December 31, 2013 and 2012, respectively. | |
From time to time throughout the year, we invest excess cash in money market funds or repurchase agreements directly with major commercial banks. We do not physically hold the collateral for repurchase agreements, but the term is less than 10 days. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds and the quality of the collateral underlying those investments. We had $23.1 million in cash equivalents as of December 31, 2013. There was $56.6 million in cash equivalents as of December 31, 2012. The weighted average rate of return for our cash equivalents was 0.08% in 2013 and 0.2% in 2012. | |
Other_IncomeNet
Other Income-Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Income-Net [Abstract] | ' | ||||||||
Other Income-Net | ' | ||||||||
10.Other Income—Net | |||||||||
Other income—net from continuing operations comprises the following (in thousands): | |||||||||
For the Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Market value gains related to deferred | |||||||||
compensation trusts | $ | 4,982 | $ | 3,499 | $ | 799 | |||
Loss on disposal of property and equipment | -320 | -347 | -441 | ||||||
Interest income | 847 | 809 | 426 | ||||||
Other - net | -39 | 162 | -67 | ||||||
Total other income | $ | 5,470 | $ | 4,123 | $ | 717 | |||
The offset for market value gains or losses of the deferred compensation trust are recorded in selling, general and administrative expenses. | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
11.Income Taxes | ||||||||||||
The provision for income taxes comprises the following (in thousands): | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | ||||||||||||
U.S. federal | $ | 45,348 | $ | 51,467 | $ | 40,762 | ||||||
U.S. state and local | 7,731 | 7,813 | 5,961 | |||||||||
Foreign | 511 | 386 | 612 | |||||||||
Deferred | ||||||||||||
U.S. federal, state and local | -6,995 | -3,271 | 7,227 | |||||||||
Foreign | 7 | 120 | 15 | |||||||||
Total | $ | 46,602 | $ | 56,515 | $ | 54,577 | ||||||
A summary of the temporary differences that give rise to deferred tax assets/ (liabilities) follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Accrued liabilities | $ | 41,434 | $ | 32,772 | ||||||||
Stock compensation expense | 14,866 | 15,190 | ||||||||||
Allowance for uncollectible accounts receivable | 1,396 | 1,510 | ||||||||||
State net operating loss carryforwards | 1,495 | 1,461 | ||||||||||
Other | 800 | 678 | ||||||||||
Deferred income tax assets | 59,991 | 51,611 | ||||||||||
Amortization of intangible assets | -45,941 | -44,201 | ||||||||||
Accelerated tax depreciation | -15,379 | -16,536 | ||||||||||
Market valuation of investments | -2,279 | -1,569 | ||||||||||
Currents assets | -1,459 | -1,600 | ||||||||||
Other | -1,949 | -1,671 | ||||||||||
Deferred income tax liabilities | -67,007 | -65,577 | ||||||||||
Net deferred income tax liabilities | $ | -7,016 | $ | -13,966 | ||||||||
At December 31, 2013 and 2012, state net operating loss carryforwards were $29.4 million and $28.4 million, respectively. These net operating losses will expire, in varying amounts, between 2014 and 2033. Based on our history of operating earnings, we have determined that our operating income will, more likely than not, be sufficient to ensure realization of our deferred income tax assets. | ||||||||||||
A reconciliation of the beginning and ending of year amount of our unrecognized tax benefit is as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 2,646 | $ | 2,612 | $ | 704 | ||||||
Unrecognized tax benefits due to positions taken in current year | 219 | 219 | 2,038 | |||||||||
Decrease due to expiration of statute of limitations | -1,973 | -185 | -130 | |||||||||
Balance at December 31, | $ | 892 | $ | 2,646 | $ | 2,612 | ||||||
We file tax returns in the U.S. federal jurisdiction and various states. The years ended December 31, 2010 and forward remain open for review for federal income tax purposes. The earliest open year relating to any of our major state jurisdictions is the fiscal year ended December 31, 2008. During the next twelve months, we do not anticipate a material net change in unrecognized tax benefits. | ||||||||||||
We classify interest related to our accrual for uncertain tax positions in separate interest accounts. As of December 31, 2013 and 2012, we have approximately $116,000 and $306,000, respectively, accrued in interest payable related to uncertain tax positions. These accruals are included in other current liabilities in the accompanying consolidated balance sheet. Net interest expense related to uncertain tax positions included in interest expense in the accompanying consolidated statement of income is not material. | ||||||||||||
The difference between the actual income tax provision for continuing operations and the income tax provision calculated at the statutory U.S. federal tax rate is explained as follows (in thousands): | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax provision calculated using the statutory rate of 35% | $ | 43,340 | $ | 51,037 | $ | 49,195 | ||||||
State and local income taxes, less federal income tax effect | 4,323 | 4,601 | 4,733 | |||||||||
Uncertain tax position adjustments | -1,782 | - | - | |||||||||
Nondeductible expenses | 1,250 | 1,137 | 1,062 | |||||||||
Other --net | -529 | -260 | -413 | |||||||||
Income tax provision | $ | 46,602 | $ | 56,515 | $ | 54,577 | ||||||
Effective tax rate | 37.6 | % | 38.8 | % | 38.8 | % | ||||||
Summarized below are the total amounts of income taxes paid during the years ended December 31 (in thousands): | ||||||||||||
2013 | $ | 55,827 | ||||||||||
2012 | 53,436 | |||||||||||
2011 | 44,343 | |||||||||||
Provision has not been made for additional taxes on $35.1 million of undistributed earnings of our domestic subsidiaries. Should we elect to sell our interest in all of these businesses rather than to effect a tax-free liquidation, additional taxes amounting to approximately $12.9 million would be incurred based on current income tax rates. | ||||||||||||
Properties_And_Equipment
Properties And Equipment | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Properties And Equipment [Abstract] | ' | |||||
Properties And Equipment | ' | |||||
12.Properties and Equipment | ||||||
A summary of properties and equipment follows (in thousands): | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Land | $ | 1,392 | $ | 1,363 | ||
Buildings | 52,328 | 47,831 | ||||
Transportation equipment | 20,381 | 20,165 | ||||
Machinery and equipment | 71,121 | 69,299 | ||||
Computer software | 49,110 | 47,184 | ||||
Furniture and fixtures | 71,167 | 68,394 | ||||
Projects under development | 8,006 | 2,305 | ||||
Total properties and equipment | 273,505 | 256,541 | ||||
Less accumulated depreciation | -180,550 | -164,607 | ||||
Net properties and equipment | $ | 92,955 | $ | 91,934 | ||
The net book value of computer software at December 31, 2013 and 2012, was $12.2 million and $14.1 million, respectively. Depreciation expense for computer software was $3.9 million, $4.3 million and $5.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||
Lease_Arrangements
Lease Arrangements | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Lease Arrangements [Abstract] | ' | ||||||||||
Lease Arrangements | ' | ||||||||||
13.Lease Arrangements | |||||||||||
We have operating leases that cover our corporate office headquarters, various warehouse and office facilities, office equipment and transportation equipment. The remaining terms of these leases range from monthly to nine years, and in most cases we expect that these leases will be renewed or replaced by other leases in the normal course of business. We have no significant capital leases as of December 31, 2013 or 2012. | |||||||||||
The following is a summary of future minimum rental payments and sublease rentals to be received under operating leases that have initial or remaining noncancelable terms in excess of one year at December 31, 2013 (in thousands): | |||||||||||
2014 | $ | 23,108 | |||||||||
2015 | 17,835 | ||||||||||
2016 | 13,488 | ||||||||||
2017 | 8,277 | ||||||||||
2018 | 4,713 | ||||||||||
Thereafter | 4,405 | ||||||||||
Total minimum rental payments | $ | 71,826 | |||||||||
Total rental expense incurred under operating leases for continuing operations follows (in thousands): | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Total rental payments | $ | 38,992 | $ | 39,997 | $ | 38,474 | |||||
Less sublease rentals | - | -103 | -170 | ||||||||
Net rental expense | $ | 38,992 | $ | 39,894 | $ | 38,304 | |||||
The amounts shown above as Total rental payments and Net rental expense for 2012 and 2011 increased $16.0 million and $16.3 million, respectively from the prior year presentation due to certain in-patient unit leases being inadvertently omitted. The omission did not affect our results of operations, financial position or cash flows. All years are presented consistently. | |||||||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Retirement Plans [Abstract] | ' | |||||
Retirement Plans | ' | |||||
14. Retirement Plans | ||||||
Retirement obligations under various plans cover substantially all full-time employees who meet age and/or service eligibility requirements. The major plans providing retirement benefits to our employees are defined contribution plans. Expenses for our retirement and profit-sharing plans, excess benefit plans and other similar plans are as follows (in thousands): | ||||||
For the Years Ended December 31, | ||||||
2013 | 2012 | 2011 | ||||
$ | 14,511 | $ | 11,376 | $ | 9,408 | |
These expenses include the impact of market gains and losses on assets held in deferred compensation plans. | ||||||
We have excess benefit plans for key employees whose participation in the qualified plans is limited by U.S. Employee Retirement Income Security Act requirements. Benefits are determined based on theoretical participation in the qualified plans. Benefits are only invested in mutual funds, and participants are not permitted to diversify accumulated benefits in shares of our stock. Trust assets invested in shares of our stock are included in treasury stock, and the corresponding liability is included in a separate component of stockholders’ equity. At December 31, 2013, these trusts held 97,801 shares or $2.2 million of our stock (2012 – 96,148 shares or $2.1 million). | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
15.Earnings Per Share | ||||||||||||
The computation of earnings per share follows (in thousands, except per share data): | ||||||||||||
For the Years Ended December 31, | Net Income | Shares | Earnings per Share | |||||||||
2013 | ||||||||||||
Earnings | $ | 77,227 | 18,199 | $ | 4.24 | |||||||
Dilutive stock options | - | 278 | ||||||||||
Nonvested stock awards | - | 108 | ||||||||||
Diluted earnings | $ | 77,227 | 18,585 | $ | 4.16 | |||||||
2012 | ||||||||||||
Earnings | $ | 89,304 | 18,924 | $ | 4.72 | |||||||
Dilutive stock options | - | 316 | ||||||||||
Nonvested stock awards | - | 99 | ||||||||||
Diluted earnings | $ | 89,304 | 19,339 | $ | 4.62 | |||||||
2011 | ||||||||||||
Earnings | $ | 85,979 | 20,523 | $ | 4.19 | |||||||
Dilutive stock options | - | 335 | ||||||||||
Nonvested stock awards | - | 87 | ||||||||||
Diluted earnings | $ | 85,979 | 20,945 | $ | 4.10 | |||||||
During 2013, 358,000 stock options were excluded from the computation of diluted earnings per share as their exercise prices were greater than the average market price during most of the year. During 2012, 1.4 million stock options were also excluded. During 2011, 1.3 million stock options were also excluded. | ||||||||||||
Diluted earnings per share may be impacted in future periods as the result of the issuance of our $200 million Notes and related purchased call options and sold warrants. Per FASB’s authoritative guidance on the effect of contingently convertible instruments on diluted earnings per share and convertible bonds with issuer option to settle for cash upon conversion, we will not include any shares related to the Notes in our calculation of diluted earnings per share until our average stock price for a quarter exceeds the current conversion price. We would then include in our diluted earnings per share calculation those shares issuable using the treasury stock method. The amount of shares issuable is based upon the amount by which the average stock price for the quarter exceeds the conversion price. The purchased call option does not impact the calculation of diluted earnings per share, as it is always anti-dilutive. The sold warrants become dilutive when our average stock price for a quarter exceeds the strike price of the warrant. | ||||||||||||
The following table provides examples of how changes in our stock price impact the number of shares that would be included in our diluted earnings per share calculation at December 31, 2013. It also shows the impact on the number of shares issuable upon conversion of the Notes and settlement of the purchased call options and sold warrants: | ||||||||||||
Share Price | Shares Underlying 1.875% Convertible Notes | Warrant Shares | Total Treasury Method Incremental Shares (a) | Shares Due to the Company under Notes Hedges | Incremental Shares Issued/(received) by the Company upon Conversion (b) | |||||||
$ | 80.73 | 66,201 | - | 66,201 | -70,820 | -4,619 | ||||||
$ | 90.73 | 321,444 | - | 321,444 | -343,871 | -22,427 | ||||||
$ | 100.73 | 526,008 | - | 526,008 | -562,708 | -36,700 | ||||||
$ | 110.73 | 693,624 | 121,738 | 815,362 | -742,018 | 73,344 | ||||||
$ | 120.73 | 833,473 | 322,722 | 1,156,195 | -891,625 | 264,570 | ||||||
$ | 130.73 | 951,927 | 492,957 | 1,444,884 | -1,018,343 | 426,541 | ||||||
a) Represents the number of incremental shares that must be included in the calculation of fully diluted shares under U.S. GAAP. | ||||||||||||
b) Represents the number of incremental shares to be issued by the Company upon conversion of the Notes assuming concurrent | ||||||||||||
settlement of the note hedges and warrants. | ||||||||||||
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments [Abstract] | ' | ||||||||
Financial Instruments | ' | ||||||||
16.Financial Instruments | |||||||||
FASB’s authoritative guidance on fair value measurements defines a hierarchy which prioritizes the inputs in fair value measurements. Level 1 measurements are measurements using quoted prices in active markets for identical assets or liabilities. Level 2 measurements use significant other observable inputs. Level 3 measurements are measurements using significant unobservable inputs which require a company to develop its own assumptions. In recording the fair value of assets and liabilities, companies must use the most reliable measurement available. | |||||||||
The following shows the carrying value, fair value and the hierarchy for our financial instruments as of | |||||||||
December 31, 2013 (in thousands): | |||||||||
Fair Value Measure | |||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Investments of deferred compensation plans held in trust | $ | 42,465 | $ | 42,465 | $ | - | $ | - | |
Current portion of long-term debt | 183,564 | 193,032 | - | - | |||||
The following shows the carrying value, fair value and the hierarchy for our financial instruments as of | |||||||||
December 31, 2012 (in thousands): | |||||||||
Fair Value Measure | |||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Investments of deferred compensation plans held in trust | $ | 36,089 | $ | 36,089 | $ | - | $ | - | |
Long-term debt | 174,890 | 197,874 | - | - | |||||
For cash and cash equivalents, accounts receivable and accounts payable, the carrying amount is a reasonable estimate of fair value because of the liquidity and short-term nature of these instruments. | |||||||||
Loans_Receivable_From_Independ
Loans Receivable From Independent Contractors | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Loans Receivable From Independent Contractors [Abstract] | ' | ||||||
Loans Receivable From Independent Contractors | ' | ||||||
17.Loans Receivable from Independent Contractors | |||||||
At December 31, 2013, we had contractual arrangements with 68 independent contractors to provide plumbing repair and drain cleaning services under sublicensing agreements using the Roto-Rooter name in lesser-populated areas of the United States and Canada. The arrangements give the independent contractors the right to conduct a plumbing and drain cleaning business using the Roto-Rooter name in a specified territory in exchange for a royalty based on a percentage of labor sales, generally approximately 40%. We also pay for certain telephone directory advertising in these areas, lease certain capital equipment and provide operating manuals to serve as resources for operating a plumbing and drain cleaning business. The contracts are generally cancelable upon 90 days’ written notice (without cause) or upon a few days notice (with cause). The independent contractors are responsible for running the businesses as they believe best. | |||||||
Our maximum exposure to loss from arrangements with our independent contractors at December 31, 2013 is approximately $1.5 million (2012 - $1.3 million). The exposure to loss is mainly the result of loans provided to the independent contractors. In most cases, these loans are partially secured by receivables and equipment owned by the independent contractor. The interest rates on the loans range from zero to 8% per annum, and the remaining terms of the loans range from 2.5 months to 5.4 years at December 31, 2013. We recorded the following from our independent contractors (in thousands): | |||||||
For the Years Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Revenues | $ | 33,030 | $ | 28,522 | $ | 26,711 | |
Pretax profits | 17,726 | 14,790 | 13,320 | ||||
Legal_And_Regulatory_Matters
Legal And Regulatory Matters | 12 Months Ended |
Dec. 31, 2013 | |
Legal And Regulatory Matters [Abstract] | ' |
Legal And Regulatory Matters | ' |
18.Legal and Regulatory Matters | |
The VITAS segment of the Company’s business operates in a heavily-regulated industry. As a result, the Company is subjected to inquiries and investigations by various government agencies, as well as to lawsuits, including qui tam actions. The following sections describe the various ongoing material lawsuits and investigations of which the Company is currently aware. It is not possible at this time for us to estimate either the timing or outcome of any of those matters, or whether any potential loss, or range of potential losses, is probable or estimable. | |
Regulatory Matters and Litigation | |
In February 2010, Chemed and Roto-Rooter were named as defendants in a lawsuit filed in the United States District Court for the Eastern District of New York, Anthony Morangelli, et al., v. Chemed Corp. and Roto-Rooter Services Co., No. 10-CV-00876 (BMC). The named plaintiffs, current and former technicians employed by Roto-Rooter who were paid on a commission basis, asserted against Chemed and Roto-Rooter claims for violation of the Fair Labor Standards Act (“FLSA”) and claims for violations of the labor laws of multiple states. In June 2013 the parties reached an agreement to settle the case for $14.3 million plus applicable payroll taxes ($9.0 million after tax). As such, $14.8 million is recorded as other operating expense in the year ended December 31, 2013 Statement of Income and is included in accrued legal at December 31, 2013. | |
VITAS is party to a class action lawsuit filed in the Superior Court of California, Los Angeles County in September 2006 by Bernadette Santos, Keith Knoche and Joyce White, Bernadette Santos, et al. v. VITAS Healthcare Corporation of California, BC359356. This case alleges failure to pay overtime and failure to provide meal and rest periods to a purported class of California admissions nurses, chaplains and sales representatives. The case seeks payment of penalties, interest and Plaintiffs’ attorney fees. In December 2009, the trial court denied Plaintiffs’ motion for class certification. In July 2011, the Court of Appeals affirmed denial of class certification on the travel time, meal and rest period claims, and reversed the trial court’s denial on the off-the-clock and sales representation exemption claims. Plaintiffs filed an appeal of this decision. In September 2012, in response to an order of reconsideration, the Court of Appeals reiterated its previous rulings. In March 2013, the Court granted summary judgment dismissing the sales representatives’ claims as they are exempt employees. In October 2013 we reached agreement to settle the case for $10.3 million plus applicable payroll taxes ($6.5 million aftertax). As such, $10.5 million is recorded as other operating expense in the year ended December 31, 2013 Statement of Income. This settlement was paid in 2013. | |
On January 12, 2012, a putative class action lawsuit was filed in the U.S. District Court for the Southern District of Ohio against the Company, Kevin McNamara, David Williams, and Timothy O’Toole, In re Chemed Corp. Securities Litigation, Civil Action No. 1:12-cv-28 (S.D. Ohio). On June 18, 2012, an amended complaint was filed alleging violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 against all Defendants, and violation of Section 20(a) of the Securities Exchange Act of 1934 against Messrs. McNamara, Williams, and O’Toole. The suit’s allegations concern the VITAS hospice segment of the Company’s business. Plaintiffs seek, on behalf of a putative class of purchasers of Chemed Capital Stock, compensatory damages in an unspecified amount and attorneys’ fees and expenses, arising from Defendants’ alleged failure to disclose an alleged fraudulent scheme at VITAS to enroll ineligible hospice patients and to fraudulently obtain payments from the federal government. Defendants filed motions to dismiss the amended complaint on August 17, 2012, which were pending when the parties reached an agreement to settle the action. On June 7, 2013, following the filing of U.S. v. VITAS, discussed below, Plaintiffs filed a motion for leave to file a second amended complaint. Defendants opposed this motion. On September 16, 2013, Plaintiffs executed a Settlement Term Sheet with Defendants, reaching an agreement in principle to settle this case subject to Court approval. On February 6, 2014, Plaintiffs, on behalf of a putative class of purchasers of Chemed Capital Stock between February 15, 2010 and May 2, 2013, inclusive, executed a stipulation of settlement with defendants, agreeing to settle this case in full and with prejudice, and to provide Defendants with full releases of all claims that are or could have been asserted by Plaintiffs in exchange for payment of $6.0 million by our insurer into a settlement fund for the benefit of the putative settlement class (“Settlement”). The Settlement has been recorded as an accrual and offsetting prepaid in the accompanying Balance Sheet. This Settlement is subject to Court approval. Defendants agreed to enter into this Settlement in order to eliminate the burden, expense and distraction of further litigation. | |
In June 2011, the U.S. Attorney provided the Company with a partially unsealed qui tam complaint filed under seal in the U.S. District Court for the Western District of Texas, United States, et al. ex rel. Urick v. VITAS HME Solutions, Inc. et al., 5:08-cv-0663 (“Urick”). The U.S. Attorney filed a notice in May 2012 stating that it had decided not to intervene in the case at that time but indicating that it continues to investigate the allegations. In June 2012, the complaint was unsealed. The complaint asserts violations of the federal False Claims Act and the Texas Medicaid Fraud Prevention Act based on allegations of a conspiracy to submit to Medicare and Medicaid false claims involving hospice services for ineligible patients, unnecessary medical supplies, failing to satisfy certain prerequisites for payment, and altering patient records, including backdating patient revocations. The suit was brought by Barbara Urick, a registered nurse in VITAS’s San Antonio program, against VITAS, certain of its affiliates, and several former VITAS employees, including physicians Justo Cisneros and Antonio Cavasos and nurses Sally Schwenk, Diane Anest, and Edith Reed. In September 2012 and July 2013, the plaintiff dismissed all claims against the individual defendants. The complaint was served on the VITAS entities on April 12, 2013. | |
Also in June 2011, the U.S. Attorney provided the Company with a partially unsealed qui tam complaint filed under seal in the U.S. District Court for the Northern District of Illinois, United States, et al. ex rel. Spottiswood v. Chemed Corp., 1:07-cv-4566 (“Spottiswood”). In April 2012, the complaint was unsealed. The U.S. Attorney and Attorney General for the State of Illinois filed notices in April and May 2012, respectively, stating that they had decided not to intervene in the case at that time but indicating that they continue to investigate the allegations. Plaintiff filed an amended complaint in November 2012. The complaint asserts violations of the federal False Claims Act and the Illinois Whistleblower Reward and Protection Act based on allegations that VITAS fraudulently billed Medicare and Medicaid for providing unwarranted continuous care services. The suit was brought by Laura Spottiswood, a former part-time pool registered nurse at VITAS, against Chemed, VITAS, and a VITAS affiliate. The complaint was served on the defendants on April 12, 2013. On May 29 and June 4, 2013, respectively, the Court granted the government’s motion to partially intervene in Spottiswood and in Urick on the allegations that VITAS submitted or caused to be submitted false or fraudulent claims for continuous care and routine home care on behalf of certain ineligible Medicare beneficiaries. The Court also transferred them to the U.S. District Court for the Western District of Missouri under docket Nos. 4:13-cv-505 and 4:13-cv-563, respectively. | |
On May 2, 2013, the government filed a False Claims Act complaint against the Company and certain of its hospice-related subsidiaries in the U.S. District Court for the Western District of Missouri, United States v. VITAS Hospice Services, LLC, et al., No. 4:13-cv-00449-BCW (the “2013 Action”). Prior to that date, the Company received various subpoenas from the U.S. Department of Justice and OIG that have been previously disclosed. The 2013 Action alleges that, since at least 2002, VITAS, and since 2004, the Company, submitted or caused the submission of false claims to the Medicare program by (a) billing Medicare for continuous home care services when the patients were not eligible, the services were not provided, or the medical care was inappropriate, and (b) billing Medicare for patients who were not eligible for the Medicare hospice benefit because they did not have a life expectancy of six months or less if their illnesses ran their normal course. This complaint seeks treble damages, statutory penalties, and the costs of the action, plus interest. On August 1, 2013, the government filed its First Amended Complaint in the 2013 Action. The First Amended Complaint changed and supplemented some of the allegations, but did not otherwise expand the causes of action or the nature of the relief sought against VITAS. The defendants filed a motion to dismiss on September 24, 2013. | |
On May 6, 2013, the U.S. District Court for the Western District of Missouri, at the request of the government, unsealed a qui tam complaint against VITAS and VITAS Healthcare Corporation of California, United States ex rel. Charles Gonzales v. VITAS Healthcare Corporation, et al., CV 12-0761-R (“Gonzales”). The case was transferred from the Central District of California to the Western District of Missouri under docket No. 4:13-cv-344. The government partially intervened in Gonzales. The Gonzales complaint alleges that VITAS’ Los Angeles program falsely certified and recertified patients as eligible for the Medicare Hospice Benefit. It alleges violations of the False Claims Act and seeks treble damages, civil penalties, recovery of costs, attorneys’ fees and expenses, and pre- and post-judgment interest. | |
On September 25, 2013, the Court granted a joint motion by the government, the relators, and VITAS to consolidate the Spottiswood, Urick, and Gonzales complaints with the 2013 Action. As a result, the First Amended Complaint will govern the consolidated claims brought by the United States and the relators for all purposes. The relators and VITAS have stipulated that certain non-intervened claims will not be pursued by the relators. | |
VITAS has also received document subpoenas in related state matters. In February 2010, VITAS received a civil investigative demand (“CID”) from the Texas Attorney General seeking documents from January 1, 2002 through the date of the CID, and interrogatory responses in connection with an investigation of possible fraudulent submission of Medicaid claims for non-qualifying patients and fraudulent shifting of costs from VITAS to the State of Texas and the United States. The CID requested similar information sought by prior Department of Justice subpoenas, including policy and procedure manuals and information concerning Medicare and Medicaid billing, patient statistics and sales and marketing practices, together with information concerning record-keeping and retention practices, and medical records concerning 117 patients. In September 2010, VITAS received a second CID from the Texas Attorney General seeking additional documents concerning business plans and results, revocation forms for certain patients, and electronic documents of 10 current and former employees. In July 2012, VITAS received an investigative subpoena from the Florida Attorney General seeking documents previously produced in the course of prior government investigations as well as, for the period January 1, 2007 through the date of production, billing records and procedures; information concerning business results, plans, and strategies; documents concerning patient eligibility for hospice care; and certain information concerning employees and their compensation. | |
In November 2013, two shareholder derivative lawsuits were filed against the Company’s current and former directors, as well as certain of its officers both of which are covered by the Company’s commercial insurance. On November 6, 2013, KBC Asset Management NV filed suit in the United States Distrct Court for the District of Delaware, KBC Asset Management NV, derivatively on behalf of Chemed Corp. v. McNamara, et al., No. 13 Civ. 1854 (LPS) (D. Del.). It sued Kevin McNamara, Joel Gemunder, Patrick Grace, Thomas Hutton, Walter Krebs, Andrea Lindell, Thomas Rice, Donald Saunders, Arthur Tucker, Jr., George Walsh III, Frank Wood, Timothy O’Toole, David Williams and Ernest Mrozek, together with the Company as nominal defendant. Plaintiff alleges that since at least 2004, Chemed, through VITAS, has submitted or caused the submission of false claims to Medicare. The suit alleges a claim for breach of fiduciary duty against the individual defendants, and seeks (a) a declaration that the individual defendants breached their fiduciary duties to the Company; (b) an order requiring those defendants to pay compensatory damages, restitution and exemplary damages, in unspecified amounts, to the Company; (c) an order directing the Company to implement new policies and procedures; and (d) costs and disbursements incurred in bringing the action, including attorneys’ fees. | |
On November 14, 2013, Mildred A. North filed suit in the United States District Court for the Southern District of Ohio, North, derivatively on behalf of Chemed Corp. v. Kevin McNamara, el al., No. 13 Civ. 833 (MDB) (S.D. Ohio). She sued Kevin McNamara, David Williams, Timothy O’Toole, Joel Gemunder, Patrick Grace, Walter Krebs, Andrea Lindell, Thomas Rice, Donald Saunders, George Walsh III, Frank Wood and Thomas Hutton, together with the Company as nominal defendant. Plaintiff alleges that, between February 2010 and the present, the individual defendants breached their fiduciary duties as officers and directors of Chemed by, among other things, (a) allegedly causing VITAS to submit improper and ineligible claims to Medicare and Medicaid; and (b) allegedly misrepresenting the state of Chemed’s internal controls. The suit alleges claims for breach of fiduciary duty, abuse of control and gross mismanagement against the individual defendants. The complaint also alleges unjust enrichment and insider trading against Messrs. McNamara, Williams and O’Toole. Plaintiff seeks (a) a declaration that the individual defendants breached their fiduciary duties to the Company; (b) an order requiring those defendants to pay compensatory damages, restitution and exemplary damages, in unspecified amounts, to the Company; (c) an order directing the Company to implement new policies and procedures; and (d) costs and disbursements incurred in bringing the action, including attorneys’ fees. | |
On December 20, 2013, Plaintiff in the North action filed a motion before the Judicial Panel on Multidistrict Litigation seeking centralized treatment of her action and the KBC action in the U.S. District Court for the Southern District of Ohio. Defendants in both cases, as well as Plaintiff KBC, opposed that motion, consistent with Chemed’s By-law 8.07, which requires all derivative suits brought in Chemed’s name to proceed in federal or state court in Delaware. The MDL Panel has yet to rule on that motion. On January 29, 2014 Defendants filed motions to transfer North to Delaware under 28 U.S.C § 1404 and to stay the case until after resolution of that motion and the MDL motion. | |
The Company intends to defend vigorously against the allegations in each of the above lawsuits. The Company had a net recovery for these OIG investigations, due to a one-time insurance reimbursement of $1.0 million for certain legal costs, for the year ended December 31, 2013. The net costs to comply with these investigations were $2.1 million, $1.2 million and $1.2 million for the years ending December 31, 2013, 2012 and 2011, respectively. Regardless of the outcome of any of the preceding matters, responding to the subpoenas and dealing with the various regulatory agencies and opposing parties can adversely affect us through defense costs, potential payments, diversion of management time, and related publicity. Although the Company intends to defend them vigorously, there can be no assurance that those suits will not have a material adverse effect on the Company. | |
Concentration_Of_Risk
Concentration Of Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Of Risk [Abstract] | ' |
Concentration Of Risk | ' |
19. Concentration of Risk | |
VITAS has pharmacy services agreements (“Agreements”) with Omnicare, Inc. and its subsidiaries ("OCR") whereby OCR provides specified pharmacy services for VITAS and its hospice patients in geographical areas served by both VITAS and OCR. Either party may cancel the Agreements at the end of any term by giving 90 days prior written notice. VITAS made purchases from OCR of $39.0 million, $40.9 million and $39.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. For the years ended December 31, 2013, 2012 and 2011, respectively, purchases from this vendor represent over 90% of all pharmacy services used by VITAS. VITAS’ accounts payable to OCR and its subsidiaries was $3.8 million at December 31, 2013. | |
Capital_Stock_Transactions
Capital Stock Transactions | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Capital Stock Transactions [Abstract] | ' | ||||||
Capital Stock Repurchase Plan Transactions | ' | ||||||
20. Capital Stock Transactions | |||||||
On February 20, 2013, our Board of Directors authorized an additional $100 million for stock repurchase under the February 2011 repurchase program. On November 7, 2011 our Board of Directors authorized an additional $100 million of stock repurchases under the February 2011 repurchase program. On February 22, 2011, our Board of Directors authorized $100 million of stock repurchases under the February 2011 repurchase program. We repurchased the following capital stock: | |||||||
For the Years Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Shares repurchased | 1,356,344 | 932,706 | 2,602,513 | ||||
Weighted average price per share | $ | 68.50 | $ | 64.87 | $ | 55.28 | |
Other_Operating_Expenses
Other Operating Expenses | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Operating Expenses [Abstract] | ' | ||||||
Other Operating Expenses | ' | ||||||
21. Other Operating Expenses | |||||||
For the Years Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Litigation settlement of VITAS segment (a) | $ | 10,500 | $ | - | $ | - | |
Settlements of Roto-Rooter segment (b) | 15,721 | - | - | ||||
Severance and other operating costs related | |||||||
to closing Roto-Rooter's HVAC business | - | 1,126 | - | ||||
Total other operating expenses | $ | 26,221 | $ | 1,126 | $ | - | |
(a) | Santos claims discussed in Note 18. | ||||||
(b) | Morganelli claims discussed in Note 18 and estimated settlement of certain customer claims. | ||||||
In August 2012, Roto-Rooter management made the decision to shut-down its one remaining heating, ventilation and air conditioning (HVAC) business located in Baltimore, Maryland. The HVAC business was a portion of a larger business which included plumbing operations. The plumbing and HVAC businesses shared facilities and administrative functions. The costs and related cash flows of these shared facilities and administrative functions were not separately tracked or allocated for the HVAC operation. As a result, the HVAC business does not qualify for discontinued operation treatment under US GAAP. The operating results of the HVAC operation are reported in continuing operations in the consolidated financial statements for all periods presented. The pretax costs incurred in conjunction with the shut-down were $1.1 million and are recorded in other operating expenses. The costs comprise mainly severance and lease termination costs. | |||||||
Guarantor_Subsidiaries
Guarantor Subsidiaries | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||
Guarantor Subsidiaries | ' | ||||||||||
22. Guarantor Subsidiaries | |||||||||||
Our 1.875% Senior Convertible Notes issued on May 14, 2007, are fully and unconditionally guaranteed on an unsecured, joint and severally liable basis by 100% owned subsidiaries. The equity method has been used with respect to the parent company’s (Chemed) investment in subsidiaries. No consolidating adjustment column is presented for the condensed, consolidating statement of cash flow since there were no significant consolidating entries for the periods presented. The following condensed, consolidating financial data present the composition of the parent company, the guarantor subsidiaries and the non-guarantor subsidiaries as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||
31-Dec-13 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ 84,005 | $ (8,777) | $ 9,190 | $ - | $ 84,418 | ||||||
Accounts receivable, including intercompany | 925 | 509,580 | 1,000 | -419,735 | 91,770 | ||||||
Inventories | - | 6,246 | 457 | - | 6,703 | ||||||
Current deferred income taxes | - | 21,307 | 126 | -1,176 | 20,257 | ||||||
Prepaid income taxes | 3,710 | 1,176 | 349 | -1,545 | 3,690 | ||||||
Prepaid expenses | 6,925 | 10,682 | 211 | - | 17,818 | ||||||
Total current assets | 95,565 | 540,214 | 11,333 | -422,456 | 224,656 | ||||||
Investments of deferred compensation plans | - | - | 42,465 | - | 42,465 | ||||||
Properties and equipment, at cost less accumulated depreciation | 10,184 | 80,144 | 2,627 | - | 92,955 | ||||||
Identifiable intangible assets less accumulated amortization | - | 56,556 | - | - | 56,556 | ||||||
Goodwill | - | 462,489 | 4,382 | - | 466,871 | ||||||
Other assets | 17,782 | 1,775 | 15,888 | -25,247 | 10,198 | ||||||
Investments in subsidiaries | 945,450 | 27,564 | - | -973,014 | - | ||||||
Total assets | $ 1,068,981 | $ 1,168,742 | $ 76,695 | $ (1,420,717) | $ 893,701 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable, including intercompany | $ 417,593 | $ 39,424 | $ 4,476 | $ (419,735) | $ 41,758 | ||||||
Current portion of long-term debt | 183,564 | - | - | - | 183,564 | ||||||
Income taxes | 1,106 | 210 | 340 | -1,545 | 111 | ||||||
Accrued insurance | 784 | 41,075 | - | - | 41,859 | ||||||
Accrued compensation | 5,047 | 42,905 | 371 | - | 48,323 | ||||||
Accrued legal | 6,031 | 17,179 | - | - | 23,210 | ||||||
Other current liabilities | 2,739 | 22,219 | 1,379 | -1,176 | 25,161 | ||||||
Total current liabilities | 616,864 | 163,012 | 6,566 | -422,456 | 363,986 | ||||||
Deferred income taxes | - | 52,548 | - | -25,247 | 27,301 | ||||||
Deferred compensation liabilities | - | - | 42,348 | - | 42,348 | ||||||
Other liabilities | 3,227 | 6,914 | 1,035 | - | 11,176 | ||||||
Stockholders' equity | 448,890 | 946,268 | 26,746 | -973,014 | 448,890 | ||||||
Total liabilities and stockholders' equity | $ 1,068,981 | $ 1,168,742 | $ 76,695 | $ (1,420,717) | $ 893,701 | ||||||
31-Dec-12 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ 56,342 | $ 4,674 | $ 8,515 | $ - | $ 69,531 | ||||||
Accounts receivable, including intercompany | 925 | 427,341 | 889 | -335,822 | 93,333 | ||||||
Inventories | - | 6,505 | 553 | - | 7,058 | ||||||
Current deferred income taxes | - | 14,633 | 173 | -1,147 | 13,659 | ||||||
Prepaid income taxes | 4,043 | - | - | -1,400 | 2,643 | ||||||
Prepaid expenses | 564 | 10,656 | 227 | - | 11,447 | ||||||
Total current assets | 61,874 | 463,809 | 10,357 | -338,369 | 197,671 | ||||||
Investments of deferred compensation plans | - | - | 36,089 | - | 36,089 | ||||||
Properties and equipment, at cost less accumulated depreciation | 10,984 | 78,236 | 2,714 | - | 91,934 | ||||||
Identifiable intangible assets less accumulated amortization | - | 57,177 | - | - | 57,177 | ||||||
Goodwill | - | 461,277 | 4,555 | - | 465,832 | ||||||
Other assets | 19,025 | 2,005 | 13,797 | -23,904 | 10,923 | ||||||
Investments in subsidiaries | 874,692 | 24,298 | - | -898,990 | - | ||||||
Total assets | $ 966,575 | $ 1,086,802 | $ 67,512 | $ (1,261,263) | $ 859,626 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable, including intercompany | $ 325,916 | $ 53,934 | $ 4,444 | $ (335,822) | $ 48,472 | ||||||
Income taxes | 1,019 | 3,816 | 1,503 | -1,400 | 4,938 | ||||||
Accrued insurance | 1,339 | 39,315 | - | - | 40,654 | ||||||
Accrued compensation | 4,119 | 40,891 | 447 | - | 45,457 | ||||||
Accrued legal | 6 | 1,155 | - | - | 1,161 | ||||||
Other current liabilities | 2,780 | 12,748 | 1,759 | -1,147 | 16,140 | ||||||
Total current liabilities | 335,179 | 151,859 | 8,153 | -338,369 | 156,822 | ||||||
Deferred income taxes | - | 51,566 | - | -23,904 | 27,662 | ||||||
Long-term debt | 174,890 | - | - | - | 174,890 | ||||||
Deferred compensation liabilities | - | - | 35,599 | - | 35,599 | ||||||
Other liabilities | 3,215 | 7,352 | 795 | - | 11,362 | ||||||
Stockholders' equity | 453,291 | 876,025 | 22,965 | -898,990 | 453,291 | ||||||
Total liabilities and stockholders' equity | $ 966,575 | $ 1,086,802 | $ 67,512 | $ (1,261,263) | $ 859,626 | ||||||
For the year ended December 31, 2013 | Guarantor | Non-Guarantor | Consolidating | ||||||||
Parent | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||
Net sales and service revenues | $ - | $ 1,383,140 | $ 30,189 | $ - | $ 1,413,329 | ||||||
Cost of services provided and goods sold | - | 991,816 | 16,992 | - | 1,008,808 | ||||||
Selling, general and administrative expenses | 23,055 | 176,967 | 12,496 | - | 212,518 | ||||||
Depreciation | 959 | 25,797 | 942 | - | 27,698 | ||||||
Amortization | 1,981 | 2,709 | - | - | 4,690 | ||||||
Other operating expenses | - | 26,221 | - | - | 26,221 | ||||||
Total costs and expenses | 25,995 | 1,223,510 | 30,430 | - | 1,279,935 | ||||||
Income/(loss) from operations | -25,995 | 159,630 | -241 | - | 133,394 | ||||||
Interest expense | -14,713 | -504 | 182 | - | -15,035 | ||||||
Other (expense)/income - net | 16,326 | -15,833 | 4,977 | - | 5,470 | ||||||
Income/(loss) before income taxes | -24,382 | 143,293 | 4,918 | - | 123,829 | ||||||
Income tax (provision)/benefit | 7,729 | -54,456 | 125 | - | -46,602 | ||||||
Equity in net income of subsidiaries | 93,880 | 4,409 | - | -98,289 | - | ||||||
Net income | $ 77,227 | $ 93,246 | $ 5,043 | $ (98,289) | $ 77,227 | ||||||
For the year ended December 31, 2012 | Guarantor | Non-Guarantor | Consolidating | ||||||||
Parent | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||
Net sales and service revenues | $ - | $ 1,400,561 | $ 29,482 | $ - | $ 1,430,043 | ||||||
Cost of services provided and goods sold | - | 1,017,001 | 16,320 | - | 1,033,321 | ||||||
Selling, general and administrative expenses | 22,618 | 175,166 | 10,872 | - | 208,656 | ||||||
Depreciation | 942 | 24,179 | 888 | - | 26,009 | ||||||
Amortization | 1,924 | 2,588 | - | - | 4,512 | ||||||
Other operating expenses | - | 1,126 | - | - | 1,126 | ||||||
Total costs and expenses | 25,484 | 1,220,060 | 28,080 | - | 1,273,624 | ||||||
Income/(loss) from operations | -25,484 | 180,501 | 1,402 | - | 156,419 | ||||||
Interest expense | -13,999 | -666 | -58 | - | -14,723 | ||||||
Other (expense)/income - net | 17,626 | -16,992 | 3,489 | - | 4,123 | ||||||
Income/(loss) before income taxes | -21,857 | 162,843 | 4,833 | - | 145,819 | ||||||
Income tax (provision)/benefit | 7,001 | -61,794 | -1,722 | - | -56,515 | ||||||
Equity in net income of subsidiaries | 104,160 | 3,190 | - | -107,350 | - | ||||||
Net income | $ 89,304 | $ 104,239 | $ 3,111 | $ (107,350) | $ 89,304 | ||||||
For the year ended December 31, 2011 | Guarantor | Non-Guarantor | Consolidating | ||||||||
Parent | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||
Net sales and service revenues | $ - | $ 1,328,425 | $ 27,545 | $ - | $ 1,355,970 | ||||||
Cost of services provided and goods sold | - | 955,628 | 14,856 | - | 970,484 | ||||||
Selling, general and administrative expenses | 21,895 | 172,368 | 7,997 | - | 202,260 | ||||||
Depreciation | 945 | 23,496 | 806 | - | 25,247 | ||||||
Amortization | 1,756 | 2,496 | - | - | 4,252 | ||||||
Total costs and expenses | 24,596 | 1,153,988 | 23,659 | - | 1,202,243 | ||||||
Income/(loss) from operations | -24,596 | 174,437 | 3,886 | - | 153,727 | ||||||
Interest expense | -13,177 | -587 | -124 | - | -13,888 | ||||||
Other (expense)/income - net | 16,507 | -16,591 | 801 | - | 717 | ||||||
Income/(loss) before income taxes | -21,266 | 157,259 | 4,563 | - | 140,556 | ||||||
Income tax (provision)/benefit | 6,564 | -59,407 | -1,734 | - | -54,577 | ||||||
Equity in net income of subsidiaries | 100,681 | 3,001 | - | -103,682 | - | ||||||
Net income | $ 85,979 | $ 100,853 | $ 2,829 | $ (103,682) | $ 85,979 | ||||||
For the year ended December 31, 2013 | Guarantor | Non-Guarantor | |||||||||
Parent | Subsidiaries | Subsidiaries | Consolidated | ||||||||
Cash Flow from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ 9,592 | $ 138,580 | $ 2,675 | $ 150,847 | |||||||
Cash Flow from Investing Activities: | |||||||||||
Capital expenditures | -160 | -28,272 | -892 | -29,324 | |||||||
Business combinations, net of cash acquired | - | -2,257 | - | -2,257 | |||||||
Other sources/(uses) - net | -66 | 255 | 46 | 235 | |||||||
Net cash used by investing activities | -226 | -30,274 | -846 | -31,346 | |||||||
Cash Flow from Financing Activities: | |||||||||||
Purchases of treasury stock | -92,911 | - | - | -92,911 | |||||||
Capital stock surrendered to pay taxes on stock-based compensation | -5,348 | - | - | -5,348 | |||||||
Dividends paid to shareholders | -14,148 | - | - | -14,148 | |||||||
Proceeds from exercise of stock options | 17,122 | - | - | 17,122 | |||||||
Realized excess tax benefit on share based compensation | 3,982 | - | - | 3,982 | |||||||
Debt issuance costs | -1,108 | - | - | -1,108 | |||||||
Change in cash overdrafts payable | 4,578 | -15,993 | - | -11,415 | |||||||
Change in intercompany accounts | 106,082 | -105,764 | -318 | - | |||||||
Other sources - net | 48 | - | -836 | -788 | |||||||
Net cash provided/(used) by financing activities | 18,297 | -121,757 | -1,154 | -104,614 | |||||||
Net increase in cash and cash equivalents | 27,663 | -13,451 | 675 | 14,887 | |||||||
Cash and cash equivalents at beginning of year | 56,342 | 4,674 | 8,515 | 69,531 | |||||||
Cash and cash equivalents at end of period | $ 84,005 | $ (8,777) | $ 9,190 | $ 84,418 | |||||||
For the year ended December 31, 2012 | Guarantor | Non-Guarantor | |||||||||
Parent | Subsidiaries | Subsidiaries | Consolidated | ||||||||
Cash Flow from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ 5,267 | $ 123,431 | $ 3,070 | $ 131,768 | |||||||
Cash Flow from Investing Activities: | |||||||||||
Capital expenditures | -285 | -33,944 | -1,023 | -35,252 | |||||||
Business combinations, net of cash acquired | - | -5,900 | - | -5,900 | |||||||
Other sources/(uses) - net | 178 | 312 | -22 | 468 | |||||||
Net cash used by investing activities | -107 | -39,532 | -1,045 | -40,684 | |||||||
Cash Flow from Financing Activities: | |||||||||||
Purchases of treasury stock | -60,624 | - | - | -60,624 | |||||||
Capital stock surrendered to pay taxes on stock-based compensation | -4,098 | - | - | -4,098 | |||||||
Dividends paid to shareholders | -13,026 | - | - | -13,026 | |||||||
Proceeds from exercise of stock options | 12,310 | - | - | 12,310 | |||||||
Realized excess tax benefit on share based compensation | 3,435 | - | - | 3,435 | |||||||
Change in cash overdrafts payable | -5,338 | 7,262 | - | 1,924 | |||||||
Change in intercompany accounts | 85,935 | -85,065 | -870 | - | |||||||
Other sources - net | 118 | - | 327 | 445 | |||||||
Net cash provided/(used) by financing activities | 18,712 | -77,803 | -543 | -59,634 | |||||||
Net increase in cash and cash equivalents | 23,872 | 6,096 | 1,482 | 31,450 | |||||||
Cash and cash equivalents at beginning of year | 32,470 | -1,422 | 7,033 | 38,081 | |||||||
Cash and cash equivalents at end of period | $ 56,342 | $ 4,674 | $ 8,515 | $ 69,531 | |||||||
For the year ended December 31, 2011 | Guarantor | Non-Guarantor | |||||||||
Parent | Subsidiaries | Subsidiaries | Consolidated | ||||||||
Cash Flow from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ 12,444 | $ 158,159 | $ 3,740 | $ 174,343 | |||||||
Cash Flow from Investing Activities: | |||||||||||
Capital expenditures | -73 | -28,145 | -1,374 | -29,592 | |||||||
Business combinations, net of cash acquired | - | -3,664 | - | -3,664 | |||||||
Other sources/(uses) - net | -191 | -730 | 63 | -858 | |||||||
Net cash used by investing activities | -264 | -32,539 | -1,311 | -34,114 | |||||||
Cash Flow from Financing Activities: | |||||||||||
Purchases of treasury stock | -143,970 | - | - | -143,970 | |||||||
Capital stock surrendered to pay taxes on stock-based compensation | -3,916 | - | - | -3,916 | |||||||
Dividends paid to shareholders | -12,538 | - | - | -12,538 | |||||||
Proceeds from exercise of stock options | 8,036 | - | - | 8,036 | |||||||
Realized excess tax benefit on share based compensation | 3,854 | - | - | 3,854 | |||||||
Debt issuance costs | -2,657 | - | - | -2,657 | |||||||
Change in cash overdrafts payable | 9 | -835 | - | -826 | |||||||
Change in intercompany accounts | 126,040 | -124,636 | -1,404 | - | |||||||
Other sources - net | 108 | - | -156 | -48 | |||||||
Net cash used by financing activities | -25,034 | -125,471 | -1,560 | -152,065 | |||||||
Net increase/(decrease) in cash and cash equivalents | -12,854 | 149 | 869 | -11,836 | |||||||
Cash and cash equivalents at beginning of year | 45,324 | -1,571 | 6,164 | 49,917 | |||||||
Cash and cash equivalents at end of period | $ 32,470 | $ (1,422) | $ 7,033 | $ 38,081 | |||||||
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Schedule II - Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||
Schedule II - Valuation And Qualifying Accounts | ' | ||||||||||
SCHEDULE II | |||||||||||
CHEMED CORPORATION AND SUBSIDIARY COMPANIES | |||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||
(IN THOUSANDS) | |||||||||||
DR/(CR) | |||||||||||
ADDITIONS | |||||||||||
(CHARGED) | |||||||||||
CREDITED | (CHARGED) | ||||||||||
BALANCE AT | TO COSTS | CREDITED | BALANCE | ||||||||
BEGINNING | AND | TO OTHER | DEDUCTIONS | AT END | |||||||
DESCRIPTION | OF PERIOD | EXPENSES | ACCOUNTS | (a) | OF PERIOD | ||||||
Allowances for doubtful | |||||||||||
accounts (b) | |||||||||||
For the year 2013 | $ (10,892) | $ (10,690) | $ (1,318) | $ 10,310 | $ (12,590) | ||||||
For the year 2012 | $ (11,524) | $ (9,233) | $ (1,326) | $ 11,191 | $ (10,892) | ||||||
For the year 2011 | $ (13,332) | $ (8,686) | $ (786) | $ 11,280 | $ (11,524) | ||||||
Allowances for doubtful | |||||||||||
accounts - notes | |||||||||||
receivable (c) | |||||||||||
For the year 2013 | $ (132) | $ (217) | $ (29) | $ - | $ (378) | ||||||
For the year 2012 | $ (305) | $ 122 | $ 51 | $ - | $ (132) | ||||||
For the year 2011 | $ (368) | $ 123 | $ (60) | $ - | $ (305) | ||||||
(a) With respect to allowances for doubtful accounts, deductions include accounts considered uncollectible or | |||||||||||
written off, payments, companies divested, etc. | |||||||||||
(b) Classified in consolidated balance sheet as a reduction of accounts receivable. | |||||||||||
(c) Classified in consolidated balance sheet as a reduction of other assets. | |||||||||||
S-3 | |||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ||
Nature Of Operations | ' | ||
NATURE OF OPERATIONS | |||
We operate through our two wholly-owned subsidiaries: VITAS Healthcare Corporation (“VITAS”) and Roto-Rooter Group, Inc. (“Roto-Rooter”). VITAS focuses on hospice care that helps make terminally ill patients' final days as comfortable as possible. Through its team of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter provides plumbing and drain cleaning services to both residential and commercial customers. Through its network of company-owned branches, independent contractors and franchisees, Roto-Rooter offers plumbing and drain cleaning service to over 90% of the U.S. population. | |||
Principles Of Consolidation | ' | ||
PRINCIPLES OF CONSOLIDATION | |||
The consolidated financial statements include the accounts of Chemed Corporation and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated. | |||
We have analyzed the provisions of the Financial Accounting Standards Board (“FASB”) authoritative guidance on the consolidation of variable interest entities relative to our contractual relationships with Roto-Rooter’s independent contractors and franchisees. The guidance requires the primary beneficiary of a Variable Interest Entity (“VIE”) to consolidate the accounts of the VIE. Based upon the guidance provided by the FASB, we have concluded that neither the independent contractors nor the franchisees are VIEs. | |||
Cash Equivalents | ' | ||
CASH EQUIVALENTS | |||
Cash equivalents comprise short-term, highly liquid investments, including money market funds that have original maturities of three months or less. | |||
Accounts And Loans Receivable | ' | ||
ACCOUNTS AND LOANS RECEIVABLE | |||
Accounts and loans receivable are recorded at the principal balance outstanding less estimated allowances for uncollectible accounts. For the Roto-Rooter segment, allowances for trade accounts receivable are generally provided for accounts more than 90 days past due, although collection efforts continue beyond that time. Due to the small number of loans receivable outstanding, allowances for loan losses are determined on a case-by-case basis. For the VITAS segment, allowances for accounts receivable are provided on accounts based on expected collection rates by payer types. The expected collection rate is based on both historical averages and known current trends. Final write-off of overdue accounts or loans receivable is made when all reasonable collection efforts have been made and payment is not forthcoming. We closely monitor our receivables and periodically review procedures for granting credit to attempt to hold losses to a minimum. | |||
As of December 31, 2013, VITAS has approximately $114,000 in unbilled revenue included in accounts receivable (December 31, 2012 - $457,000). The unbilled revenue at VITAS relates to hospice programs currently undergoing various patient file reviews. Surveyors working on behalf of the U.S. Federal government review certain patient files for compliance with Medicare regulations. During the time the patient file is under review, we are unable to bill for care provided to those patients. We make appropriate provisions to reduce our accounts receivable balance for any governmental or other payer reviews resulting in denials of patient service revenue. We believe our hospice programs comply with all payer requirements at the time of billing. However, we cannot predict whether future billing reviews or similar audits by payers will result in material denials or reductions in revenue. | |||
Concentration Of Risk | ' | ||
CONCENTRATION OF RISK | |||
As of December 31, 2013 and 2012, approximately 60% and 53%, respectively, of VITAS’ total accounts receivable balance were due from Medicare and 31% and 36%, respectively, of VITAS’ total accounts receivable balance were due from various state Medicaid programs. Combined accounts receivable from Medicare and Medicaid represent 85% of the consolidated net accounts receivable in the accompanying consolidated balance sheet as of December 31, 2013. | |||
As further described in Note 19, we have agreements with one vendor to provide specified pharmacy services for VITAS and its hospice patients. In 2013 and 2012, respectively, purchases made from this vendor represent over 90% | |||
of all pharmacy services used by VITAS. | |||
Inventories | ' | ||
INVENTORIES | |||
Substantially all of the inventories are either general merchandise or finished goods. Inventories are stated at the lower of cost or market. For determining the value of inventories, cost methods that reasonably approximate the first-in, first-out (“FIFO”) method are used. | |||
Depreciation And Properties And Equipment | ' | ||
DEPRECIATION AND PROPERTIES AND EQUIPMENT | |||
Depreciation of properties and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the remaining lease terms (excluding option terms) or their useful lives. Expenditures for maintenance, repairs, renewals and betterments that do not materially prolong the useful lives of the assets are expensed as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected currently in other income, net. | |||
Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized in accordance with the FASB’s authoritative guidance on accounting for the costs of computer software developed or obtained for internal use. | |||
The weighted average lives of our property and equipment at December 31, 2013, were: | |||
Buildings and building improvements | 9.0 | yrs. | |
Transportation equipment | 13.9 | ||
Machinery and equipment | 5.6 | ||
Computer software | 5.1 | ||
Furniture and fixtures | 4.7 | ||
Goodwill And Intangible Assets | ' | ||
GOODWILL AND INTANGIBLE ASSETS | |||
Identifiable, definite-lived intangible assets arise from purchase business combinations and are amortized using either an accelerated method or the straight-line method over the estimated useful lives of the assets. The selection of an amortization method is based on which method best reflects the economic pattern of usage of the asset. The weighted average lives of our identifiable, definite-lived intangible assets at December 31, 2013, were: | |||
Covenants not to compete | 6.4 | yrs. | |
Reaquired franchise rights | 6.5 | ||
Referral networks | 10.0 | ||
Customer lists | 13.3 | ||
The date of our annual goodwill and indefinite-lived intangible asset impairment analysis is October 1. The VITAS trade name is considered to have an indefinite life. We also capitalize the direct costs of obtaining licenses to operate either hospice programs or plumbing operations subject to a minimum capitalization threshold. These costs are amortized over the life of the license using the straight line method. Certificates of Need (CON), which are required in certain states for hospice operations, are generally granted without expiration and thus, we believe them to be indefinite-lived assets subject to impairment testing. | |||
We consider that Roto-Rooter Corp. (RRC), Roto-Rooter Services Co. (RRSC) and VITAS are appropriate reporting units for testing goodwill impairment. We consider RRC and RRSC separate reporting units but one operating segment. This is appropriate as they each have their own set of general ledger accounts that can be analyzed at “one level below an operating segment” per the definition of a reporting unit in FASB guidance. | |||
In July 2012, the FASB issued Accounting Standards Update (“ASU”) No. 2012-02 – Intangibles Goodwill and Other which provided additional guidance related to the impairment testing of indefinite-lived intangible assets. ASU No. 2012–02 allows an entity to first assess qualitative factors to determine whether it is necessary to perform further impairment testing. The revised guidance was effective for fiscal years beginning after September 15, 2012 but early adoption was permitted. Our impairment testing date is October 1 of each year and we adopted the new guidelines in the third quarter of 2012. | |||
We completed our qualitative analysis for impairment of goodwill and our indefinite-lived intangible assets as of October 1, 2013. Based on our assessment, we do not believe that it is more likely than not that our reporting units or indefinite-lived assets fair values are less than their carrying values. | |||
Long-Lived Assets | ' | ||
LONG-LIVED ASSETS | |||
If we believe a triggering event may have occurred that indicates a possible impairment of our long-lived assets, we perform an estimate and valuation of the future benefits of our long-lived assets (other than goodwill, the VITAS trade name and capitalized CON costs) based on key financial indicators. If the projected undiscounted cash flows of a major business unit indicate that property and equipment or identifiable, definite-lived intangible assets have been impaired, a write-down to fair value is made. | |||
Other Assets | ' | ||
OTHER ASSETS | |||
Debt issuance costs are included in other assets. Issuance costs related to revolving credit agreements are amortized using the straight line method, over the life of the agreement. All other issuance costs are amortized using the effective interest method over the life of the debt. | |||
Revenue Recognition | ' | ||
REVENUE RECOGNITION | |||
Both the VITAS segment and Roto-Rooter segment recognize service revenues and sales when the earnings process has been completed. Generally, this occurs when services are provided or products are delivered. Sales of Roto-Rooter products, including drain cleaning machines and drain cleaning solution, comprise less than 3% of our total service revenues and sales for each of the three years in the period ended December 31, 2013. | |||
Charity Care | ' | ||
CHARITY CARE | |||
VITAS provides charity care, in certain circumstances, to patients without charge when management of the hospice program determines that the patient does not have the financial wherewithal to make payment. There is no revenue or associated accounts receivable in the accompanying consolidated financial statements related to charity care. | |||
The cost of providing charity care during the years ended December 31, 2013, 2012 and 2011, was $7.5 million, $8.4 million and $7.3 million, respectively. The cost of charity care is calculated by taking the ratio of charity care days to total days of care and multiplying by total cost of care. | |||
Sales Tax | ' | ||
SALES TAX | |||
The Roto-Rooter segment collects sales tax from customers when required by state and federal laws. We record the amount of sales tax collected net in the accompanying consolidated statement of income. | |||
Guarantees | ' | ||
GUARANTEES | |||
In the normal course of business, Roto-Rooter enters into various guarantees and indemnifications in our relationships with customers and others. These arrangements include guarantees of services for periods ranging from one day to one year and product satisfaction guarantees. Prior to 2012, our technicians were financially responsible for servicing guarantees and warranty claims. During 2012, Roto-Rooter modified its technician compensation program and the Company began assuming financial responsibility for service guarantees and warranty claims. At December 31, 2013 and 2012 our accrual for such claims was $321,000 and $361,000 respectively. | |||
Operating Expenses | ' | ||
OPERATING EXPENSES | |||
Cost of services provided and goods sold (excluding depreciation) includes salaries, wages and benefits of service providers and field personnel, material costs, medical supplies and equipment, pharmaceuticals, insurance costs, service vehicle costs and other expenses directly related to providing service revenues or generating sales. Selling, general and administrative expenses include salaries, wages, stock option expense and benefits of selling, marketing and administrative employees, advertising expenses, communications and branch telephone expenses, office rent and operating costs, legal, banking and professional fees and other administrative costs. The cost associated with VITAS sales personnel is included in cost of services provided and goods sold (excluding depreciation). | |||
Advertising | ' | ||
ADVERTISING | |||
We expense the production costs of advertising the first time the advertising takes place. The costs of telephone directory listings are expensed when the directories are placed in circulation. These directories are generally in circulation for approximately one year, at which point they are typically replaced by the publisher with a new directory. We generally pay for directory placement assuming it is in circulation for one year. If the directory is in circulation for less than or greater than one year, we receive a credit or additional billing, as necessary. We do not control the timing of when a new directory is placed in circulation. Advertising expense for the year ended December 31, 2013, was $31.0 million (2012 – $29.2 million; 2011 - $27.2 million). | |||
Computation Of Earnings Per Share | ' | ||
COMPUTATION OF EARNINGS PER SHARE | |||
Earnings per share are computed using the weighted average number of shares of capital stock outstanding. Diluted earnings per share reflect the dilutive impact of our outstanding stock options and nonvested stock awards. Stock options whose exercise price is greater than the average market price of our stock are excluded from the computation of diluted earnings per share. | |||
Stock-Based Compensation Plans | ' | ||
STOCK-BASED COMPENSATION PLANS | |||
Stock-based compensation cost is measured at the grant date, based on the fair value of the award and recognized as expense over the employee’s requisite service period on a straight-line basis. | |||
Insurance Accruals | ' | ||
INSURANCE ACCRUALS | |||
For our Roto-Rooter segment and Corporate Office, we self-insure for all casualty insurance claims (workers’ compensation, auto liability and general liability). As a result, we closely monitor and frequently evaluate our historical claims experience to estimate the appropriate level of accrual for self-insured claims. Our third-party administrator (“TPA”) processes and reviews claims on a monthly basis. Currently, our exposure on any single claim is capped at $750,000. In developing our estimates, we accumulate historical claims data for the previous 10 years to calculate loss development factors (“LDF”) by insurance coverage type. LDFs are applied to known claims to estimate the ultimate potential liability for known and unknown claims for each open policy year. LDFs are updated annually. Because this methodology relies heavily on historical claims data, the key risk is whether the historical claims are an accurate predictor of future claims exposure. The risk also exists that certain claims have been incurred and not reported on a timely basis. To mitigate these risks, in conjunction with our TPA, we closely monitor claims to ensure timely accumulation of data and compare claims trends with the industry experience of our TPA. | |||
For the VITAS segment, we self-insure for workers’ compensation claims. Currently, VITAS’ exposure on any single claim is capped at $1,000,000. For VITAS’ self-insurance accruals for workers’ compensation, the valuation methods used are similar to those used internally for our other business units. | |||
Our casualty insurance liabilities are recorded gross before any estimated recovery for amounts exceeding our stop loss limits. Estimated recoveries from insurance carriers are recorded as accounts receivable. | |||
Taxes On Income | ' | ||
TAXES ON INCOME | |||
Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amount of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized due to insufficient taxable income within the carryback or carryforward period available under the tax laws. Deferred tax assets and liabilities are adjusted for the effects of changes in laws and rates on the date of enactment. | |||
We are subject to income taxes in Canada, U.S. federal and most state jurisdictions. Significant judgment is required to determine our provision for income taxes. Our financial statements reflect expected future tax consequences of such uncertain positions assuming the taxing authorities’ full knowledge of the position and all relevant facts. | |||
Contingencies | ' | ||
CONTINGENCIES | |||
As discussed in Note 18, we are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and estimable. We record legal fees associated with legal and regulatory actions as the costs are incurred. We disclose material loss contingencies that are probable but not reasonably estimable and those that are at least reasonably possible. | |||
Estimates | ' | ||
ESTIMATES | |||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Disclosures of aftertax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments. | |||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ||
Schedule Of Weighted Average Lives Of Property And Equipment | ' | ||
Buildings and building improvements | 9.0 | yrs. | |
Transportation equipment | 13.9 | ||
Machinery and equipment | 5.6 | ||
Computer software | 5.1 | ||
Furniture and fixtures | 4.7 | ||
Weighted Average Lives Of Identifiable, Definite-Lived Intangible Assets | ' | ||
Covenants not to compete | 6.4 | yrs. | |
Reaquired franchise rights | 6.5 | ||
Referral networks | 10.0 | ||
Customer lists | 13.3 | ||
Hospice_Revenue_Recognition_Ta
Hospice Revenue Recognition (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Hospice Revenue Recognition [Abstract] | ' | ||||||||||||||
Schedule Of Allowance For Doubtful Accounts | ' | ||||||||||||||
Medicare | Medicaid | Commercial | Other | Total | |||||||||||
Beginning Balance January 1, 2011 | $ | 4,917 | $ | 3,097 | $ | 1,569 | $ | 420 | $ | 10,003 | |||||
Bad debt provision | 1,393 | 4,794 | 2,034 | -12 | 8,209 | ||||||||||
Write-offs | -2,496 | -3,787 | -2,956 | -760 | -9,999 | ||||||||||
Other/Contractual adjustments | 397 | 130 | 542 | 205 | 1,274 | ||||||||||
Ending Balance December 31, 2012 | 4,211 | 4,234 | 1,189 | -147 | 9,487 | ||||||||||
Bad debt provision | 506 | 5,169 | 3,084 | 591 | 9,350 | ||||||||||
Write-offs | -1,304 | -4,361 | -2,691 | -534 | -8,890 | ||||||||||
Other/Contractual adjustments | 462 | 152 | 622 | 112 | 1,348 | ||||||||||
Ending Balance December 31, 2013 | $ | 3,875 | $ | 5,194 | $ | 2,204 | $ | 22 | $ | 11,295 | |||||
Schedule Of Medicare Cap Liability Activity | ' | ||||||||||||||
2013 | 2012 | ||||||||||||||
Beginning Balance January 1, | $ 1,261 | $ 2,965 | |||||||||||||
2014 measurement period | 3,881 | - | |||||||||||||
2013 measurement period | 3,181 | 874 | |||||||||||||
2012 measurement period | - | -2,578 | |||||||||||||
2010 measurement period | -63 | - | |||||||||||||
Ending Balance December 31, | $ 8,260 | $ 1,261 | |||||||||||||
LongTerm_Debt_And_Lines_Of_Cre1
Long-Term Debt And Lines Of Credit (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Long-Term Debt And Lines Of Credit [Abstract] | ' | ||||||
Debt Amounts Included In Consolidated Balance Sheet | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Principal amount of convertible debentures | $ 186,956 | $ 186,956 | |||||
Unamortized debt discount | -3,392 | -12,066 | |||||
Carrying amount of convertible debentures | $ 183,564 | $ 174,890 | |||||
Additional paid in capital (net of tax) | $ 31,310 | $ 31,310 | |||||
Interest Expense Included In Consolidated Income Statement | ' | ||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
Cash interest expense | $ 4,610 | $ 5,352 | $ 5,175 | ||||
Non-cash amortization of debt discount | 8,674 | 8,106 | 7,576 | ||||
Amortization of debt costs | 1,751 | 1,265 | 1,137 | ||||
Total interest expense | $ 15,035 | $ 14,723 | $ 13,888 | ||||
Interest Paid During Period | ' | ||||||
2013 | $ | 4,744 | |||||
2012 | 5,547 | ||||||
2011 | 4,754 | ||||||
Financial Debt Covenants | ' | ||||||
Description | Requirement | Chemed | |||||
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. | |||||||
EBITDA) | < 3.50 to 1.00 | 1.07 to 1.00 | |||||
Fixed Charge Coverage Ratio (Consolidated Free Cash | |||||||
Flow/Consolidated Fixed Charges | > 1.50 to 1.00 | 2.25 to 1.00 | |||||
Annual Operating Lease Commitment | < $30.0 million | $26.5 million | |||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock-Based Compensation Plans [Abstract] | ' | ||||||||||||
Schedule Of Total Stock Option And Award Activity | ' | ||||||||||||
Stock Options | Stock Awards and PSUs | ||||||||||||
Weighted Average | Aggregate | Weighted | |||||||||||
Remaining | Intrinsic | Average | |||||||||||
Number of | Exercise | Contractual | Value | Number of | Grant-Date | ||||||||
Options | Price | Life (Years) | (thousands) | Shares | Price | ||||||||
Outstanding at January 1, 2013 | 2,461,455 | $ | 57.41 | 269,292 | $ | 50.34 | |||||||
Granted | 329,274 | 70.30 | 69,322 | 74.60 | |||||||||
Exercised/Vested | -619,248 | 49.46 | -56,644 | 47.18 | |||||||||
Canceled/ Forfeited | -4,069 | 64.04 | -412 | 65.17 | |||||||||
Outstanding at December 31, 2013 | 2,167,412 | 61.63 | 6.4 | $ | 33,308 | 281,558 | 56.93 | ||||||
Vested and expected to vest at December 31, 2013 | 2,167,412 | 61.63 | 6.4 | 33,308 | 277,524 | 56.74 | |||||||
Exercisable at December 31, 2013 | 1,377,534 | 58.76 | 5.2 | 25,123 | n.a. | n.a. | |||||||
Schedule Of Other Data For Stock Option And Stock Award Activity | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total compensation cost of stock-based compensation | |||||||||||||
plans charged against income | $ | 10,868 | $ | 11,975 | $ | 14,237 | |||||||
Total income tax benefit recognized in income for stock | |||||||||||||
based compensation plans | 3,994 | 4,401 | 5,232 | ||||||||||
Total intrinsic value of stock options exercised | 16,922 | 15,671 | 12,925 | ||||||||||
Total intrinsic value of stock awards vested during the period | 4,298 | 2,786 | 3,757 | ||||||||||
Per-share weighted averaged grant-date fair value of | |||||||||||||
stock awards granted | 74.60 | 41.49 | 64.74 | ||||||||||
Schedule Of Valuation Assumptions | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock price on date of issuance | $ | $ | $ | ||||||||||
70.30 | 63.36 | 65.17 | |||||||||||
Grant date fair value per share | $ | $ | $ | ||||||||||
14.79 | 15.98 | 19.08 | |||||||||||
Number of options granted | 329,274 | 442,350 | 513,100 | ||||||||||
Expected term (years) | 4.9 | 4.9 | 4.9 | ||||||||||
Risk free rate of return | 1.39% | 0.89% | 2.35% | ||||||||||
Volatility | 24.90% | 30.80% | 32.80% | ||||||||||
Dividend yield | 1.1% | 1.0% | 1.0% | ||||||||||
Forfeiture rate | - | - | - | ||||||||||
Schedule Of Other Data For Stock Options And Stock Awards | ' | ||||||||||||
Stock | Stock Awards | ||||||||||||
Options | and PSUs | ||||||||||||
Total unrecognized compensation related to nonvested options and awards at end of year | $ | 7,459 | $ | 6,465 | |||||||||
Weighted average period over which unrecognized compensation cost of nonvested options | |||||||||||||
and awards to be recognized (years) | 2.2 | 2.1 | |||||||||||
Actual income tax benefit realized from options exercised during the year | $ | 6,251 | n.a. | ||||||||||
Aggregate intrinsic value of stock awards and PSUs vested and expected to vest | n.a. | 21,369 | |||||||||||
Segments_And_Nature_Of_The_Bus1
Segments And Nature Of The Business (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segments And Nature Of The Business [Abstract] | ' | ||||||||
Service Revenues And Sales And After-Tax Earnings By Business Segment | ' | ||||||||
For the Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Revenues by Type of Service | |||||||||
VITAS | |||||||||
Routine homecare | $ | 791,735 | $ | 778,776 | $ | 718,658 | |||
Continuous care | 155,409 | 172,063 | 158,466 | ||||||
General inpatient | 104,968 | 114,494 | 110,742 | ||||||
Medicare cap | -6,999 | 1,704 | -1,594 | ||||||
Total segment | 1,045,113 | 1,067,037 | 986,272 | ||||||
Roto-Rooter | |||||||||
Sewer and drain cleaning | 141,283 | 138,500 | 138,932 | ||||||
Plumbing repair and maintenance | 172,002 | 172,310 | 177,363 | ||||||
Independent contractors | 33,030 | 28,522 | 26,711 | ||||||
HVAC repair and maintenance | - | 1,109 | 3,410 | ||||||
Other products and services | 21,901 | 22,565 | 23,282 | ||||||
Total segment | 368,216 | 363,006 | 369,698 | ||||||
Total service revenues and sales | $ | 1,413,329 | $ | 1,430,043 | $ | 1,355,970 | |||
Aftertax Segment Earnings/(Loss) | |||||||||
VITAS | $ | 76,144 | $ | 86,577 | $ | 80,358 | |||
Roto-Rooter | 29,243 | 30,905 | 34,879 | ||||||
Total | 105,387 | 117,482 | 115,237 | ||||||
Corporate | -28,160 | -28,178 | -29,258 | ||||||
Net income | $ | 77,227 | $ | 89,304 | $ | 85,979 | |||
Interest Income | |||||||||
VITAS | $ | 5,038 | $ | 3,883 | $ | 4,293 | |||
Roto-Rooter | 2,096 | 1,647 | 2,176 | ||||||
Total | 7,134 | 5,530 | 6,469 | ||||||
Corporate | 56 | 76 | 91 | ||||||
Intercompany eliminations | -6,343 | -4,797 | -6,134 | ||||||
Total interest income | $ | 847 | $ | 809 | $ | 426 | |||
Interest Expense | |||||||||
VITAS | $ | 182 | $ | 233 | $ | 229 | |||
Roto-Rooter | 322 | 433 | 358 | ||||||
Total | 504 | 666 | 587 | ||||||
Corporate | 14,531 | 14,057 | 13,301 | ||||||
Total interest expense | $ | 15,035 | $ | 14,723 | $ | 13,888 | |||
Income Tax Provision | |||||||||
VITAS | $ | 46,910 | $ | 53,092 | $ | 48,835 | |||
Roto-Rooter | 17,560 | 18,770 | 21,353 | ||||||
Total | 64,470 | 71,862 | 70,188 | ||||||
Corporate | -17,868 | -15,347 | -15,611 | ||||||
Total income tax provision | $ | 46,602 | $ | 56,515 | $ | 54,577 | |||
Identifiable Assets | |||||||||
VITAS | $ | 518,316 | $ | 519,555 | $ | 504,677 | |||
Roto-Rooter | 241,679 | 224,735 | 212,234 | ||||||
Total | 759,995 | 744,290 | 716,911 | ||||||
Corporate | 133,706 | 115,336 | 78,994 | ||||||
Total identifiable assets | $ | 893,701 | $ | 859,626 | $ | 795,905 | |||
Additions to Long-Lived Assets | |||||||||
VITAS | $ | 16,219 | $ | 24,735 | $ | 24,298 | |||
Roto-Rooter | 15,202 | 16,132 | 9,426 | ||||||
Total | 31,421 | 40,867 | 33,724 | ||||||
Corporate | 160 | 285 | 72 | ||||||
Total additions to long-lived assets | $ | 31,581 | $ | 41,152 | $ | 33,796 | |||
For the Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Depreciation and Amortization | |||||||||
VITAS | $ | 20,251 | $ | 19,043 | $ | 18,480 | |||
Roto-Rooter | 9,621 | 9,029 | 8,729 | ||||||
Total | 29,872 | 28,072 | 27,209 | ||||||
Corporate | 2,516 | 2,449 | 2,290 | ||||||
Total depreciation and amortization | $ | 32,388 | $ | 30,521 | $ | 29,499 | |||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Schedule By Year Of Projected Amortization Expense For Definite-Lived Intangible Assets | ' | ||||||||
2014 | $ | 709 | |||||||
2015 | 479 | ||||||||
2016 | 408 | ||||||||
2017 | 256 | ||||||||
2018 | 174 | ||||||||
Thereafter | 377 | ||||||||
Schedule Of Intangible Assets | ' | ||||||||
Gross | Accumulated | Net Book | |||||||
Asset | Amortization | Value | |||||||
31-Dec-13 | |||||||||
Referral networks | $ | 22,599 | $ | -21,219 | $ | 1,380 | |||
Covenants not to compete | 9,570 | -9,096 | 474 | ||||||
Customer lists | 1,222 | -1,170 | 52 | ||||||
Reaquired franchise rights | 1,065 | -570 | 495 | ||||||
Subtotal - definite-lived intangibles | 34,456 | -32,055 | 2,401 | ||||||
VITAS trade name | 51,300 | - | 51,300 | ||||||
Rapid Rooter trade name | 150 | - | 150 | ||||||
Operating licenses | 2,705 | - | 2,705 | ||||||
Total | $ | 88,611 | $ | -32,055 | $ | 56,556 | |||
31-Dec-12 | |||||||||
Referral networks | $ | 21,729 | $ | -19,884 | $ | 1,845 | |||
Covenants not to compete | 9,446 | -8,974 | 472 | ||||||
Customer lists | 1,224 | -1,146 | 78 | ||||||
Reaquired franchise rights | 1,037 | -410 | 627 | ||||||
Subtotal - definite-lived intangibles | 33,436 | -30,414 | 3,022 | ||||||
VITAS trade name | 51,300 | - | 51,300 | ||||||
Rapid Rooter trade name | 150 | - | 150 | ||||||
Operating licenses | 2,705 | - | 2,705 | ||||||
Total | $ | 87,591 | $ | -30,414 | $ | 57,177 | |||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Current Year Acquisitions [Member] | ' | ||
Business Acquisition [Line Items] | ' | ||
Schedule Of Business Acquisitions | ' | ||
Identifiable intangible assets | $ | 1,023 | |
Goodwill | 1,212 | ||
Other assets and liabilities - net | 22 | ||
$ | 2,257 | ||
Prior Year Acquisitions [Member] | ' | ||
Business Acquisition [Line Items] | ' | ||
Schedule Of Business Acquisitions | ' | ||
Identifiable intangible assets | $ | 373 | |
Goodwill | 5,094 | ||
Other assets and liabilities - net | 433 | ||
$ | 5,900 | ||
Family Comfort Hospice [Member] | ' | ||
Business Acquisition [Line Items] | ' | ||
Schedule Of Business Acquisitions | ' | ||
Working capital | $ | 382 | |
Identifiable intangible assets | 951 | ||
Goodwill | 2,320 | ||
Other assets and liabilities - net | 11 | ||
$ | 3,664 | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Discontinued Operations [Abstract] | ' | |||
Schedule Of Estimated Timing Of Payments Of Liabilities | ' | |||
2014 | $ | 826 | ||
2015 | 300 | |||
Thereafter | 601 | |||
$ | 1,727 | |||
Other_IncomeNet_Tables
Other Income-Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Income-Net [Abstract] | ' | ||||||||
Schedule Of Other Income-Net From Continuing Operations | ' | ||||||||
For the Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Market value gains related to deferred | |||||||||
compensation trusts | $ | 4,982 | $ | 3,499 | $ | 799 | |||
Loss on disposal of property and equipment | -320 | -347 | -441 | ||||||
Interest income | 847 | 809 | 426 | ||||||
Other - net | -39 | 162 | -67 | ||||||
Total other income | $ | 5,470 | $ | 4,123 | $ | 717 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Schedule Of Provision For Income Taxes | ' | |||||||||||
For the Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | ||||||||||||
U.S. federal | $ | 45,348 | $ | 51,467 | $ | 40,762 | ||||||
U.S. state and local | 7,731 | 7,813 | 5,961 | |||||||||
Foreign | 511 | 386 | 612 | |||||||||
Deferred | ||||||||||||
U.S. federal, state and local | -6,995 | -3,271 | 7,227 | |||||||||
Foreign | 7 | 120 | 15 | |||||||||
Total | $ | 46,602 | $ | 56,515 | $ | 54,577 | ||||||
Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets (Liabilities) | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Accrued liabilities | $ | 41,434 | $ | 32,772 | ||||||||
Stock compensation expense | 14,866 | 15,190 | ||||||||||
Allowance for uncollectible accounts receivable | 1,396 | 1,510 | ||||||||||
State net operating loss carryforwards | 1,495 | 1,461 | ||||||||||
Other | 800 | 678 | ||||||||||
Deferred income tax assets | 59,991 | 51,611 | ||||||||||
Amortization of intangible assets | -45,941 | -44,201 | ||||||||||
Accelerated tax depreciation | -15,379 | -16,536 | ||||||||||
Market valuation of investments | -2,279 | -1,569 | ||||||||||
Currents assets | -1,459 | -1,600 | ||||||||||
Other | -1,949 | -1,671 | ||||||||||
Deferred income tax liabilities | -67,007 | -65,577 | ||||||||||
Net deferred income tax liabilities | $ | -7,016 | $ | -13,966 | ||||||||
Schedule Of Significant Changes To Unrecognized Tax Benefits | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 2,646 | $ | 2,612 | $ | 704 | ||||||
Unrecognized tax benefits due to positions taken in current year | 219 | 219 | 2,038 | |||||||||
Decrease due to expiration of statute of limitations | -1,973 | -185 | -130 | |||||||||
Balance at December 31, | $ | 892 | $ | 2,646 | $ | 2,612 | ||||||
Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate | ' | |||||||||||
For the Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax provision calculated using the statutory rate of 35% | $ | 43,340 | $ | 51,037 | $ | 49,195 | ||||||
State and local income taxes, less federal income tax effect | 4,323 | 4,601 | 4,733 | |||||||||
Uncertain tax position adjustments | -1,782 | - | - | |||||||||
Nondeductible expenses | 1,250 | 1,137 | 1,062 | |||||||||
Other --net | -529 | -260 | -413 | |||||||||
Income tax provision | $ | 46,602 | $ | 56,515 | $ | 54,577 | ||||||
Effective tax rate | 37.6 | % | 38.8 | % | 38.8 | % | ||||||
Schedule Of Income Taxes Paid | ' | |||||||||||
2013 | $ | 55,827 | ||||||||||
2012 | 53,436 | |||||||||||
2011 | 44,343 | |||||||||||
Properties_And_Equipment_Table
Properties And Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Properties And Equipment [Abstract] | ' | |||||
Schedule Of Properties And Equipment | ' | |||||
December 31, | ||||||
2013 | 2012 | |||||
Land | $ | 1,392 | $ | 1,363 | ||
Buildings | 52,328 | 47,831 | ||||
Transportation equipment | 20,381 | 20,165 | ||||
Machinery and equipment | 71,121 | 69,299 | ||||
Computer software | 49,110 | 47,184 | ||||
Furniture and fixtures | 71,167 | 68,394 | ||||
Projects under development | 8,006 | 2,305 | ||||
Total properties and equipment | 273,505 | 256,541 | ||||
Less accumulated depreciation | -180,550 | -164,607 | ||||
Net properties and equipment | $ | 92,955 | $ | 91,934 | ||
Lease_Arrangements_Tables
Lease Arrangements (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Lease Arrangements [Abstract] | ' | ||||||||||
Summary Of Future Minimum Rental Payments And Sublease Rentals To Be Received Under Operating Leases | ' | ||||||||||
2014 | $ | 23,108 | |||||||||
2015 | 17,835 | ||||||||||
2016 | 13,488 | ||||||||||
2017 | 8,277 | ||||||||||
2018 | 4,713 | ||||||||||
Thereafter | 4,405 | ||||||||||
Total minimum rental payments | $ | 71,826 | |||||||||
Schedule Of Total Rental Expense Incurred Under Operating Leases For Continuing Operations | ' | ||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Total rental payments | $ | 38,992 | $ | 39,997 | $ | 38,474 | |||||
Less sublease rentals | - | -103 | -170 | ||||||||
Net rental expense | $ | 38,992 | $ | 39,894 | $ | 38,304 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Retirement Plans [Abstract] | ' | |||||
Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans | ' | |||||
For the Years Ended December 31, | ||||||
2013 | 2012 | 2011 | ||||
$ | 14,511 | $ | 11,376 | $ | 9,408 | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule Of Computation Of Earnings Per Share | ' | |||||||||||
For the Years Ended December 31, | Net Income | Shares | Earnings per Share | |||||||||
2013 | ||||||||||||
Earnings | $ | 77,227 | 18,199 | $ | 4.24 | |||||||
Dilutive stock options | - | 278 | ||||||||||
Nonvested stock awards | - | 108 | ||||||||||
Diluted earnings | $ | 77,227 | 18,585 | $ | 4.16 | |||||||
2012 | ||||||||||||
Earnings | $ | 89,304 | 18,924 | $ | 4.72 | |||||||
Dilutive stock options | - | 316 | ||||||||||
Nonvested stock awards | - | 99 | ||||||||||
Diluted earnings | $ | 89,304 | 19,339 | $ | 4.62 | |||||||
2011 | ||||||||||||
Earnings | $ | 85,979 | 20,523 | $ | 4.19 | |||||||
Dilutive stock options | - | 335 | ||||||||||
Nonvested stock awards | - | 87 | ||||||||||
Diluted earnings | $ | 85,979 | 20,945 | $ | 4.10 | |||||||
Changes In Stock Price Impact On Number Of Shares Included In Diluted Earnings Per Share And Issuable Upon Conversion Of Notes | ' | |||||||||||
Share Price | Shares Underlying 1.875% Convertible Notes | Warrant Shares | Total Treasury Method Incremental Shares (a) | Shares Due to the Company under Notes Hedges | Incremental Shares Issued/(received) by the Company upon Conversion (b) | |||||||
$ | 80.73 | 66,201 | - | 66,201 | -70,820 | -4,619 | ||||||
$ | 90.73 | 321,444 | - | 321,444 | -343,871 | -22,427 | ||||||
$ | 100.73 | 526,008 | - | 526,008 | -562,708 | -36,700 | ||||||
$ | 110.73 | 693,624 | 121,738 | 815,362 | -742,018 | 73,344 | ||||||
$ | 120.73 | 833,473 | 322,722 | 1,156,195 | -891,625 | 264,570 | ||||||
$ | 130.73 | 951,927 | 492,957 | 1,444,884 | -1,018,343 | 426,541 | ||||||
a) Represents the number of incremental shares that must be included in the calculation of fully diluted shares under U.S. GAAP. | ||||||||||||
b) Represents the number of incremental shares to be issued by the Company upon conversion of the Notes assuming concurrent | ||||||||||||
settlement of the note hedges and warrants. | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments [Abstract] | ' | ||||||||
Carrying Value, Fair Value And Hierarchy Of Financial Instruments | ' | ||||||||
The following shows the carrying value, fair value and the hierarchy for our financial instruments as of | |||||||||
December 31, 2013 (in thousands): | |||||||||
Fair Value Measure | |||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Investments of deferred compensation plans held in trust | $ | 42,465 | $ | 42,465 | $ | - | $ | - | |
Current portion of long-term debt | 183,564 | 193,032 | - | - | |||||
The following shows the carrying value, fair value and the hierarchy for our financial instruments as of | |||||||||
December 31, 2012 (in thousands): | |||||||||
Fair Value Measure | |||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Investments of deferred compensation plans held in trust | $ | 36,089 | $ | 36,089 | $ | - | $ | - | |
Long-term debt | 174,890 | 197,874 | - | - | |||||
Loans_Receivable_From_Independ1
Loans Receivable From Independent Contractors (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Loans Receivable From Independent Contractors [Abstract] | ' | ||||||
Schedule Of Independent Contractors | ' | ||||||
For the Years Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Revenues | $ | 33,030 | $ | 28,522 | $ | 26,711 | |
Pretax profits | 17,726 | 14,790 | 13,320 | ||||
Capital_Stock_Transactions_Tab
Capital Stock Transactions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Capital Stock Transactions [Abstract] | ' | ||||||
Schedule Of Capital Stock Repurchases | ' | ||||||
For the Years Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Shares repurchased | 1,356,344 | 932,706 | 2,602,513 | ||||
Weighted average price per share | $ | 68.50 | $ | 64.87 | $ | 55.28 | |
Other_Operating_Expenses_Table
Other Operating Expenses (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Operating Expenses [Abstract] | ' | ||||||
Schedule Of Other Operating Expenses | ' | ||||||
For the Years Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Litigation settlement of VITAS segment (a) | $ | 10,500 | $ | - | $ | - | |
Settlements of Roto-Rooter segment (b) | 15,721 | - | - | ||||
Severance and other operating costs related | |||||||
to closing Roto-Rooter's HVAC business | - | 1,126 | - | ||||
Total other operating expenses | $ | 26,221 | $ | 1,126 | $ | - | |
(a) | Santos claims discussed in Note 18. | ||||||
(b) | Morganelli claims discussed in Note 18 and estimated settlement of certain customer claims. | ||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||
Schedule Of Guarantor Subsidiaries - Balance Sheet | ' | ||||||||||
31-Dec-13 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ 84,005 | $ (8,777) | $ 9,190 | $ - | $ 84,418 | ||||||
Accounts receivable, including intercompany | 925 | 509,580 | 1,000 | -419,735 | 91,770 | ||||||
Inventories | - | 6,246 | 457 | - | 6,703 | ||||||
Current deferred income taxes | - | 21,307 | 126 | -1,176 | 20,257 | ||||||
Prepaid income taxes | 3,710 | 1,176 | 349 | -1,545 | 3,690 | ||||||
Prepaid expenses | 6,925 | 10,682 | 211 | - | 17,818 | ||||||
Total current assets | 95,565 | 540,214 | 11,333 | -422,456 | 224,656 | ||||||
Investments of deferred compensation plans | - | - | 42,465 | - | 42,465 | ||||||
Properties and equipment, at cost less accumulated depreciation | 10,184 | 80,144 | 2,627 | - | 92,955 | ||||||
Identifiable intangible assets less accumulated amortization | - | 56,556 | - | - | 56,556 | ||||||
Goodwill | - | 462,489 | 4,382 | - | 466,871 | ||||||
Other assets | 17,782 | 1,775 | 15,888 | -25,247 | 10,198 | ||||||
Investments in subsidiaries | 945,450 | 27,564 | - | -973,014 | - | ||||||
Total assets | $ 1,068,981 | $ 1,168,742 | $ 76,695 | $ (1,420,717) | $ 893,701 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable, including intercompany | $ 417,593 | $ 39,424 | $ 4,476 | $ (419,735) | $ 41,758 | ||||||
Current portion of long-term debt | 183,564 | - | - | - | 183,564 | ||||||
Income taxes | 1,106 | 210 | 340 | -1,545 | 111 | ||||||
Accrued insurance | 784 | 41,075 | - | - | 41,859 | ||||||
Accrued compensation | 5,047 | 42,905 | 371 | - | 48,323 | ||||||
Accrued legal | 6,031 | 17,179 | - | - | 23,210 | ||||||
Other current liabilities | 2,739 | 22,219 | 1,379 | -1,176 | 25,161 | ||||||
Total current liabilities | 616,864 | 163,012 | 6,566 | -422,456 | 363,986 | ||||||
Deferred income taxes | - | 52,548 | - | -25,247 | 27,301 | ||||||
Deferred compensation liabilities | - | - | 42,348 | - | 42,348 | ||||||
Other liabilities | 3,227 | 6,914 | 1,035 | - | 11,176 | ||||||
Stockholders' equity | 448,890 | 946,268 | 26,746 | -973,014 | 448,890 | ||||||
Total liabilities and stockholders' equity | $ 1,068,981 | $ 1,168,742 | $ 76,695 | $ (1,420,717) | $ 893,701 | ||||||
31-Dec-12 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ 56,342 | $ 4,674 | $ 8,515 | $ - | $ 69,531 | ||||||
Accounts receivable, including intercompany | 925 | 427,341 | 889 | -335,822 | 93,333 | ||||||
Inventories | - | 6,505 | 553 | - | 7,058 | ||||||
Current deferred income taxes | - | 14,633 | 173 | -1,147 | 13,659 | ||||||
Prepaid income taxes | 4,043 | - | - | -1,400 | 2,643 | ||||||
Prepaid expenses | 564 | 10,656 | 227 | - | 11,447 | ||||||
Total current assets | 61,874 | 463,809 | 10,357 | -338,369 | 197,671 | ||||||
Investments of deferred compensation plans | - | - | 36,089 | - | 36,089 | ||||||
Properties and equipment, at cost less accumulated depreciation | 10,984 | 78,236 | 2,714 | - | 91,934 | ||||||
Identifiable intangible assets less accumulated amortization | - | 57,177 | - | - | 57,177 | ||||||
Goodwill | - | 461,277 | 4,555 | - | 465,832 | ||||||
Other assets | 19,025 | 2,005 | 13,797 | -23,904 | 10,923 | ||||||
Investments in subsidiaries | 874,692 | 24,298 | - | -898,990 | - | ||||||
Total assets | $ 966,575 | $ 1,086,802 | $ 67,512 | $ (1,261,263) | $ 859,626 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable, including intercompany | $ 325,916 | $ 53,934 | $ 4,444 | $ (335,822) | $ 48,472 | ||||||
Income taxes | 1,019 | 3,816 | 1,503 | -1,400 | 4,938 | ||||||
Accrued insurance | 1,339 | 39,315 | - | - | 40,654 | ||||||
Accrued compensation | 4,119 | 40,891 | 447 | - | 45,457 | ||||||
Accrued legal | 6 | 1,155 | - | - | 1,161 | ||||||
Other current liabilities | 2,780 | 12,748 | 1,759 | -1,147 | 16,140 | ||||||
Total current liabilities | 335,179 | 151,859 | 8,153 | -338,369 | 156,822 | ||||||
Deferred income taxes | - | 51,566 | - | -23,904 | 27,662 | ||||||
Long-term debt | 174,890 | - | - | - | 174,890 | ||||||
Deferred compensation liabilities | - | - | 35,599 | - | 35,599 | ||||||
Other liabilities | 3,215 | 7,352 | 795 | - | 11,362 | ||||||
Stockholders' equity | 453,291 | 876,025 | 22,965 | -898,990 | 453,291 | ||||||
Total liabilities and stockholders' equity | $ 966,575 | $ 1,086,802 | $ 67,512 | $ (1,261,263) | $ 859,626 | ||||||
Schedule Of Guarantor Subsidiaries - Income Statement | ' | ||||||||||
For the year ended December 31, 2013 | Guarantor | Non-Guarantor | Consolidating | ||||||||
Parent | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||
Net sales and service revenues | $ - | $ 1,383,140 | $ 30,189 | $ - | $ 1,413,329 | ||||||
Cost of services provided and goods sold | - | 991,816 | 16,992 | - | 1,008,808 | ||||||
Selling, general and administrative expenses | 23,055 | 176,967 | 12,496 | - | 212,518 | ||||||
Depreciation | 959 | 25,797 | 942 | - | 27,698 | ||||||
Amortization | 1,981 | 2,709 | - | - | 4,690 | ||||||
Other operating expenses | - | 26,221 | - | - | 26,221 | ||||||
Total costs and expenses | 25,995 | 1,223,510 | 30,430 | - | 1,279,935 | ||||||
Income/(loss) from operations | -25,995 | 159,630 | -241 | - | 133,394 | ||||||
Interest expense | -14,713 | -504 | 182 | - | -15,035 | ||||||
Other (expense)/income - net | 16,326 | -15,833 | 4,977 | - | 5,470 | ||||||
Income/(loss) before income taxes | -24,382 | 143,293 | 4,918 | - | 123,829 | ||||||
Income tax (provision)/benefit | 7,729 | -54,456 | 125 | - | -46,602 | ||||||
Equity in net income of subsidiaries | 93,880 | 4,409 | - | -98,289 | - | ||||||
Net income | $ 77,227 | $ 93,246 | $ 5,043 | $ (98,289) | $ 77,227 | ||||||
For the year ended December 31, 2012 | Guarantor | Non-Guarantor | Consolidating | ||||||||
Parent | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||
Net sales and service revenues | $ - | $ 1,400,561 | $ 29,482 | $ - | $ 1,430,043 | ||||||
Cost of services provided and goods sold | - | 1,017,001 | 16,320 | - | 1,033,321 | ||||||
Selling, general and administrative expenses | 22,618 | 175,166 | 10,872 | - | 208,656 | ||||||
Depreciation | 942 | 24,179 | 888 | - | 26,009 | ||||||
Amortization | 1,924 | 2,588 | - | - | 4,512 | ||||||
Other operating expenses | - | 1,126 | - | - | 1,126 | ||||||
Total costs and expenses | 25,484 | 1,220,060 | 28,080 | - | 1,273,624 | ||||||
Income/(loss) from operations | -25,484 | 180,501 | 1,402 | - | 156,419 | ||||||
Interest expense | -13,999 | -666 | -58 | - | -14,723 | ||||||
Other (expense)/income - net | 17,626 | -16,992 | 3,489 | - | 4,123 | ||||||
Income/(loss) before income taxes | -21,857 | 162,843 | 4,833 | - | 145,819 | ||||||
Income tax (provision)/benefit | 7,001 | -61,794 | -1,722 | - | -56,515 | ||||||
Equity in net income of subsidiaries | 104,160 | 3,190 | - | -107,350 | - | ||||||
Net income | $ 89,304 | $ 104,239 | $ 3,111 | $ (107,350) | $ 89,304 | ||||||
For the year ended December 31, 2011 | Guarantor | Non-Guarantor | Consolidating | ||||||||
Parent | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||
Net sales and service revenues | $ - | $ 1,328,425 | $ 27,545 | $ - | $ 1,355,970 | ||||||
Cost of services provided and goods sold | - | 955,628 | 14,856 | - | 970,484 | ||||||
Selling, general and administrative expenses | 21,895 | 172,368 | 7,997 | - | 202,260 | ||||||
Depreciation | 945 | 23,496 | 806 | - | 25,247 | ||||||
Amortization | 1,756 | 2,496 | - | - | 4,252 | ||||||
Total costs and expenses | 24,596 | 1,153,988 | 23,659 | - | 1,202,243 | ||||||
Income/(loss) from operations | -24,596 | 174,437 | 3,886 | - | 153,727 | ||||||
Interest expense | -13,177 | -587 | -124 | - | -13,888 | ||||||
Other (expense)/income - net | 16,507 | -16,591 | 801 | - | 717 | ||||||
Income/(loss) before income taxes | -21,266 | 157,259 | 4,563 | - | 140,556 | ||||||
Income tax (provision)/benefit | 6,564 | -59,407 | -1,734 | - | -54,577 | ||||||
Equity in net income of subsidiaries | 100,681 | 3,001 | - | -103,682 | - | ||||||
Net income | $ 85,979 | $ 100,853 | $ 2,829 | $ (103,682) | $ 85,979 | ||||||
Schedule Of Guarantor Subsidiaries - Statement Of Cash Flows | ' | ||||||||||
For the year ended December 31, 2013 | Guarantor | Non-Guarantor | |||||||||
Parent | Subsidiaries | Subsidiaries | Consolidated | ||||||||
Cash Flow from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ 9,592 | $ 138,580 | $ 2,675 | $ 150,847 | |||||||
Cash Flow from Investing Activities: | |||||||||||
Capital expenditures | -160 | -28,272 | -892 | -29,324 | |||||||
Business combinations, net of cash acquired | - | -2,257 | - | -2,257 | |||||||
Other sources/(uses) - net | -66 | 255 | 46 | 235 | |||||||
Net cash used by investing activities | -226 | -30,274 | -846 | -31,346 | |||||||
Cash Flow from Financing Activities: | |||||||||||
Purchases of treasury stock | -92,911 | - | - | -92,911 | |||||||
Capital stock surrendered to pay taxes on stock-based compensation | -5,348 | - | - | -5,348 | |||||||
Dividends paid to shareholders | -14,148 | - | - | -14,148 | |||||||
Proceeds from exercise of stock options | 17,122 | - | - | 17,122 | |||||||
Realized excess tax benefit on share based compensation | 3,982 | - | - | 3,982 | |||||||
Debt issuance costs | -1,108 | - | - | -1,108 | |||||||
Change in cash overdrafts payable | 4,578 | -15,993 | - | -11,415 | |||||||
Change in intercompany accounts | 106,082 | -105,764 | -318 | - | |||||||
Other sources - net | 48 | - | -836 | -788 | |||||||
Net cash provided/(used) by financing activities | 18,297 | -121,757 | -1,154 | -104,614 | |||||||
Net increase in cash and cash equivalents | 27,663 | -13,451 | 675 | 14,887 | |||||||
Cash and cash equivalents at beginning of year | 56,342 | 4,674 | 8,515 | 69,531 | |||||||
Cash and cash equivalents at end of period | $ 84,005 | $ (8,777) | $ 9,190 | $ 84,418 | |||||||
For the year ended December 31, 2012 | Guarantor | Non-Guarantor | |||||||||
Parent | Subsidiaries | Subsidiaries | Consolidated | ||||||||
Cash Flow from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ 5,267 | $ 123,431 | $ 3,070 | $ 131,768 | |||||||
Cash Flow from Investing Activities: | |||||||||||
Capital expenditures | -285 | -33,944 | -1,023 | -35,252 | |||||||
Business combinations, net of cash acquired | - | -5,900 | - | -5,900 | |||||||
Other sources/(uses) - net | 178 | 312 | -22 | 468 | |||||||
Net cash used by investing activities | -107 | -39,532 | -1,045 | -40,684 | |||||||
Cash Flow from Financing Activities: | |||||||||||
Purchases of treasury stock | -60,624 | - | - | -60,624 | |||||||
Capital stock surrendered to pay taxes on stock-based compensation | -4,098 | - | - | -4,098 | |||||||
Dividends paid to shareholders | -13,026 | - | - | -13,026 | |||||||
Proceeds from exercise of stock options | 12,310 | - | - | 12,310 | |||||||
Realized excess tax benefit on share based compensation | 3,435 | - | - | 3,435 | |||||||
Change in cash overdrafts payable | -5,338 | 7,262 | - | 1,924 | |||||||
Change in intercompany accounts | 85,935 | -85,065 | -870 | - | |||||||
Other sources - net | 118 | - | 327 | 445 | |||||||
Net cash provided/(used) by financing activities | 18,712 | -77,803 | -543 | -59,634 | |||||||
Net increase in cash and cash equivalents | 23,872 | 6,096 | 1,482 | 31,450 | |||||||
Cash and cash equivalents at beginning of year | 32,470 | -1,422 | 7,033 | 38,081 | |||||||
Cash and cash equivalents at end of period | $ 56,342 | $ 4,674 | $ 8,515 | $ 69,531 | |||||||
For the year ended December 31, 2011 | Guarantor | Non-Guarantor | |||||||||
Parent | Subsidiaries | Subsidiaries | Consolidated | ||||||||
Cash Flow from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ 12,444 | $ 158,159 | $ 3,740 | $ 174,343 | |||||||
Cash Flow from Investing Activities: | |||||||||||
Capital expenditures | -73 | -28,145 | -1,374 | -29,592 | |||||||
Business combinations, net of cash acquired | - | -3,664 | - | -3,664 | |||||||
Other sources/(uses) - net | -191 | -730 | 63 | -858 | |||||||
Net cash used by investing activities | -264 | -32,539 | -1,311 | -34,114 | |||||||
Cash Flow from Financing Activities: | |||||||||||
Purchases of treasury stock | -143,970 | - | - | -143,970 | |||||||
Capital stock surrendered to pay taxes on stock-based compensation | -3,916 | - | - | -3,916 | |||||||
Dividends paid to shareholders | -12,538 | - | - | -12,538 | |||||||
Proceeds from exercise of stock options | 8,036 | - | - | 8,036 | |||||||
Realized excess tax benefit on share based compensation | 3,854 | - | - | 3,854 | |||||||
Debt issuance costs | -2,657 | - | - | -2,657 | |||||||
Change in cash overdrafts payable | 9 | -835 | - | -826 | |||||||
Change in intercompany accounts | 126,040 | -124,636 | -1,404 | - | |||||||
Other sources - net | 108 | - | -156 | -48 | |||||||
Net cash used by financing activities | -25,034 | -125,471 | -1,560 | -152,065 | |||||||
Net increase/(decrease) in cash and cash equivalents | -12,854 | 149 | 869 | -11,836 | |||||||
Cash and cash equivalents at beginning of year | 45,324 | -1,571 | 6,164 | 49,917 | |||||||
Cash and cash equivalents at end of period | $ 32,470 | $ (1,422) | $ 7,033 | $ 38,081 | |||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
entity | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of wholly-owned subsidiaries | 2 | ' | ' |
Concentration risk, percentage | 90.00% | 90.00% | ' |
Cost of providing charity care | $7,500,000 | $8,400,000 | $7,300,000 |
Guarantee and warranty claims accrual | 321,000 | 361,000 | ' |
Advertising expense in continuing operations | 31,000,000 | 29,200,000 | 27,200,000 |
Historical claims data, period of time | '10 years | ' | ' |
Roto Rooter And Corporate Office [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Exposure on single claim | 750,000 | ' | ' |
Segment Roto-Rooter [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percent of population serviced | 90.00% | ' | ' |
Segment Roto-Rooter [Member] | Service Revenues [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 3.00% | 3.00% | 3.00% |
Segment VITAS [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Unbilled revenue | 114,000 | 457,000 | ' |
Exposure on single claim | $1,000,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Period of service guarantee | '1 day | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Period of service guarantee | '1 year | ' | ' |
Medicare [Member] | Accounts Receivable [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 60.00% | 53.00% | ' |
Medicaid [Member] | Accounts Receivable [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 31.00% | 36.00% | ' |
Medicare And Medicaid [Member] | Accounts Receivable [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 85.00% | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Weighted Average Lives Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building And Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average lives of property and equipment | '9 years |
Transportation Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average lives of property and equipment | '13 years 10 months 24 days |
Machinery And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average lives of property and equipment | '5 years 7 months 6 days |
Computer Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average lives of property and equipment | '5 years 1 month 6 days |
Furniture And Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average lives of property and equipment | '4 years 8 months 12 days |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Weighted Average Lives Of Identifiable, Definite-Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Covenants Not To Compete [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average lives of identifiable, definite-lived intangible assets | '6 years 4 months 24 days |
Reacquired Franchise Rights [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average lives of identifiable, definite-lived intangible assets | '6 years 6 months |
Referral Networks [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average lives of identifiable, definite-lived intangible assets | '10 years |
Customer Lists [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average lives of identifiable, definite-lived intangible assets | '13 years 3 months 18 days |
Hospice_Revenue_Recognition_Na
Hospice Revenue Recognition (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Hospice Revenue Recognition [Abstract] | ' | ' | ' |
Medicare care costs reimbursement, benchmark percentage of the days in care | 20.00% | ' | ' |
Net pretax expense/(income) from medicare cap liability | $7 | ($1.70) | $1.60 |
Hospice_Revenue_Recognition_Sc
Hospice Revenue Recognition (Schedule Of Allowance For Doubtful Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' |
Bad debt provision | $10,907 | $9,111 | $8,563 |
Segment VITAS [Member] | ' | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' |
Beginning Balance | 9,487 | 10,003 | ' |
Bad debt provision | 9,350 | 8,209 | ' |
Write-offs | -8,890 | -9,999 | ' |
Other/Contractual adjustments | 1,348 | 1,274 | ' |
Ending Balance | 11,295 | 9,487 | ' |
Medicare [Member] | Segment VITAS [Member] | ' | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' |
Beginning Balance | 4,211 | 4,917 | ' |
Bad debt provision | 506 | 1,393 | ' |
Write-offs | -1,304 | -2,496 | ' |
Other/Contractual adjustments | 462 | 397 | ' |
Ending Balance | 3,875 | 4,211 | ' |
Medicaid [Member] | Segment VITAS [Member] | ' | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' |
Beginning Balance | 4,234 | 3,097 | ' |
Bad debt provision | 5,169 | 4,794 | ' |
Write-offs | -4,361 | -3,787 | ' |
Other/Contractual adjustments | 152 | 130 | ' |
Ending Balance | 5,194 | 4,234 | ' |
Commercial [Member] | Segment VITAS [Member] | ' | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' |
Beginning Balance | 1,189 | 1,569 | ' |
Bad debt provision | 3,084 | 2,034 | ' |
Write-offs | -2,691 | -2,956 | ' |
Other/Contractual adjustments | 622 | 542 | ' |
Ending Balance | 2,204 | 1,189 | ' |
Other [Member] | Segment VITAS [Member] | ' | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' |
Beginning Balance | -147 | 420 | ' |
Bad debt provision | 591 | -12 | ' |
Write-offs | -534 | -760 | ' |
Other/Contractual adjustments | 112 | 205 | ' |
Ending Balance | $22 | ($147) | ' |
Hospice_Revenue_Recognition_Sc1
Hospice Revenue Recognition (Schedule Of Medicare Cap Liability Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Hospice Revenue Recognition [Abstract] | ' | ' |
Beginning Balance January 1, | $1,261 | $2,965 |
2014 measurement period | 3,881 | ' |
2013 measurement period | 3,181 | 874 |
2012 measurement period | ' | -2,578 |
2010 measurement period | -63 | ' |
Ending Balance December 31, | $8,260 | $1,261 |
LongTerm_Debt_And_Lines_Of_Cre2
Long-Term Debt And Lines Of Credit (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
31-May-07 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Dec. 31, 2013 | |
2013 Credit Agreement [Member] | Change In Conversion Rate [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | ' | $183,564,000 | $174,890,000 | ' | ' |
Revolving credit facility period, years | ' | ' | ' | '5 years | ' |
Revolving credit facility, borrowing capacity | ' | ' | ' | 350,000,000 | ' |
Line of credit expansion feature | ' | ' | ' | 150,000,000 | ' |
Line of credit facility, basis points above LIBOR | ' | ' | ' | 1.25% | ' |
Revolving credit facility, interest rate description | ' | ' | ' | 'LIBOR plus 125 basis points | ' |
Principal amount of notes | ' | 1,000 | ' | ' | ' |
Senior convertible notes issued | 200,000,000 | ' | ' | ' | ' |
Initial conversion rate of shares | ' | 0.0123874 | ' | ' | 0.0127411 |
Underwriting fees per note | 27.5 | ' | ' | ' | ' |
Notes issued price per note | 1,000 | ' | ' | ' | ' |
Net proceeds from sale of notes | 194,000,000 | ' | ' | ' | ' |
Note maturity date | ' | 15-May-14 | ' | ' | ' |
Conversion price per share | ' | $80.73 | ' | ' | $78.49 |
Aggregate principal amount of the Notes | ' | 25.00% | ' | ' | ' |
Minimum dividend payment required for the adjustment of the conversion rate | ' | $0.06 | ' | ' | ' |
Purchased call options shares of capital stock | ' | 2,477,000 | ' | ' | ' |
Warrants to purchase Capital Stock | ' | 2,477,000 | ' | ' | ' |
Warrants exercise price | ' | $105.44 | ' | ' | ' |
Net cost for purchased call options and sold warrants transaction | ' | 27,300,000 | ' | ' | ' |
Average interest rate for long-term debt | ' | 1.90% | 1.90% | ' | ' |
Effective rate on Notes | ' | 6.88% | ' | ' | ' |
Standby letters of credit issued | ' | 35,000,000 | ' | ' | ' |
Unused lines of credit | ' | $315,000,000 | ' | ' | ' |
LongTerm_Debt_And_Lines_Of_Cre3
Long-Term Debt And Lines Of Credit (Debt Amounts Included In Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-Term Debt And Lines Of Credit [Abstract] | ' | ' |
Principal amount of convertible debentures | $186,956 | $186,956 |
Unamortized debt discount | -3,392 | -12,066 |
Carry amount of convertible debentures | 183,564 | 174,890 |
Additional paid in capital (net of tax) | $31,310 | $31,310 |
LongTerm_Debt_And_Lines_Of_Cre4
Long-Term Debt And Lines Of Credit (Interest Expense Included In Consolidated Income Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long-Term Debt And Lines Of Credit [Abstract] | ' | ' | ' |
Cash interest expense | $4,610 | $5,352 | $5,175 |
Non-cash amortization of debt discount | 8,674 | 8,106 | 7,576 |
Amortization of debt costs | 1,751 | 1,265 | 1,137 |
Total interest expense | $15,035 | $14,723 | $13,888 |
LongTerm_Debt_And_Lines_Of_Cre5
Long-Term Debt And Lines Of Credit (Interest Paid During Period) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long-Term Debt And Lines Of Credit [Abstract] | ' | ' | ' |
Interest paid | $4,744 | $5,547 | $4,754 |
LongTerm_Debt_And_Lines_Of_Cre6
Long-Term Debt And Lines Of Credit (Financial Debt Covenants) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement | 3.5 |
Leverage Ratio (Consolidated Indebtedness Consolidated Adjustment EBITDA), Chemed | 1.07 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Requirement | 1.5 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Chemed | 2.25 |
Annual Operating Lease Commitment, Requirement | $30 |
Annual Operating Lease Commitment, Chemed | $26.50 |
Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement | 1 |
Leverage Ratio (Consolidated Indebtedness Consolidated Adjustment EBITDA), Chemed | 1 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Requirement | 1 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Chemed | 1 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | 31-May-13 |
item | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Based Total Shareholder Return Targets [Member] | Performance Based Earnings Per Share Targets [Member] | Performance Based Earnings Per Share Targets [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Outside Directors [Member] | |||
Minimum [Member] | Maximum [Member] | Performance Based Total Shareholder Return Targets [Member] | Performance Based Total Shareholder Return Targets [Member] | Performance Based Total Shareholder Return Targets [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock incentive plans | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vesting period, years | ' | ' | ' | '3 years | ' | '3 years | '4 years | '3 years | ' | '3 years | ' | ' | ' | ' |
Shares contractual life | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | ' | ' | 29,992 | ' | ' | ' | 16,149 | ' | 16,149 | ' | ' | 7,032 |
Historical volatility rate assumption | 24.90% | 30.80% | 32.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.40% | ' |
Risk free interest rate assumption | 1.39% | 0.89% | 2.35% | ' | ' | ' | ' | ' | ' | ' | ' | 0.36% | ' | ' |
Cumulative compensation expense | $10,868 | $11,975 | $14,237 | ' | ' | ' | ' | ' | ' | $850 | ' | ' | $1,200 | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Schedule Of Total Stock Option And Award Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation Plans [Abstract] | ' | ' | ' |
Stock Options, Number of Shares, Outstanding at January 1,2013 | 2,461,455 | ' | ' |
Stock Options, Number of Shares, Granted | 329,274 | 442,350 | 513,100 |
Stock Options, Number of Options, Exercised/Vested | -619,248 | ' | ' |
Stock Options, Number of Options, Canceled/Forfeited | -4,069 | ' | ' |
Stock Options, Number of Shares, Outstanding at December 31, 2013 | 2,167,412 | 2,461,455 | ' |
Stock Options, Number of Shares, Vested and expected to vest at December 31, 2013 | 2,167,412 | ' | ' |
Stock Options, Number of Options, Exercisable at December 31, 2013 | 1,377,534 | ' | ' |
Stock Options,Weighted Average Exercise Price, Outstanding at January 1,2013 | $57.41 | ' | ' |
Stock Options, Weighted Average Exercise Price, Granted | $70.30 | ' | ' |
Stock Options, Weighted Average Exercise Price, Exercised/Vested | $49.46 | ' | ' |
Stock Options, Weighted Average Exercise Price, Canceled/Forfeited | $64.04 | ' | ' |
Stock Options,Weighted Average Exercise Price, Outstanding at December 31, 2013 | $61.63 | $57.41 | ' |
Stock Options, Weighted Average Exercise Price, Vested and expected to vest at December 31,2013 | $61.63 | ' | ' |
Stock Options, Weighted Average Exercise Price, Exercisable at December 31, 2013 | $58.76 | ' | ' |
Stock Options, Weighted Average Remaining Contractual Life, Outstanding at December 31, 2013 | '6 years 4 months 24 days | ' | ' |
Stock Options, Weighted Average Remaining Contractual Life, Vested and expected to vest at December 31, 2013 | '6 years 4 months 24 days | ' | ' |
Stock Options, Weighted Average Remaining Contractual Life, Exercisable at December 31, 2013 | '5 years 2 months 12 days | ' | ' |
Stock Options, Aggregate Intrinsic Value, Outstanding at December 31, 2013 | $33,308 | ' | ' |
Stock Options, Aggregate Intrinsic Value, Vested and dxpected to vest at December 31, 2013 | 33,308 | ' | ' |
Stock Options, Aggregate Intrinsic Value, Exercisable at December 31, 2013 | $25,123 | ' | ' |
Stock Awards, Number of Shares, Outstanding at January 1, 2013 | 269,292 | ' | ' |
Stock Awards, Number of Shares, Granted | 69,322 | ' | ' |
Stock Awards, Number of Shares, Exercised/Vested | -56,644 | ' | ' |
Stock Awards, Number of Shares, Canceled/Forfeited | -412 | ' | ' |
Stock Awards, Number of Shares, Outstanding at December 31, 2013 | 281,558 | 269,292 | ' |
Stock Awards, Number of Shares, Vested and expected to vest at December 31, 2013 | 277,524 | ' | ' |
Stock Awards, Weighted Average Grant-Date Price, Outstanding at January 1, 2013 | $50.34 | ' | ' |
Stock Awards, Weighted Average Grant-Date Price, Granted | $74.60 | $41.49 | $64.74 |
Stock Awards, Weighted Average Grant-Date Price, Exercised/Vested | $47.18 | ' | ' |
Stock Awards, Weighted Average Grant-Date Price, Canceled/Forfeited | $65.17 | ' | ' |
Stock Awards, Weighted Average Grant-Date Price, Outstanding at December 31, 2013 | $56.93 | $50.34 | ' |
Stock Awards, Weighted Average Exercise Price, Vested and expected to vest at December 31,2013 | $56.74 | ' | ' |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Schedule Of Other Data For Stock Option And Stock Award Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation Plans [Abstract] | ' | ' | ' |
Total compensation cost of stock-based compensation plans charged against income | $10,868 | $11,975 | $14,237 |
Total income tax benefit recognized in income for stock based compensation plans | 3,994 | 4,401 | 5,232 |
Total intrinsic value of stock options exercised | 16,922 | 15,671 | 12,925 |
Total intrinsic value of stock awards vested during the period | $4,298 | $2,786 | $3,757 |
Per-share weighted averaged grant-date fair value of stock awards granted | $74.60 | $41.49 | $64.74 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Schedule Of Valuation Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation Plans [Abstract] | ' | ' | ' |
Stock price on date of issuance | $70.30 | $63.36 | $65.17 |
Grant date fair value per share | $14.79 | $15.98 | $19.08 |
Number of options granted | 329,274 | 442,350 | 513,100 |
Expected term (years) | '4 years 10 months 24 days | '4 years 10 months 24 days | '4 years 10 months 24 days |
Risk free rate of return | 1.39% | 0.89% | 2.35% |
Volatility | 24.90% | 30.80% | 32.80% |
Dividend yield | 1.10% | 1.00% | 1.00% |
Forfeiture rate | ' | ' | ' |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans (Schedule Of Other Data For Stock Option And Stock Awards) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation related to nonvested options and awards at end of year | $7,459 |
Weighted average period over which unrecognized compensation cost of nonvested options and awards to be recognized (years) | '2 years 2 months 12 days |
Actual income tax benefit realized from options exercised during the year | 6,251 |
Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation related to nonvested options and awards at end of year | 6,465 |
Weighted average period over which unrecognized compensation cost of nonvested options and awards to be recognized (years) | '2 years 1 month 6 days |
Aggregate intrinsic value of stock awards and PSUs vested and expected to vest | $21,369 |
Segments_And_Nature_Of_The_Bus2
Segments And Nature Of The Business (Service Revenues And Sales And After-Tax Earnings By Business Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk, percentage | 90.00% | 90.00% | ' |
Total service revenues and sales | $1,413,329 | $1,430,043 | $1,355,970 |
Net income | 77,227 | 89,304 | 85,979 |
Total interest income | 847 | 809 | 426 |
Total interest expense | 15,035 | 14,723 | 13,888 |
Total income tax provision | 46,602 | 56,515 | 54,577 |
Total identifiable assets | 893,701 | 859,626 | 795,905 |
Total additions to long-lived assets | 31,581 | 41,152 | 33,796 |
Total depreciation and amortization | 32,388 | 30,521 | 29,499 |
Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 1,413,329 | 1,430,043 | 1,355,970 |
Net income | 105,387 | 117,482 | 115,237 |
Total interest income | 7,134 | 5,530 | 6,469 |
Total interest expense | 504 | 666 | 587 |
Total income tax provision | 64,470 | 71,862 | 70,188 |
Total identifiable assets | 759,995 | 744,290 | 716,911 |
Total additions to long-lived assets | 31,421 | 40,867 | 33,724 |
Total depreciation and amortization | 29,872 | 28,072 | 27,209 |
Corporate Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net income | -28,160 | -28,178 | -29,258 |
Total interest income | 56 | 76 | 91 |
Total interest expense | 14,531 | 14,057 | 13,301 |
Total income tax provision | -17,868 | -15,347 | -15,611 |
Total identifiable assets | 133,706 | 115,336 | 78,994 |
Total additions to long-lived assets | 160 | 285 | 72 |
Total depreciation and amortization | 2,516 | 2,449 | 2,290 |
Intercompany Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total interest income | -6,343 | -4,797 | -6,134 |
Segment VITAS [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 1,045,113 | 1,067,037 | 986,272 |
Net income | 76,144 | 86,577 | 80,358 |
Total interest income | 5,038 | 3,883 | 4,293 |
Total interest expense | 182 | 233 | 229 |
Total income tax provision | 46,910 | 53,092 | 48,835 |
Total identifiable assets | 518,316 | 519,555 | 504,677 |
Total additions to long-lived assets | 16,219 | 24,735 | 24,298 |
Total depreciation and amortization | 20,251 | 19,043 | 18,480 |
Segment Roto-Rooter [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 368,216 | 363,006 | 369,698 |
Net income | 29,243 | 30,905 | 34,879 |
Total interest income | 2,096 | 1,647 | 2,176 |
Total interest expense | 322 | 433 | 358 |
Total income tax provision | 17,560 | 18,770 | 21,353 |
Total identifiable assets | 241,679 | 224,735 | 212,234 |
Total additions to long-lived assets | 15,202 | 16,132 | 9,426 |
Total depreciation and amortization | 9,621 | 9,029 | 8,729 |
Medicare And Medicaid Reimbursement Programs [Member] | Segment VITAS [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk, percentage | 90.00% | ' | ' |
Routine Homecare [Member] | Segment VITAS [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 791,735 | 778,776 | 718,658 |
Continuous Care [Member] | Segment VITAS [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 155,409 | 172,063 | 158,466 |
General Inpatient [Member] | Segment VITAS [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 104,968 | 114,494 | 110,742 |
Medicare Cap [Member] | Segment VITAS [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | -6,999 | 1,704 | -1,594 |
Sewer And Drain Cleaning [Member] | Segment Roto-Rooter [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 141,283 | 138,500 | 138,932 |
Plumbing Repair And Maintenance [Member] | Segment Roto-Rooter [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 172,002 | 172,310 | 177,363 |
Independent Contractors [Member] | Segment Roto-Rooter [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | 33,030 | 28,522 | 26,711 |
HVAC Repair And Maintenance [Member] | Segment Roto-Rooter [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | ' | 1,109 | 3,410 |
Other Products And Services [Member] | Segment Roto-Rooter [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total service revenues and sales | $21,901 | $22,565 | $23,282 |
Sales [Member] | Segment VITAS [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk, percentage | 74.00% | 75.00% | ' |
Sales [Member] | Segment Roto-Rooter [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk, percentage | 26.00% | 25.00% | ' |
Intangible_Assets_Schedule_By_
Intangible Assets (Schedule By Year Of Projected Amortization Expense For Definite-Lived Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Intangible Assets [Abstract] | ' | ' | ' |
2014 | $709,000 | ' | ' |
2015 | 479,000 | ' | ' |
2016 | 408,000 | ' | ' |
2017 | 256,000 | ' | ' |
2018 | 174,000 | ' | ' |
Thereafter | 377,000 | ' | ' |
Amortization of definite-lived intangible assets | $1,600,000 | $1,500,000 | $1,500,000 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Definite-lived intangible assets, Gross Asset | $34,456 | $33,436 |
Definite-lived intangible assets, Accumulated amortization | -32,055 | -30,414 |
Definite-lived intangible assets, Net Book Value | 2,401 | 3,022 |
Intangible assets, Gross Asset | 88,611 | 87,591 |
Intangible assets, Net Book Value | 56,556 | 57,177 |
VITAS Trade Name [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Indefinite-lived intangible assets | 51,300 | 51,300 |
Rapid Rooter Trade Name [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Indefinite-lived intangible assets | 150 | 150 |
Operating Licenses [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Indefinite-lived intangible assets | 2,705 | 2,705 |
Referral Networks [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Definite-lived intangible assets, Gross Asset | 22,599 | 21,729 |
Definite-lived intangible assets, Accumulated amortization | -21,219 | -19,884 |
Definite-lived intangible assets, Net Book Value | 1,380 | 1,845 |
Covenants Not To Compete [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Definite-lived intangible assets, Gross Asset | 9,570 | 9,446 |
Definite-lived intangible assets, Accumulated amortization | -9,096 | -8,974 |
Definite-lived intangible assets, Net Book Value | 474 | 472 |
Customer Lists [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Definite-lived intangible assets, Gross Asset | 1,222 | 1,224 |
Definite-lived intangible assets, Accumulated amortization | -1,170 | -1,146 |
Definite-lived intangible assets, Net Book Value | 52 | 78 |
Reacquired Franchise Rights [Member] | ' | ' |
Definite and Indefinite-lived Intangible Assets [LIne Items] | ' | ' |
Definite-lived intangible assets, Gross Asset | 1,065 | 1,037 |
Definite-lived intangible assets, Accumulated amortization | -570 | -410 |
Definite-lived intangible assets, Net Book Value | $495 | $627 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Business combinations, net of cash acquired | $2,257 | $5,900 | $3,664 |
Segment Roto-Rooter [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of businesses acquired | 1 | 4 | 0 |
Business combinations, net of cash acquired | 756 | 5,900 | ' |
Segment VITAS [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of businesses acquired | 1 | 0 | ' |
Business combinations, net of cash acquired | $1,500 | ' | ' |
Segment VITAS [Member] | ALABAMA | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of locations | ' | ' | 3 |
Number of counties served | ' | ' | 10 |
Business_Combinations_Business
Business Combinations (Business Acquisition, Purchase Price Allocation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2011 |
In Thousands, unless otherwise specified | Current Year Acquisitions [Member] | Prior Year Acquisitions [Member] | Family Comfort Hospice [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Working capital | ' | ' | ' | ' | $382 |
Identifiable intangible assets | ' | ' | 1,023 | 373 | 951 |
Goodwill | 466,871 | 465,832 | 1,212 | 5,094 | 2,320 |
Other assets and liabilities - net | ' | ' | 22 | 433 | 11 |
Assets total | ' | ' | $2,257 | $5,900 | $3,664 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (DuBois [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Estimated liability for potential environmental cleanup and related costs from the sale | $1,700,000 | $1,700,000 |
Discontinued operations, amount included in other current liabilities | 826,000 | ' |
Discontinued operations, amount included in other liabilities (long-term) | 901,000 | ' |
Maximum [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Contingent liability for incurring additional environmental cleanup and related costs | $14,900,000 | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Estimated Timing Of Payments Of Liabilities) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Discontinued Operations [Abstract] | ' |
2014 | $826 |
2015 | 300 |
Thereafter | 601 |
Total estimated timing of payments of liabilities related to discontinued operations | $1,727 |
Cash_Overdrafts_And_Cash_Equiv1
Cash Overdrafts And Cash Equivalents (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and Cash Equivalents [Line Items] | ' | ' |
Cash overdrafts included in accounts payable | $806,000 | $12,200,000 |
Cash equivalents | $23,100,000 | $56,600,000 |
Cash equivalents weighted average rate of return | 0.08% | 0.20% |
Maximum [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Repurchase agreement period, days | '10 days | ' |
Other_IncomeNet_Schedule_Of_Ot
Other Income-Net (Schedule Of Other Income-Net From Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income-Net [Abstract] | ' | ' | ' |
Market value gains related to deferred compensation trusts | $4,982 | $3,499 | $799 |
Loss on disposal of property and equipment | -320 | -347 | -441 |
Interest income | 847 | 809 | 426 |
Other - net | -39 | 162 | -67 |
Total other income | $5,470 | $4,123 | $717 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Net operating loss carryforwards | $29,400,000 | $28,400,000 |
Accrued interest payable related to uncertain tax positions | 116,000 | 306,000 |
Undistributed earnings of domestic subsidiaries | 35,100,000 | ' |
Additional taxes if interest in all businesses is sold rather than to effect a tax-free liquidation | $12,900,000 | ' |
Income_Taxes_Schedule_Of_Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current, U.S. federal | $45,348 | $51,467 | $40,762 |
Current, U.S. state and local | 7,731 | 7,813 | 5,961 |
Current, Foreign | 511 | 386 | 612 |
Deferred, U.S. federal, state and local | -6,995 | -3,271 | 7,227 |
Deferred, Foreign | 7 | 120 | 15 |
Total | $46,602 | $56,515 | $54,577 |
Income_Taxes_Summary_Of_Tempor
Income Taxes (Summary Of Temporary Differences That Give Rise To Deferred Tax Assets/ (Liabilities)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Accrued liabilities | $41,434 | $32,772 |
Stock compensation expense | 14,866 | 15,190 |
Allowance for uncollectible accounts receivable | 1,396 | 1,510 |
State net operating loss carryforwards | 1,495 | 1,461 |
Other | 800 | 678 |
Deferred income tax assets | 59,991 | 51,611 |
Amortization of intangible assets | -45,941 | -44,201 |
Accelerated tax depreciation | -15,379 | -16,536 |
Market valuation of investments | -2,279 | -1,569 |
Currents assets | -1,459 | -1,600 |
Other | -1,949 | -1,671 |
Deferred income tax liabilities | -67,007 | -65,577 |
Net deferred income tax liabilities | ($7,016) | ($13,966) |
Income_Taxes_Schedule_Of_Signi
Income Taxes (Schedule Of Significant Changes To Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at January 1, | $2,646 | $2,612 | $704 |
Unrecognized tax benefits due to positions taken in current year | 219 | 219 | 2,038 |
Decrease due to expiration of statute of limitations | -1,973 | -185 | -130 |
Balance at December 31, | $892 | $2,646 | $2,612 |
Income_Taxes_Schedule_Of_Diffe
Income Taxes (Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income tax provision calculated using the statutory rate of 35% | $43,340 | $51,037 | $49,195 |
State and local income taxes, less federal income tax effect | 4,323 | 4,601 | 4,733 |
Uncertain tax position adjustments | -1,782 | ' | ' |
Nondeductible expenses | 1,250 | 1,137 | 1,062 |
Other --net | -529 | -260 | -413 |
Income tax provision | $46,602 | $56,515 | $54,577 |
Effective tax rate | 37.60% | 38.80% | 38.80% |
Statutory rate | 35.00% | ' | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Taxes Paid) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income taxes paid | $55,827 | $53,436 | $44,343 |
Properties_And_Equipment_Narra
Properties And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Properties And Equipment [Abstract] | ' | ' | ' |
Net book value of computer software | $12.20 | $14.10 | ' |
Depreciation expense for computer software | $3.90 | $4.30 | $5.60 |
Properties_And_Equipment_Sched
Properties And Equipment (Schedule Of Properties And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | $273,505 | $256,541 |
Less accumulated depreciation | -180,550 | -164,607 |
Net properties and equipment | 92,955 | 91,934 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | 1,392 | 1,363 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | 52,328 | 47,831 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | 20,381 | 20,165 |
Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | 71,121 | 69,299 |
Computer Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | 49,110 | 47,184 |
Furniture And Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | 71,167 | 68,394 |
Projects Under Development [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total properties and equipment | $8,006 | $2,305 |
Lease_Arrangements_Narrative_D
Lease Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Maximum [Member] | |||
Operating Leased Assets [Line Items] | ' | ' | ' |
Lease arrangements, remaining terms of leases under operating lease | ' | ' | '9 years |
Increase in total rental payments and net rental expense due to certain in-patient unit leases being inadvertently omitted | $16 | $16.30 | ' |
Lease_Arrangements_Summary_Of_
Lease Arrangements (Summary Of Future Minimum Rental Payments And Sublease Rentals To Be Received Under Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Lease Arrangements [Abstract] | ' |
2014 | $23,108 |
2015 | 17,835 |
2016 | 13,488 |
2017 | 8,277 |
2018 | 4,713 |
Thereafter | 4,405 |
Total minimum rental payments | $71,826 |
Lease_Arrangements_Schedule_Of
Lease Arrangements (Schedule Of Total Rental Expense Incurred Under Operating Leases For Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lease Arrangements [Abstract] | ' | ' | ' |
Total rental payments | $38,992 | $39,997 | $38,474 |
Less sublease rentals | ' | -103 | -170 |
Net rental expense | $38,992 | $39,894 | $38,304 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Retirement Plans [Abstract] | ' | ' |
Number of treasury stock shares held | 97,801 | 96,148 |
Treasury stock held value | $2.20 | $2.10 |
Retirement_Plans_Schedule_Of_E
Retirement Plans (Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plans [Abstract] | ' | ' | ' |
Defined contribution plans | $14,511 | $11,376 | $9,408 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Stock options excluded from computation of earnings per share | 358 | 1,400 | 1,300 |
Issuance of Notes that may impact future diluted earnings per share | $200,000,000 | ' | ' |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net Income, Earnings | $77,227 | $89,304 | $85,979 |
Net Income, Earnings per Share | $4.24 | $4.72 | $4.19 |
Net Income, Diluted Earnings per Share | $4.16 | $4.62 | $4.10 |
Income from Continuing Operations, Earnings, Shares | 18,199 | 18,924 | 20,523 |
Dilutive stock options | 278 | 316 | 335 |
Nonvested stock awards | 108 | 99 | 87 |
Net Income, Diluted Earnings, Shares | 18,585 | 19,339 | 20,945 |
Earnings_Per_Share_Changes_In_
Earnings Per Share (Changes In Stock Price Impact On Number Of Shares Included In Diluted Earnings Per Share And Issuable Upon Conversion Of Notes) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Earning Per Share [Line Items] | ' | |
Percent of Senior Convertible Notes | 1.88% | |
80.73 [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Share Price | $80.73 | |
Conversion of stock, shares converted | -4,619 | [1] |
Total Treasury Method Incremental Shares | 66,201 | [2] |
80.73 [Member] | Shares Underlying 1.875% Convertible Notes [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Conversion of stock, shares converted | 66,201 | |
80.73 [Member] | Shares Due To The Company Under Notes Hedges [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Total Treasury Method Incremental Shares | -70,820 | |
90.73 [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Share Price | $90.73 | |
Conversion of stock, shares converted | -22,427 | [1] |
Total Treasury Method Incremental Shares | 321,444 | [2] |
90.73 [Member] | Shares Underlying 1.875% Convertible Notes [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Conversion of stock, shares converted | 321,444 | |
90.73 [Member] | Shares Due To The Company Under Notes Hedges [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Total Treasury Method Incremental Shares | -343,871 | |
100.73 [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Share Price | $100.73 | |
Conversion of stock, shares converted | -36,700 | [1] |
Total Treasury Method Incremental Shares | 526,008 | [2] |
100.73 [Member] | Shares Underlying 1.875% Convertible Notes [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Conversion of stock, shares converted | 526,008 | |
100.73 [Member] | Shares Due To The Company Under Notes Hedges [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Total Treasury Method Incremental Shares | -562,708 | |
110.73 [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Share Price | $110.73 | |
Conversion of stock, shares converted | 73,344 | [1] |
Total Treasury Method Incremental Shares | 815,362 | [2] |
110.73 [Member] | Shares Underlying 1.875% Convertible Notes [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Conversion of stock, shares converted | 693,624 | |
110.73 [Member] | Warrant [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Warrant Shares | 121,738 | |
110.73 [Member] | Shares Due To The Company Under Notes Hedges [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Total Treasury Method Incremental Shares | -742,018 | |
120.73 [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Share Price | $120.73 | |
Conversion of stock, shares converted | 264,570 | [1] |
Total Treasury Method Incremental Shares | 1,156,195 | [2] |
120.73 [Member] | Shares Underlying 1.875% Convertible Notes [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Conversion of stock, shares converted | 833,473 | |
120.73 [Member] | Warrant [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Warrant Shares | 322,722 | |
120.73 [Member] | Shares Due To The Company Under Notes Hedges [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Total Treasury Method Incremental Shares | -891,625 | |
130.73 [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Share Price | $130.73 | |
Conversion of stock, shares converted | 426,541 | [1] |
Total Treasury Method Incremental Shares | 1,444,884 | [2] |
130.73 [Member] | Shares Underlying 1.875% Convertible Notes [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Conversion of stock, shares converted | 951,927 | |
130.73 [Member] | Warrant [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Warrant Shares | 492,957 | |
130.73 [Member] | Shares Due To The Company Under Notes Hedges [Member] | ' | |
Earning Per Share [Line Items] | ' | |
Total Treasury Method Incremental Shares | -1,018,343 | |
[1] | Represents the number of incremental shares to be issued by the Company upon conversion of the Notes assuming concurrent settlement of the note hedges and warrants. | |
[2] | Represents the number of incremental shares that must be included in the calculation of fully diluted shares under U.S. GAAP. |
Financial_Instruments_Carrying
Financial Instruments (Carrying Value, Fair Value And Hierarchy Of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual fund investments of deferred compensation plans held in trust, Carrying Value | $42,465 | $36,089 |
Current portion of long-term debt | 183,564 | ' |
Long-term debt, Carrying Value | ' | 174,890 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual fund investments of deferred compensation plans held in trust | 42,465 | 36,089 |
Long-term debt | $193,032 | $197,874 |
Loans_Receivable_From_Independ2
Loans Receivable From Independent Contractors (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
item | ||
Independent Contractor Operations [Line Items] | ' | ' |
Independent contractors with sublicenses | 68 | ' |
Percentage of labor sales | 40.00% | ' |
Maximum exposure to loss from arrangements with independent contractors | $1.50 | $1.30 |
Days contracts may be cancelled with written notice | '90 days | ' |
Maximum [Member] | ' | ' |
Independent Contractor Operations [Line Items] | ' | ' |
Interest rates on loans | 8.00% | ' |
Terms of the loans to independent contractors, years | '5 years 4 months 24 days | ' |
Minimum [Member] | ' | ' |
Independent Contractor Operations [Line Items] | ' | ' |
Interest rates on loans | 0.00% | ' |
Terms of the loans to independent contractors, years | '2 months 15 days | ' |
Loans_Receivable_From_Independ3
Loans Receivable From Independent Contractors (Schedule Of Independent Contractors) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loans Receivable From Independent Contractors [Abstract] | ' | ' | ' |
Revenues | $33,030 | $28,522 | $26,711 |
Pretax profits | $17,726 | $14,790 | $13,320 |
Legal_And_Regulatory_Matters_D
Legal And Regulatory Matters (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Anthony Morangelli [Member] | Anthony Morangelli [Member] | Bernadette Santos, Keith Knoche And Joyce White [Member] | Bernadette Santos, Keith Knoche And Joyce White [Member] | Chemed Corp. Securities Litigation [Member] | ||||
Litigation settlement | ' | ' | ' | $14,300,000 | ' | $10,300,000 | ' | ' |
Litigation settlement after tax amount | ' | ' | ' | 9,000,000 | ' | 6,500,000 | ' | ' |
Other operating expenses | 26,221,000 | 1,126,000 | ' | ' | 14,800,000 | ' | 10,500,000 | ' |
Loss contigency, damages awarded | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Proceeds from insurance reimbursement of certain legal costs | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | $2,100,000 | $1,200,000 | $1,200,000 | ' | ' | ' | ' | ' |
Concentration_Of_Risk_Details
Concentration Of Risk (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration Risk [Line Items] | ' | ' | ' |
Number of days prior written notice to cancel agreements | '90 days | ' | ' |
VITAS made purchases from OCR | $39,000,000 | $40,900,000 | $39,400,000 |
Percentage of concentration risk services represent from vendor | 90.00% | 90.00% | ' |
Accounts payable | 41,758,000 | 48,472,000 | ' |
Supplier Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts payable | $3,800,000 | ' | ' |
Capital_Stock_Transactions_Det
Capital Stock Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Feb. 20, 2013 | Nov. 07, 2011 | Feb. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Stock Transactions [Abstract] | ' | ' | ' | ' | ' | ' |
Stock repurchase program, amount authorized | $100 | $100 | $100 | ' | ' | ' |
Shares repurchased | ' | ' | ' | 1,356,344 | 932,706 | 2,602,513 |
Weighted average price per share | ' | ' | ' | $68.50 | $64.87 | $55.28 |
Other_Operating_Expenses_Detai
Other Operating Expenses (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Other Operating Expenses [Line Items] | ' | ' | |
Severance and other operating costs related to closing Roto-Rooter's HVAC business | ' | $1,126,000 | |
Other operating expenses | 26,221,000 | 1,126,000 | |
Pre-tax costs incurred with shut-down | 1,100,000 | ' | |
Litigation settlement of VITAS segment [Member] | ' | ' | |
Other Operating Expenses [Line Items] | ' | ' | |
Litigation settlement | 10,500,000 | [1] | ' |
Settlements of Roto-Rooter segment [Member] | ' | ' | |
Other Operating Expenses [Line Items] | ' | ' | |
Litigation settlement | $15,721,000 | [2] | ' |
[1] | Santos claims discussed in Note 18. | ||
[2] | Morganelli claims discussed in Note 18 and estimated settlement of certain customer claims. |
Guarantor_Subsidiaries_Narrati
Guarantor Subsidiaries (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Guarantor Subsidiaries [Abstract] | ' |
Percent of Senior Convertible Notes | 1.88% |
Percent of owned subsidiaries | 100.00% |
Guarantor_Subsidiaries_Schedul
Guarantor Subsidiaries (Schedule Of Guarantor Subsidiaries - Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $84,418 | $69,531 | $38,081 | $49,917 |
Accounts receivable, including intercompany | 91,770 | 93,333 | ' | ' |
Inventories | 6,703 | 7,058 | ' | ' |
Current deferred income taxes | 20,257 | 13,659 | ' | ' |
Prepaid income taxes | 3,690 | 2,643 | ' | ' |
Prepaid expenses | 17,818 | 11,447 | ' | ' |
Total current assets | 224,656 | 197,671 | ' | ' |
Investments of deferred compensation plans | 42,465 | 36,089 | ' | ' |
Properties and equipment, at cost, less accumulated depreciation | 92,955 | 91,934 | ' | ' |
Identifiable intangible assets less accumulated amortization | 56,556 | 57,177 | ' | ' |
Goodwill | 466,871 | 465,832 | ' | ' |
Other assets | 10,198 | 10,923 | ' | ' |
Total Assets | 893,701 | 859,626 | 795,905 | ' |
Accounts payable, including intercompany | 41,758 | 48,472 | ' | ' |
Current portion of long-term debt (Note 3) | 183,564 | ' | ' | ' |
Income taxes | 111 | 4,938 | ' | ' |
Accrued insurance | 41,859 | 40,654 | ' | ' |
Accrued compensation | 48,323 | 45,457 | ' | ' |
Accrued legal | 23,210 | 1,161 | ' | ' |
Other current liabilities | 25,161 | 16,140 | ' | ' |
Total current liabilities | 363,986 | 156,822 | ' | ' |
Deferred income taxes | 27,301 | 27,662 | ' | ' |
Long-term debt (Note 3) | ' | 174,890 | ' | ' |
Deferred compensation liabilities | 42,348 | 35,599 | ' | ' |
Other liabilities | 11,176 | 11,362 | ' | ' |
Stockholders' equity | 448,890 | 453,291 | ' | ' |
Total Liabilities and Stockholders' Equity | 893,701 | 859,626 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 84,005 | 56,342 | 32,470 | 45,324 |
Accounts receivable, including intercompany | 925 | 925 | ' | ' |
Prepaid income taxes | 3,710 | 4,043 | ' | ' |
Prepaid expenses | 6,925 | 564 | ' | ' |
Total current assets | 95,565 | 61,874 | ' | ' |
Properties and equipment, at cost, less accumulated depreciation | 10,184 | 10,984 | ' | ' |
Other assets | 17,782 | 19,025 | ' | ' |
Investments in subsidiaries | 945,450 | 874,692 | ' | ' |
Total Assets | 1,068,981 | 966,575 | ' | ' |
Accounts payable, including intercompany | 417,593 | 325,916 | ' | ' |
Current portion of long-term debt (Note 3) | 183,564 | ' | ' | ' |
Income taxes | 1,106 | 1,019 | ' | ' |
Accrued insurance | 784 | 1,339 | ' | ' |
Accrued compensation | 5,047 | 4,119 | ' | ' |
Accrued legal | 6,031 | 6 | ' | ' |
Other current liabilities | 2,739 | 2,780 | ' | ' |
Total current liabilities | 616,864 | 335,179 | ' | ' |
Long-term debt (Note 3) | ' | 174,890 | ' | ' |
Other liabilities | 3,227 | 3,215 | ' | ' |
Stockholders' equity | 448,890 | 453,291 | ' | ' |
Total Liabilities and Stockholders' Equity | 1,068,981 | 966,575 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | -8,777 | 4,674 | -1,422 | -1,571 |
Accounts receivable, including intercompany | 509,580 | 427,341 | ' | ' |
Inventories | 6,246 | 6,505 | ' | ' |
Current deferred income taxes | 21,307 | 14,633 | ' | ' |
Prepaid income taxes | 1,176 | ' | ' | ' |
Prepaid expenses | 10,682 | 10,656 | ' | ' |
Total current assets | 540,214 | 463,809 | ' | ' |
Properties and equipment, at cost, less accumulated depreciation | 80,144 | 78,236 | ' | ' |
Identifiable intangible assets less accumulated amortization | 56,556 | 57,177 | ' | ' |
Goodwill | 462,489 | 461,277 | ' | ' |
Other assets | 1,775 | 2,005 | ' | ' |
Investments in subsidiaries | 27,564 | 24,298 | ' | ' |
Total Assets | 1,168,742 | 1,086,802 | ' | ' |
Accounts payable, including intercompany | 39,424 | 53,934 | ' | ' |
Income taxes | 210 | 3,816 | ' | ' |
Accrued insurance | 41,075 | 39,315 | ' | ' |
Accrued compensation | 42,905 | 40,891 | ' | ' |
Accrued legal | 17,179 | 1,155 | ' | ' |
Other current liabilities | 22,219 | 12,748 | ' | ' |
Total current liabilities | 163,012 | 151,859 | ' | ' |
Deferred income taxes | 52,548 | 51,566 | ' | ' |
Other liabilities | 6,914 | 7,352 | ' | ' |
Stockholders' equity | 946,268 | 876,025 | ' | ' |
Total Liabilities and Stockholders' Equity | 1,168,742 | 1,086,802 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 9,190 | 8,515 | 7,033 | 6,164 |
Accounts receivable, including intercompany | 1,000 | 889 | ' | ' |
Inventories | 457 | 553 | ' | ' |
Current deferred income taxes | 126 | 173 | ' | ' |
Prepaid income taxes | 349 | ' | ' | ' |
Prepaid expenses | 211 | 227 | ' | ' |
Total current assets | 11,333 | 10,357 | ' | ' |
Investments of deferred compensation plans | 42,465 | 36,089 | ' | ' |
Properties and equipment, at cost, less accumulated depreciation | 2,627 | 2,714 | ' | ' |
Goodwill | 4,382 | 4,555 | ' | ' |
Other assets | 15,888 | 13,797 | ' | ' |
Total Assets | 76,695 | 67,512 | ' | ' |
Accounts payable, including intercompany | 4,476 | 4,444 | ' | ' |
Income taxes | 340 | 1,503 | ' | ' |
Accrued compensation | 371 | 447 | ' | ' |
Other current liabilities | 1,379 | 1,759 | ' | ' |
Total current liabilities | 6,566 | 8,153 | ' | ' |
Deferred compensation liabilities | 42,348 | 35,599 | ' | ' |
Other liabilities | 1,035 | 795 | ' | ' |
Stockholders' equity | 26,746 | 22,965 | ' | ' |
Total Liabilities and Stockholders' Equity | 76,695 | 67,512 | ' | ' |
Consolidating Adjustments [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Accounts receivable, including intercompany | -419,735 | -335,822 | ' | ' |
Current deferred income taxes | -1,176 | -1,147 | ' | ' |
Prepaid income taxes | -1,545 | -1,400 | ' | ' |
Total current assets | -422,456 | -338,369 | ' | ' |
Other assets | -25,247 | -23,904 | ' | ' |
Investments in subsidiaries | -973,014 | -898,990 | ' | ' |
Total Assets | -1,420,717 | -1,261,263 | ' | ' |
Accounts payable, including intercompany | -419,735 | -335,822 | ' | ' |
Income taxes | -1,545 | -1,400 | ' | ' |
Other current liabilities | -1,176 | -1,147 | ' | ' |
Total current liabilities | -422,456 | -338,369 | ' | ' |
Deferred income taxes | -25,247 | -23,904 | ' | ' |
Stockholders' equity | -973,014 | -898,990 | ' | ' |
Total Liabilities and Stockholders' Equity | ($1,420,717) | ($1,261,263) | ' | ' |
Guarantor_Subsidiaries_Schedul1
Guarantor Subsidiaries (Schedule Of Guarantor Subsidiaries - Income Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Service revenues and sales | $1,413,329 | $1,430,043 | $1,355,970 |
Cost of services provided and goods sold | 1,008,808 | 1,033,321 | 970,484 |
Selling, general and administrative expenses | 212,518 | 208,656 | 202,260 |
Depreciation | 27,698 | 26,009 | 25,247 |
Amortization | 4,690 | 4,512 | 4,252 |
Other operating expenses | 26,221 | 1,126 | ' |
Total costs and expenses | 1,279,935 | 1,273,624 | 1,202,243 |
Income/ (loss) from operations | 133,394 | 156,419 | 153,727 |
Interest expense | -15,035 | -14,723 | -13,888 |
Other (expense)/income - net | 5,470 | 4,123 | 717 |
Income before income taxes | 123,829 | 145,819 | 140,556 |
Income tax (provision)/ benefit | -46,602 | -56,515 | -54,577 |
Net Income | 77,227 | 89,304 | 85,979 |
Consolidating Adjustments [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Equity in net income of subsidiaries | -98,289 | -107,350 | -103,682 |
Net Income | -98,289 | -107,350 | -103,682 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Service revenues and sales | 1,383,140 | 1,400,561 | 1,328,425 |
Cost of services provided and goods sold | 991,816 | 1,017,001 | 955,628 |
Selling, general and administrative expenses | 176,967 | 175,166 | 172,368 |
Depreciation | 25,797 | 24,179 | 23,496 |
Amortization | 2,709 | 2,588 | 2,496 |
Other operating expenses | 26,221 | 1,126 | ' |
Total costs and expenses | 1,223,510 | 1,220,060 | 1,153,988 |
Income/ (loss) from operations | 159,630 | 180,501 | 174,437 |
Interest expense | -504 | -666 | -587 |
Other (expense)/income - net | -15,833 | -16,992 | -16,591 |
Income before income taxes | 143,293 | 162,843 | 157,259 |
Income tax (provision)/ benefit | -54,456 | -61,794 | -59,407 |
Equity in net income of subsidiaries | 4,409 | 3,190 | 3,001 |
Net Income | 93,246 | 104,239 | 100,853 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Service revenues and sales | 30,189 | 29,482 | 27,545 |
Cost of services provided and goods sold | 16,992 | 16,320 | 14,856 |
Selling, general and administrative expenses | 12,496 | 10,872 | 7,997 |
Depreciation | 942 | 888 | 806 |
Total costs and expenses | 30,430 | 28,080 | 23,659 |
Income/ (loss) from operations | -241 | 1,402 | 3,886 |
Interest expense | 182 | -58 | -124 |
Other (expense)/income - net | 4,977 | 3,489 | 801 |
Income before income taxes | 4,918 | 4,833 | 4,563 |
Income tax (provision)/ benefit | 125 | -1,722 | -1,734 |
Net Income | 5,043 | 3,111 | 2,829 |
Parent [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | 23,055 | 22,618 | 21,895 |
Depreciation | 959 | 942 | 945 |
Amortization | 1,981 | 1,924 | 1,756 |
Total costs and expenses | 25,995 | 25,484 | 24,596 |
Income/ (loss) from operations | -25,995 | -25,484 | -24,596 |
Interest expense | -14,713 | -13,999 | -13,177 |
Other (expense)/income - net | 16,326 | 17,626 | 16,507 |
Income before income taxes | -24,382 | -21,857 | -21,266 |
Income tax (provision)/ benefit | 7,729 | 7,001 | 6,564 |
Equity in net income of subsidiaries | 93,880 | 104,160 | 100,681 |
Net Income | $77,227 | $89,304 | $85,979 |
Guarantor_Subsidiaries_Schedul2
Guarantor Subsidiaries (Schedule Of Guarantor Subsidiaries - Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | $150,847 | $131,768 | $174,343 |
Capital expenditures | -29,324 | -35,252 | -29,592 |
Business combinations, net of cash acquired | -2,257 | -5,900 | -3,664 |
Other sources/(uses) - net | 235 | 468 | -858 |
Net cash used by investing activities | -31,346 | -40,684 | -34,114 |
Purchases of treasury stock | -92,911 | -60,624 | -143,970 |
Capital stock surrendered to pay taxes on stock-based compensation | -5,348 | -4,098 | -3,916 |
Dividends paid to shareholders | -14,148 | -13,026 | -12,538 |
Proceeds from exercise of stock options | 17,122 | 12,310 | 8,036 |
Realized excess tax benefit on share based compensation | 3,982 | 3,435 | 3,854 |
Debt issuance costs | -1,108 | ' | -2,657 |
Changes in cash overdrafts payable | -11,415 | 1,924 | -826 |
Other sources - net | -788 | 445 | -48 |
Net cash used by financing activities | -104,614 | -59,634 | -152,065 |
Increase/(decrease) in cash and cash equivalents | 14,887 | 31,450 | -11,836 |
Cash and cash equivalents at beginning of year | 69,531 | 38,081 | 49,917 |
Cash and cash equivalents at end of period | 84,418 | 69,531 | 38,081 |
Parent [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 9,592 | 5,267 | 12,444 |
Capital expenditures | -160 | -285 | -73 |
Other sources/(uses) - net | -66 | 178 | -191 |
Net cash used by investing activities | -226 | -107 | -264 |
Purchases of treasury stock | -92,911 | -60,624 | -143,970 |
Capital stock surrendered to pay taxes on stock-based compensation | -5,348 | -4,098 | -3,916 |
Dividends paid to shareholders | -14,148 | -13,026 | -12,538 |
Proceeds from exercise of stock options | 17,122 | 12,310 | 8,036 |
Realized excess tax benefit on share based compensation | 3,982 | 3,435 | 3,854 |
Debt issuance costs | -1,108 | ' | -2,657 |
Changes in cash overdrafts payable | 4,578 | -5,338 | 9 |
Change in intercompany accounts | 106,082 | 85,935 | 126,040 |
Other sources - net | 48 | 118 | 108 |
Net cash used by financing activities | 18,297 | 18,712 | -25,034 |
Increase/(decrease) in cash and cash equivalents | 27,663 | 23,872 | -12,854 |
Cash and cash equivalents at beginning of year | 56,342 | 32,470 | 45,324 |
Cash and cash equivalents at end of period | 84,005 | 56,342 | 32,470 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 138,580 | 123,431 | 158,159 |
Capital expenditures | -28,272 | -33,944 | -28,145 |
Business combinations, net of cash acquired | -2,257 | -5,900 | -3,664 |
Other sources/(uses) - net | 255 | 312 | -730 |
Net cash used by investing activities | -30,274 | -39,532 | -32,539 |
Changes in cash overdrafts payable | -15,993 | 7,262 | -835 |
Change in intercompany accounts | -105,764 | -85,065 | -124,636 |
Net cash used by financing activities | -121,757 | -77,803 | -125,471 |
Increase/(decrease) in cash and cash equivalents | -13,451 | 6,096 | 149 |
Cash and cash equivalents at beginning of year | 4,674 | -1,422 | -1,571 |
Cash and cash equivalents at end of period | -8,777 | 4,674 | -1,422 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by operating activities | 2,675 | 3,070 | 3,740 |
Capital expenditures | -892 | -1,023 | -1,374 |
Other sources/(uses) - net | 46 | -22 | 63 |
Net cash used by investing activities | -846 | -1,045 | -1,311 |
Change in intercompany accounts | -318 | -870 | -1,404 |
Other sources - net | -836 | 327 | -156 |
Net cash used by financing activities | -1,154 | -543 | -1,560 |
Increase/(decrease) in cash and cash equivalents | 675 | 1,482 | 869 |
Cash and cash equivalents at beginning of year | 8,515 | 7,033 | 6,164 |
Cash and cash equivalents at end of period | $9,190 | $8,515 | $7,033 |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance For Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
BALANCE AT BEGINNING OF PERIOD | ($10,892) | [1] | ($11,524) | [1] | ($13,332) | [1] |
(CHARGED) CREDITED TO COSTS AND EXPENSES | -10,690 | [1] | -9,233 | [1] | -8,686 | [1] |
(CHARGED) CREDITED TO OTHER ACCOUNTS | -1,318 | [1] | -1,326 | [1] | -786 | [1] |
DEDUCTIONS | 10,310 | [1],[2] | 11,191 | [1],[2] | 11,280 | [1],[2] |
BALANCE AT END OF PERIOD | -12,590 | [1] | -10,892 | [1] | -11,524 | [1] |
Allowance For Doubtful Accounts - Notes Receivable [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
BALANCE AT BEGINNING OF PERIOD | -132 | [3] | -305 | [3] | -368 | [3] |
(CHARGED) CREDITED TO COSTS AND EXPENSES | -217 | [3] | 122 | [3] | 123 | [3] |
(CHARGED) CREDITED TO OTHER ACCOUNTS | -29 | [3] | 51 | [3] | -60 | [3] |
BALANCE AT END OF PERIOD | ($378) | [3] | ($132) | [3] | ($305) | [3] |
[1] | Classified in consolidated balance sheet as a reduction of accounts receivable. | |||||
[2] | With respect to allowances for doubtful accounts, deductions include accounts considered uncollectible orwritten off, payments, companies divested, etc. | |||||
[3] | Classified in consolidated balance sheet as a reduction of other assets. |